The rising prevalence of orthopedic diseases, growing aging population, increasing healthcare spending, mounting number of sports injuries, rising number of product launches, surging adoption of non-invasive pain management therapies, and increasing number of road accidents are projected to propel the hot and cold therapy packs market at a 7.7% CAGR during 2021–2030. At this rate, the market size will reach $2,008.2 million by 2030 from $981.9 million in 2020. Moreover, the market is witnessing the shifting patient preference from medicines toward non-pharmaceuticals and non-invasive pain management therapies.
The type segment of the hot and cold therapy packs market is bifurcated into cold therapy packs and hot therapy packs. Between the two, the cold therapy packs category led the market during the historical period (2015–2020), and it is projected to dominate the market in the coming years as well. This can be ascribed to the high preference of people suffering from chronic bone and joint pain for cold therapy packs. Moreover, athletes use these packs widely for reducing the inflammation and pain caused by sports injuries.
Additionally, on the basis of application, the hot and cold therapy packs market is classified into sports injuries, neuropathic pain, and post-surgical pain. According to P&S Intelligence, among these applications, the sports injuries category generated the highest revenue in 2020, and it is also projected to record the fastest growth in the coming years. This can be attributed to the high usage of hot and cold therapy packs for the treatment of sports injuries, as sportspersons prefer non-invasive pain relief therapies widely, across the globe.
Geographically, Asia-Pacific (APAC) hot and cold therapy packs market is projected to record the highest CAGR during the forecast period. This will be due to the growing geriatric population, increasing prevalence of orthopedic diseases, rising healthcare expenditure, and surging casing of sports injuries and road accidents in APAC. Whereas, North America held the largest market share in 2020 owing to the presence of major market players, high disposable income, surging incidence of orthopedic diseases, such as arthritis and osteoporosis, growing aging population, and increasing cases of injuries in the region.
Thus, the rising incidence of sports injuries and road accidents and surging aging population are expected to propel the market growth during the forecast period.
