The growing incidence of orthopedic diseases, surging number of sports injuries, rising prevalence of road accidents, soaring adoption of non-invasive and non-pharmaceutical pain management therapies, and increasing geriatric population are the major factors driving the growth of the global hot and cold therapy packs market. Due to these factors, the market is predicted to reach $2,008.2 million revenue by 2030, exhibiting a CAGR of 7.7% during 2021–2030, according to P&S Intelligence.
Because of the COVID-19 pandemic, many manufacturing units of hot and cold therapy packs were either fully shut down or partially closed. Additionally, the imposition of lockdowns and other stringent government regulations has massively reduced the demand for these packs, as people were instructed to not to go outside unless very necessary. This subsequently brought down the prevalence of road accidents, wounds, and injuries, thereby affecting the progress of the hot and cold therapy packs market.
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The hot and cold therapy packs market is classified into cold therapy packs and hot therapy packs, depending on type. Between these, the cold therapy packs category dominated the market during the historical period (2014-2020), and it is predicted to retain its dominance throughout the forecast period. This will be because of the increasing usage of cold therapy packs by the people suffering from joint and chronic bone pain. Apart from this, these packs are also extensively used by athletes for reducing the inflammation and pain caused due to sports injuries.
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North America led the global hot and cold therapy packs market in 2020. This is credited to the rising requirement for these products among geriatric people, growing incidence of orthopedic diseases, and surging number of road accidents and injuries in the region. Asia-Pacific (APAC) is expected to be the fastest growing region in the market during the forecast period, primarily because of the presence of a large geriatric population, increasing prevalence of orthopedic diseases, and burgeoning requirement for non-invasive pain management therapies in the region.
The players in the global hot and cold therapy packs market are focusing on launching products for gaining a significant edge over their rivals. For example,
Game Ready, which is a brand of CoolSystems Inc., launched its new full leg-boot, which is a full-leg wrap that provides cold, heat, and compression therapies to facilitate quick recovery, in April 2018.
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Kobayashi Pharmaceutical Co. Ltd., Carex Health Brands Inc., DJO LLC, Koolcare Technology Co. Ltd., Rapid Aid Corporation, Xiamen Artborne Industrial Co. Ltd., Beurer Gmbh, IceWraps, and Performance Health Holding Inc. are some of the major hot and cold therapy packs market players across the world.
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