Hot and Cold Therapy Packs Market - Growth, Trends, and Forecasts (2020 - 2025)
The hot and cold therapy packs market studied was anticipated to grow with a CAGR of 5.6% during the forecast period. The major factors attributing to the growth of the market are a rise in the number of sports injuries, trauma, and surgery cases. Also, the increased preference for these products can be due to their non-invasiveness, which is gaining major traction among older adults. Adoption of hot and cold therapies has increased in long term treatment of chronic pain diseases, such as arthritis, lower back pain, and others. For instance, Accident and Emergency statistics in 2019, recorded about 24.8 million sports-injuries were recorded in the United Kingdom with an increase of 2% compared with 2018. Thus, increased demand for hot and cold therapy packs is likely to drive the growth of the market.
Dry and Moist Hot and Cold Packs are Expected to Hold the Major Market Share in the Hot and Cold Therapy Packs Market
Dry and moist hot and cold packs are expected to account for the largest market revenue share during the forecast period. This dominance is owing to their proven efficiency in pain relief. Furthermore, increased demand for these products can be attributed to the availability of more products with advanced technologies in the market. For example, Bruder Healthcare launched a product with media beads patented technology. The product provides deeply penetrating moist heat for prolonged periods enhancing the patient's quality of life and treatment. Such beneficial products are expected to boost the growth of the segment propelling the global market revenue.
North America Dominates the Market and is Expected to Remain the Same During the Forecast Period.
North America is expected to dominate the overall hot and cold therapy packs market. The dominance can be owing to a rise in the number of cancers, diabetes, and a huge geriatric population necessitating efficient pain management therapy. The presence of a huge target elderly population during the forecast period due to the presence of baby boomers in the United States will drive the market. As per the International Diabetes Federation report, in 2019, about 48 million adults in North America were living with diabetes, among which more than half of the patients are over the age of 65 and are expected to continue in the future. Thus, a rise in neuropathic pains, such as diabetic neuropathy and peripheral neuropathy, are expected to result in higher demand for the hot and cold therapy packs in the region. Furthermore, increased health awareness among the public about pain management and the presence of key players in the region is also expected to propel the growth of the market in the region.
The hot and cold therapy packs market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some prominent players are developing new products, while others are distributing the products. In 2018, Kinetec launched the Dr.Aktive Cold Compression Therapy products that offer combined cryotherapy and compression at affordable prices. The product range includes various packs that can be used for pain management in post-op, strains, etc., at the ankles, ankles, shoulder, and wrist. Such product launches are expected to impact market growth over the course of the forecast period positively. Some of the companies currently dominating the market are 3M, Breg, Bruder Healthcare Company, Caldera International Inc, and Cardinal Health.