Hot and Cold Therapy Packs Industry Growth, Leading Players, Development and Demand Forecast to 2030
From $981.9 million in 2020, the global hot and cold therapy packs market value is expected to surge to $2,008.2 million by 2030.
Furthermore, the market will demonstrate a CAGR of 7.7% from 2021 to 2030, as per the estimates of the market research company, P&S Intelligence. The major growth drivers of the market are the surging adoption of non-invasive and non-pharmaceutical pain management therapies, mushrooming population of geriatric people, rising incidence of orthopedic diseases, frequent product launches, and increasing occurrence of road accidents across the world.
As per the World Health Organization (WHO), 20–50 million people get non-fatal injuries each year because of road accidents. Moreover, these injuries result in long-term disabilities. As hot and cold therapy packs are usually used for managing the pain of people who sustain road injuries, their worldwide sales are soaring, owing to the rising occurrence rate of these injuries. Apart from this factor, the surging population of old people is also propelling the advancement of the hot and cold therapy packs market.
As per the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. Based on type, the market is divided into hot and cold therapy packs. Between these, the cold therapy packs category contributed higher revenue to the market between 2014 and 2020, and this trend is predicted to continue in the coming years as well.
This will be because of the rising preference of the people suffering from joint and bone pain for cold therapy packs over the hot ones. In addition, these packs are extensively used by athletes for reducing the inflammation and paid caused due to sports injuries. When application is taken into consideration, the hot and cold therapy packs market is classified into neuropathic pain, post-surgical pain, and sports injuries. Amongst these, the sports injuries category is predicted to exhibit the fastest growth in the market in the upcoming years.
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This will be because of the fact that sportspersons usually prefer non-invasive pain relief treatment procedures for managing sports injuries. Geographically, North America was the largest hot and cold therapy packs market in the past. This was because of the huge requirement for these packs among older people, high incidence of orthopedic diseases, and surging number of road accidents and injuries in the region. The Asia-Pacific (APAC) region is expected to be the fastest-growing region in the hot and cold therapy packs market throughout the forecast period, mainly because of the rising incidence of orthopedic diseases and surging requirement for non-invasive pain management therapies in the region.
Thus, the market is set to prosper in the coming years, mainly because of the growing incidence of road accidents and sports injuries and the mushrooming population of geriatric people across the world.