The surging population of geriatric people is one of the primary factors propelling the sales of hot and cold therapy packs across the world. As per the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. As geriatric people are highly vulnerable to various long-term orthopedic ailments, on account of their weak bones and joints, their mushrooming population is positively impacting the worldwide demand for pain management items, such as hot and cold therapy packs.
Apart from the aforementioned factor, the rising prevalence of road accidents is also driving the demand for hot and cold therapy packs across the world. As per the World Health Organization (WHO), nearly 1.3 million people die every year because of road accidents. The organization also found that around 20 to 50 million people suffer from non-fatal injuries because of road accidents all over the world every year, which usually lead to long-term disabilities.
As hot and cold therapy packs are often used for treating people suffering from road accident injuries, the increasing occurrence rate of road accidents is propelling the advancement of the global hot and cold therapy packs market. Additionally, the growing requirement for non-invasive and non-pharmaceutical pain management therapies is also predicted to fuel the market at a CAGR of 7.7% from 2021 to 2030 (forecast period). Furthermore, the revenue of the market will grow from $981.9 million in 2020 to $2,008.2 million by 2030, as per the forecast of the market research company, P&S Intelligence.
Between hot and cold therapy packs, the demand for cold therapy packs was found to be higher during the last few years, and this trend is predicted to continue in the coming years as well. This is credited to the higher preference of the patients suffering from joint pain and chronic bone pain for cold therapy packs over the hot ones. Moreover, these products are extensively used by athletes for reducing inflammation and pain caused due to sports injuries. Geographically, the sales of hot and cold therapy packs were observed to be the highest in North America in the past years.
This was because of the huge requirement for these products among geriatric people, high incidence of orthopedic diseases, and surging number of road accidents and injuries in the region. In the coming years, the sales of these packs are expected to soar in the Asia-Pacific (APAC) region. This will be a result of the ballooning population of geriatric people and the increasing prevalence of orthopedic diseases in the region. In addition, the rising requirement for non-invasive pain management therapies is also pushing up the demand for hot and cold therapy packs in the region.
Thus, owing to the rising incidence of road accidents, growing public preference for non-invasive and non-pharmaceutical pain management therapies, and mushrooming population of older people, the demand for hot and cold therapy packs will surge in the coming years.
Comments