The global cold pain therapy market is estimated to be valued at USD 1.69 billion in 2018 and projected to reach USD 2.12 billion by 2023, at a CAGR of 4.6%. The increasing incidence of sports injuries and rising emphasis on exercise, growing number of hip and knee surgeries across the globe, and the need for safer pain management modalities are expected to drive the demand for cold pain therapy products during the study period. In this report, the market has been segmented by product, application, and region.

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On the basis of product, the market is segmented into OTC products and prescription products. OTC products are further segmented into pharmaceuticals (gels, ointments, and creams, sprays and foams, patches, and roll-ons) and medical devices (cold packs and cooling towels, compresses, wraps, and pads). Prescription products are subsegmented into motorized and non-motorized devices. OTC products accounted for the largest share of the cold pain therapy market in 2017 due to the high patient preference for topical pharmaceuticals compared to oral medications, owing to their lower side effects, fast pain relief, and convenience.
Based on application, the market is segmented into musculoskeletal disorders, post-operative therapy, sports medicine, and post-trauma therapy. The musculoskeletal disorders segment is expected to be the fastest-growing segment of the market during the forecast period. The increasing incidence of arthritis, osteoarthritis, back pain, and joint pain; rising geriatric population; increasing trend of self-care; and the growing preference for topical analgesics to manage musculoskeletal pain are some of the major factors driving the growth of this market segment.
Based on region, the cold pain therapy market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is projected to be the fastest-growing regional segment in the cold pain therapy market during the forecast period. The rising geriatric population, increasing incidence of arthritis, strong presence of major players in the cold pain therapy market with established product portfolios, increasing healthcare expenditure, and growing preference for topical analgesics—especially patches—are expected to drive the growth of the cold pain therapy market in APAC during the forecast period.
In addition, emerging markets such as China, India, Brazil, and Mexico are expected to offer significant growth opportunities for market players owing to the rising focus of local governments to improve healthcare infrastructure and the presence of a large patient pool.