Hot and Cold Therapy Packs Market
Number of pages: 100 | Report Format: PDF | Published date: May 11, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.02 billion |
|
Revenue Forecast in 2031 |
US$ 1.60 billion |
|
CAGR |
5.2% |
|
Base Year For Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, Technology, Services, End User, 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 hot and cold therapy packs market was valued at US$ 1.02 billion in 2022 and is expected to register a revenue CAGR of 5.2% to reach US$ 1.60 billion by 2031.
Hot and Cold Therapy Packs Market Fundamentals
Hot and cold therapy packs are medical devices used to provide pain relief and reduce swelling and inflammation. They can be applied to various parts of the body to provide localized heat or cold therapy. Hot and cold therapy packs are available in various forms, including wraps, pads, and compresses, and can be used for both home and clinical settings, making them a versatile pain management product. They are often recommended as a first-line treatment for minor injuries and chronic pain conditions. Manufacturers are increasingly using advanced materials, such as gel-based packs that can retain their temperature for longer periods of time, and eco-friendly materials that are biodegradable and reusable. Some hot and cold therapy packs now come with built-in sensors that can track and monitor the temperature, usage, and efficacy of the device. This data can be used by healthcare professionals to improve treatment plans and patient outcomes.
The global hot and cold therapy packs industry analysis report comprehensively analyzes the market, with the factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the Hot and Cold Therapy Packs market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the Hot and Cold Therapy Packs market growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
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Hot and Cold Therapy Packs Market Dynamics
The hot and cold therapy packs market is driven by several factors. With the increasing participation in sports and physical activities, the incidence of sports injuries and chronic pain is also on the rise. According to the Johns Hopkins Medicine report, in the United States, every year, more than 3.5 million kids aged 14 and under suffer injuries from sports or leisure activities. Hot and cold therapy packs are effective in managing these conditions, thus driving the market growth. Hot and cold therapy packs provide a non-invasive and drug-free alternative to pain management, which is preferred by many patients. This is driving the demand for these products. There is a growing awareness about the benefits of hot and cold therapy in managing pain and inflammation. This is driving the demand for these products.
However, there are several alternative treatments available for pain management, such as medications, physical therapy, and surgery. Medications may compete with hot and cold therapy packs and limit their adoption or adherence.
Hot and Cold Therapy Packs Market Ecosystem
Hot and Cold Therapy Packs Market, by Type
Hot and Cold Therapy Packs Market, by Application
Hot and Cold Therapy Packs Market by Type
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It is estimated that dry and moist hot and cold packs account for the largest revenue share in the global market. This dominance is due to their well-established effectiveness in treating pain. In addition, more products with cutting-edge technologies are now available on the market, which has increased demand for these goods. The requirement for dry and moist hot and cold packs increases because of musculoskeletal problems weakening the limbs, which might further result in musculoskeletal injuries. As a result, the market for hot and cold therapy packs is anticipated to grow rapidly due to the rise in sports injuries. The global prevalence of rheumatoid arthritis was calculated to be 0.46%, according to a study that appeared in Rheumatology International in November 2020 with the title "The Global Prevalence of Rheumatoid Arthritis (RA)". As a result, dry and moist hot and cold therapy packs for RA will be used more frequently, fueling the growth of the sector over the projection period.
The market segmentation sections provide the hot and cold therapy packs market outlook in terms of the demarcation of different consumer groups. Market segmentation is the split of an industry into subgroups depending on characteristics such as product, technology, services, end user, and other factors. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential hot and cold therapy packs market demand opportunities.
Hot and Cold Therapy Packs Market by Region
North America accounts for the largest revenue share of around 30% in 2022, in the global hot and cold therapy packs market. The dominance may be caused by an increase in diabetes, cancer cases, and the number of elderly people who require effective pain management treatments. The market will be driven by the presence of a sizable target senior population during the projected period because of the presence of baby boomers in the US. As per Administration on Aging, in 2020, around 17% of the individuals living in the US or more than one in six, were aged 65 and above. The report also projects that by 2040, about 80.8 billion residents in the country will cross the age of 65. The U.S. is estimated to occupy around 20% of the global hot and cold therapy packs market share in 2022.
Additionally, 1.6 million to 3.8 million concussions connected to recreation and sports occur annually in the United States, according to figures from the Brain Injury Research Institute from 2021. As a result, this factor is responsible for the rising need for hot and cold therapy packs. The rate of visiting hospitals and doctors for treatment of sports injuries is rising along with the prevalence of sports injuries, which in turn is driving up demand for hot and cold therapy packs. According to the National Safety Council, in 2021, 409,224 injuries from exercise and excercise equipment were reported in the US, followed by bicycles at 375,797. The data also reported that the number of injuries by age was higher in the 65 and older age group, at 72,943 and 49,293 respectively.
On the other hand, Asia Pacific is expected to be the fastest-growing market over the forecast period. Growing public awareness about home care, easy accessibility and affordability of therapy packs, and rising patient pool for the need of therapy treatment are major factors propelling the market growth in this region. Moreover, rising awareness of non-surgical pain and injury management solutions in emerging countries such as China, India, and Japan are witnessing an increase in demand for hot & cold therapy packs, which is a major factor supporting growth for hot and cold therapy packs market in Asia Pacific. Similar to the other regions, the injury incidence in the Asia Pacific countries is also notable. An report that appeared in BMJ in December 2022 stated that 2.4% of Chinese athletes and non-athletes suffered at least one injury. Athletes at 14.4%, team officials at 8.8%, staff at 2.1%, and volunteers at 2.1% had the greatest injury incidence rates. According to an NCBI article from October 2021, elite athletes in South Korea experienced roughly 18.03% injuries. The survey also noted that 43.26% of female athletes and 56.74% of male athletes both suffered sports-related injuries. Improving healthcare infrastructure focusing on sports healthcare is also supporting the hot and cold therapy packs market growth in Asia Pacific.
Based on the regions, the global hot and cold therapy packs market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of hot and cold therapy packs industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level hot and cold therapy packs market overview.
Key Components of the Report
Hot and Cold Therapy Packs Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Hot and Cold Therapy Packs Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Hot and cold therapy packs are medical products used for the managing pain, inflammation and swelling. They are designed to be applied to different parts of the body, such as the neck, back, shoulder, knee, or ankle, and can be used for both acute and chronic pain.
The global hot and cold therapy packs market size worldwide is US$ 1.02 billion in 2022.
North America would have the largest hot and cold therapy packs market size at a revenue share of 30% in 2022.
The global hot and cold therapy packs market is expected to grow at a revenue CAGR of 5.1% during the forecast period from 2023 to 2031.
the resultant market size of the hot and cold therapy packs market is US$ 1.60 billion in 2031.
While hot and cold therapy packs are generally safe, they may have some side effects, such as burns or frostbite, if not used properly. They may also be contraindicated in certain conditions, such as open wounds or circulatory disorders.
Technological advancements in the design and material used in hot and cold therapy packs are making them more effective and user-friendly, thus driving global market growth.
Cardinal Health Inc., Caldera International Inc., 3M Company, Breg Inc., and Bruder Healthcare Company are the key players in the global hot and cold therapy packs market.
The dry and moist type segment has the highest share in the global hot and cold therapy packs market.
*Insights on financial performance are subject to the availability of information in the public domain