As of 2022, the global hot and cold therapy market was valued at US$ 1287.27 Million. Looking ahead, FMI forecasts the market to reach US$ 2728.09 Million by 2032, growing at a CAGR of 7.8% during the period 2022-2032.
| Attributes | Details |
|---|---|
| Hot And Cold Therapy Market CAGR | 7.8% |
| Hot And Cold Therapy Market (2022) | US$ 1287.27 Million |
| Hot And Cold Therapy Market (2032) | US$ 2728.09 Million |
The key factors contributing to the growth of the market are the increasing use of non-pharmaceutical and non-invasive pain management therapies, along with an increasing geriatric population, an increasing prevalence of orthopedic diseases, an increasing number of product launches, and an increasing number of road accidents. It is due to the growing aging population that the hot and cold therapy packs market is increasing at an exponential rate.
According to the World Population Ageing 2020 report published by the United Nations (UN), there were 727 million people aged 65 years or older in 2020, and this number is expected to rise to 1.5 billion by 2050.
A recent article by Sarah Megginson titled ''Sport, Physical Activity and Our Health'' claims that 89% of Australian adults participate in sports every year, with 62% participating at least three times a week. Approximately 305 million people worldwide suffered from musculoskeletal injuries in 2021, according to statistics provided by the World Health Organization (WHO).
Additionally, hot and cold therapy packs are expected to be more popular. This is a result of the increasing burden of sports injuries such as tennis elbow, hip bursitis, concussion, Achilles tendonitis, runners' knee, and others. The demand for hot and cold therapy packs can increase as musculoskeletal injuries become more prevalent globally.
A growing aging population is also playing an influential part in the growth of the market for hot and cold therapy packs.
Since the elderly have weak joints and bones, they are more likely to suffer from long-term orthopedic disorders, which results in high demand for pain management products, such as hot and cold therapy packs. Which in turn is expected to boost the growth of the market over the forecast period. There is however a lack of awareness about the treatment options available for pain management, which is hindering the market's growth.
The North American market for hot and cold therapy packs is expected to dominate over the next decade. The dominance can be attributed to an increase in cancer, diabetic, and geriatric populations that require effective pain management. As a result of the presence of baby boomers in the United States and their aging population, it is expected that the market will be driven by a huge target elderly population during the forecast period.
Hot and cold therapy packs are expected to grow rapidly in Asia-Pacific during the forecast period. This is primarily due to a surging geriatric population there, which generates a high demand for non-invasive pain management.
Hot therapy which is also known as thermotherapy is the use of heat in therapy. While cold therapy is the immediate first aid particularly used in sports injuries. Hot therapy is performed to get rid of pain by using various techniques such as hot cloth, whirlpool baths, heating pad, ultrasound, and hot water bottle.
On the other hand, cold therapy commonly known as cryotherapy is performed by applying an ice or gel pack. Both the therapies are no addictive and non-invasive pain relief therapies for muscles and joint pain.
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Heat can supply two types of warmth, dry and a moist one. The moist one penetrates well, while dry heat may dry the skin. However, the common purpose of both the types is to improve the flexibility of tendons and ligaments, reduce muscle spasms and alleviate pain. Instead of applying directly on skin, in hot therapy it is advised to use thin towel to wrap the hot devices.
Cold therapy is usually used for 24 to 48 hours after an injury. Typically used to get relief from bruises, bumps, sprains that may occur in sports or lifting, cold therapy should not be used on injured areas more than 20 minutes. Just like hot therapy, cold therapy should also be performed by wrapping up the ice packs in thin towel.
Joint pain can be cured by both hot and cold therapy. Lower back muscle strain which generally result from strain and over-exertion can be cured with hot therapy. Blood vessels are opened due to heat that increases blood flow, oxygen supply and nutrients. It also reduces pain in joints and relax sore muscles, ligaments and tendons.
Providing superficial heat to the body improves flexibility of tendons and ligaments, reduce muscle, spams and ease pain. Cold therapy is not only beneficial for reducing pains but the therapy is also useful in reducing swelling. Intermittent compression acts as a pump for the limbs. The ‘on’ and ‘off’ effect allows blood flow to return to the heart much quicker and therefore oxygenate, returning to the injury site with oxygen to aid the healing process.
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Rise in spinal cord injuries is proving beneficial to the sales of hot and cold therapies packs. Besides, consumers these days giving preference to the non-surgical pain management options which is creating robust development in hot and cold therapy market worldwide. Herbal hot and cold therapy packs are witnessing strong demand globally.
Popularity of cold water therapy to burn fats increasing the sale of cold therapy packs. Increasing elderly population which is vulnerable to pain and injury is driving the growth of hot and cold therapy market globally.
In terms of product, the hot and cold therapy packs market can be divided into dry and moist hot and cold packs or compresses, gel packs, and instant electric hot/cold packs. These are used to manage various conditions including back/spinal problems, neck problems, joint problems, arthritis, neuropathic pain, and surgery.
Increasing incidence of lifestyle related disorders is one of the major drivers of the hot and cold therapy packs market. Moreover, increasing inclination toward home care products and growing online marketing of such products is expected to boost the market during the forecast period. Advancements in product technology such as cold/hot wrap fused with knee braces or back support belts are also expected to increase demand in the near future.
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North America region represents the largest market of hot and cold therapy worldwide, followed by Europe. Economic growth, increased standard of living, rising awareness about public and personal healthcare and rising aging population in Asia Pacific regions also fuelling the demand for hot and cold therapy packs. The shift towards home-based healthcare in North America and Europe regions is also creating lucrative market for hot and cold therapy packs.
Growth in chronic and restricting illness is prime driver which will dominate hot and cold therapy market in future. Increasing number of neurological injuries and sports injuries will also create an attractive market for hot and cold therapy packs. Development in manufacturing technologies and online vending will also facilitate the growth of this market.
The future growth of hot and cold therapy market will be determined by the need for safer pain management modalities as against pharmaceuticals.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types and applications.
Key players in the hot and cold therapy packs market include 3M Company, Breg, Inc., Cardinal Health, Inc., Carex Health Brands, Halyard Health, Medline Industries, Inc., Medtronic plc, and Pfizer, Inc.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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