Localized Temperature Therapy Products Market
Number of pages: 100 | Report Format: PDF | Published date: May 03, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.67 billion |
|
Revenue Forecast in 2031 |
US$ 2.67 billion |
|
CAGR |
5.3% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, Area of Application, Distribution Channel, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global localized temperature therapy products market was valued at US$ 1.67 billion in 2022 and is expected to register a revenue CAGR of 5.3% to reach US$ 2.67 billion by 2031.
Localized Temperature Therapy Products Market Fundamentals
Localized temperature therapy products are medical devices that use temperature to treat pain, inflammation, and other conditions. These products are designed to be applied to specific areas of the body, such as the back, knees, or shoulders, and typically use either heat or cold to provide relief.
Heat therapy products work by increasing blood flow to the affected area, which can help reduce pain and stiffness. These products typically use a heating pad, wrap, or patch applied to the skin and can be heated using electricity, microwaves, or hot water. Cold therapy products reduce blood flow to the affected area, which can help reduce swelling and inflammation. These products typically use a cold pack or wrap applied to the skin and can be chilled in a freezer or refrigerator. Localized temperature therapy products are commonly used to treat conditions such as muscle strains, joint pain, and arthritis. They can also help reduce inflammation after surgery or other medical procedures.
The research study on the localized temperature therapy products market overview thoroughly analyzes the market and the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The study also analyses how the COVID-19 pandemic has affected society.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth Localized Temperature Therapy Products market forecast to the industry stakeholders.
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Localized Temperature Therapy Products Market Dynamics
The rising prevalence of musculoskeletal disorders such as arthritis, joint pain, and back pain is a key market driver. These conditions are often treated with localized temperature therapy products, which is the primary driver for the growth of the global localized temperature therapy products market. For instance, according to the Arthritis Society Canada, about 20% Canadian population is suffering from arthritis, and by 2040 the number will increase to 50%. Moreover, with increasing healthcare expenditure globally, there is a greater emphasis on managing pain and improving patient outcomes. Localized temperature therapy products are an affordable and effective option for pain management, boosting the demand for localized temperature therapy products.
Additionally, limited effectiveness for certain conditions, side effects and risks, and availability of alternative therapies are some restraints impeding the overall localized temperature therapy products market growth.
Localized Temperature Therapy Products Market Ecosystem
Localized Temperature Therapy Products Market, by Product
Localized Temperature Therapy Products Market, by Area of Application
Localized Temperature Therapy Products Market, by Distribution Channel
Localized Temperature Therapy Products Market by Application
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The back segment dominated the market with the largest revenue share in 2022, attributed to the rising number of patients with back pain problems. Localized temperature therapy products are a popular treatment option for managing these types of pain. Localized temperature therapy products for the back include heating pads, wraps, and patches designed to be applied to the back to provide relief. These products can be used to treat a variety of back conditions, including muscle strains, herniated discs, and arthritis. Some localized temperature therapy products for the back incorporate advanced technology, such as sensors or artificial intelligence algorithms, to optimize treatment.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as product, area of application, distribution channel, etc. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps identify potential localized temperature therapy products market growth opportunities.
Localized Temperature Therapy Products Market by Region
North America dominated the global localized temperature therapy products market with the largest revenue share in 2022, attributed to the increasing adoption of advanced technology in healthcare and the presence of key market players. Additionally, the North American region for localized temperature therapy products is supported by a well-established healthcare infrastructure, favorable reimbursement policies, and high consumer awareness about the benefits of non-pharmacological pain management options.
Based on the regions, the global localized temperature therapy products market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding localized temperature therapy products market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Localized Temperature Therapy Products Market Competitive Landscape
C2Dx Inc., Medtronic plc, Cardinal Health, 3M Company, Medline Industries Inc., Cincinnati Sub Zero, B.u.W. Schmidt, Rapid Aid, McKesson Corporation, Mölnlycke Health Care AB, Breg Inc., Kobayashi Pharmaceutical Co., Ltd. and others
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats keeping in mind the localized temperature therapy products industry trends.
Localized Temperature Therapy Products Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
Localized temperature therapy products are medical devices that use temperature to treat pain, inflammation, and other conditions.
The global localized temperature therapy products market was valued at US$ 1,678.4 million in 2022.
North American region will have the largest localized temperature therapy products market size during the forecast period from 2023 to 2031.
The revenue CAGR of the localized temperature therapy products market during the forecast period will be 5.3% from 2023 to 2031.
Increasing awareness about non-pharmacological pain management is the most prominent localized temperature therapy products industry trend.
The limited effectiveness for certain conditions, side effects and risks, and availability of alternative therapies are key challenges hampering the growth of the global localized temperature therapy products market.
The increasing healthcare expenditure and rising prevalence of musculoskeletal disorders are growth opportunities in the global localized temperature therapy products market.
Some prominent players in the localized temperature therapy products market are McKesson Corporation, Mölnlycke Health Care AB, Breg Inc., and Kobayashi Pharmaceutical Co., Ltd.
The back application segment has the highest share in the global localized temperature therapy products market.
*Insights on financial performance are subject to the availability of information in the public domain