By 2023, the Localized Temperature Therapy Products Market will be worth US$ 1,752.9 million, and by 2033, it will be worth US$ 3,055.6 million. Positive market growth is predicted throughout the projection period, according to a CAGR of 5.7%.
The Localized Temperature Therapy Products Market exhibit significant efficacy in applications for non-invasive pain management and hypothermia prevention. The market for devices for targeted temperature therapy is projected to reach US$ 2.63 billion by 2030, with sales revenue increasing at a 6.0% CAGR over that period. A recent Future Market Insights report predicts that the business will soon provide significant potential for applications for localised neonatal therapy and for the treatment of sports injuries.
Growing healthcare applications, along with expansion of the global manufacturing industry and supportive government regulations, are creating profitable growth prospects, particularly in developing economies throughout Asia and Latin America. Additionally, geriatric users will benefit from medicinal applications, which will enhance long-term growth prospects. According to a study by Future Market Insights, the market would grow at a 6% CAGR from 2022 to 2030.
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Market players operating in the industry are aiming for the development of product improvements through novel technologies in addition to industry collaborations and capacity expansions to keep pace with changing industry needs. The market has witnessed substantial expansion in recent years, with better access to healthcare services for injury and pain relief therapeutics.
Higher popularity of non-surgical, pharmaceutical-free treatments for physical injuries and chronic ailments such as arthritis and osteoporosis, has been driven by reduced risk of side effects, and ease of application.
Localized temperature therapy aids help to improve blood and oxygen flow.
Innovations such as microwave and electric products provide higher efficacy and are gaining from wider scope of application.
Rising incidences of road accidents, and sport injuries result in bone and tendon ruptures, strains, and sprains, which boost overall market demand.
On the other hand, alternatives such as reusable packs and herbal medication could restrict growth.
FMI’s report on the market offers a detailed overview, covering essential market dynamics. Some of the major takeaways from the report are as follows:
- Hospitalization for hypothermia and chronic pain for adult populations are driving growth through the forecast period
- Back and knee pain management applications are picking up pace with higher demand arising from geriatric users
- North America is projected to remain dominant, with the United States displaying highly lucrative market growth opportunities
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Localized Temperature Therapy Products Market
The covid-19 virus, which causes acute respiratory distress has been found to be sensitive to heat.
Consequently, the use of higher temperatures tolerable to the human body has been found to be effective in destroying and deactivate the lipid covering of the virus.
This factor is expected to have a positive impact on the localized temperature therapy product market in providing patient short-term relief.
On the other hand, the restrictions imposed by governments on elective medical procedures during the crisis is likely to impact short term sales.
Also, the pandemic has affected neonatal infant care, with pediatric patients and newborns being at higher risk of infection, leading to the establishment of standards of testing and care, which could support market growth throughout the duration of the pandemic.
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Who is winning?
In its report, Future Market Insights has studied the numerous strategies taken up by some of the dominant companies operating in the localized temperature therapy products market.
Apart from strategic mergers and acquisitions, companies are increasingly focusing on development of new products and capacity expansions, with the integration of novel technologies for a wider portfolio range.
Some of the participants operating in the localized temperature therapy products market are Medtronic Plc, Kobayashi Pharmaceutical Co. Inc., Cardinal Health, Carex Health Breg Inc., Medline Industries Inc., Core Products International Inc., Cincinnati Sub Zero, The Mentholatum Company, B.u.W. Schmidt, Life Wear Technologies, Pic Solution, Advanced Home Care, Rapid Aid, Adroit Medical Systems and Macon & Company Inc.
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Localized Temperature Therapy Products Market By Category By Product:
- Localized Neonatal Therapy Product
-
- Warming Mattress
- Infant Heel warmers
- Localized Heat Therapy Product
- Hot water bottles
- Heat lamps
- Paraffin bath
- Gel hot packs
- Others
- Localized Cold Therapy Product
- Vapocoolant sprays
- Thermal cooling blanket
- Disposable ice bags
- Cold packs
- Others
By Area of Application:
- Neck
- Shoulder
- Knee
- Back
- Others
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle-East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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