Growing applications in healthcare, coupled with growth of the global manufacturing sector and favorable policies by governments, are generating lucrative growth opportunities, especially in developing economies across Asia and Latin America. Also, therapeutic applications aimed towards geriatric users will support long term growth prospects.
Future Market Insights, in its study has estimated the market to rise at 6% CAGR between 2022 and 2030. 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.
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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.
COVID-19 Impact on 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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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
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 Neonatal Therapy Product
- Warming Mattress
- Infant Heel warmers
- Localized Heat Therapy Product
- Hot water bottles
- Heat lamps
- Paraffin bath
- Gel hot packs
- Localized Cold Therapy Product
- Vapocoolant sprays
- Thermal cooling blanket
- Disposable ice bags
- Cold packs
By Area of Application:
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- Latin America
- South Asia
- East Asia
- Middle-East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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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