The latest market report published by Credence Research, Inc. “Hot and Cold Therapy Packs Market – Growth, Future Prospects and Competitive Analysis, 2016 – 2024,” the global hot and cold therapy packs market was valued at US$ 687.0 Mn in 2015, and is expected to reach US$ 1,354.7 Mn by 2024, expanding at a CAGR of 7.8% from 2016 to 2024.
Browse the full report Hot and Cold Therapy Packs Market – Growth, Future Prospects and Competitive Analysis, 2016 – 2024 at http://www.credenceresearch.com/report/hot-and-cold-therapy-packs-market
Hot and cold therapy is used for reducing swelling, improving blood circulation, and muscle relaxation, thus providing comfort from any injury or other causes. It is the most effective, least expensive, safest and quickest mode of treatment relief. The major key drivers for the hot and cold therapy packs are increase in incidence of sport injuries, rise in geriatric population and preference for non-invasive pain management. Geriatric patients suffering from chronic illness prefer home care products such as heat/cold therapy packs instead of frequent visits to the hospital or drug administration. There is a growing preference for non-invasive and non-addictive therapies, which act as an important driving factor to the market. Preference for non-pharmacological treatment for pain especially in aging population is key driver for growth of hot and cold therapy packs market.
The global hot and cold therapy packs market is segmented by product type into hot packs, cold packs, moist therapy packs and localized heating and cooling pads. The cold packs segment currently dominates the overall hot and cold therapy packs market, as it is the first line of treatment for injuries and the most effective pain relief treatment
North America was identified as the largest market for hot and cold therapy packs in the base year 2015. North America dominated the market due to aging population, advanced sports medicine practices and initiatives in the U.S. and Canada. Asia Pacific is the most attractive market for introducing advanced hot and cold therapy packs due to the rapid development of healthcare infrastructure, increasing awareness about the non-surgical pain management techniques and rising disposable income in the countries like China, India, Australia and others.
Market Competition Assessment:
Key players in the Hot and Cold Therapy Packs market are
3M Company, Beiersdorf Australia Ltd., Breg, Inc., Bruder Healthcare Company, Inc., Caldera International, Inc., Cardinal Health, Carex Health Brands, Chattanooga Group, Inc., Core Products International, Inc., Corso Enterprises, Inc., Covidien plc, DJO Global, Inc., Employ+Ability, Inc., Halyard Health, Inc., Kobayashi Pharmaceutical Co., Ltd., Medline Industries, Inc., Modular Thermal Technologies, Inc., Pfizer, Inc., The Mentholatum Company and Thermionics Corp.
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Key Market Movements:
- There is an increase in incidence of injuries associated with pain observed in different age group due to varied reason. Pain is linked with a varied range of injuries and diseases and sometimes disease in itself. The use of the hot and cold therapy packs is preferred as safer option over pharmaceuticals.
- Rise in awareness of sports and other sports related activities, we have observed significant increase in incidences of sports related injuries to name a few such as golf elbow (medial epicondylitis), jumper’s knee (patellar tendonitis), little league elbow or shoulder, spondylolysis, tennis elbow (lateral epicondylitis) etc.
- With increase in age, the incidence and prevalence of pain also increases especially chronic pain, along with neuralgias and joint pain. There is preference of non-invasive and non-addictive therapies, which act as important driving factor of the market.