The global cold pain therapy market is projected to reach USD 2.12 billion by 2023 from USD 1.69 billion in 2018, at a CAGR of 4.6% during the forecast period.
Will the growing adoption of analgesic patches provide growth opportunities for the cold pain therapy market?
Analgesic patches feature a transdermal drug delivery system, which is a non-invasive mode of medication delivery through the skin. While placed on the skin, patches deliver an analgesic drug at a fixed rate across the dermis. The use of analgesic patches through transdermal drug delivery systems offers various advantages over oral medications. Patches are easy to use and provide a wide range of advantages over traditional parenteral or oral routes as the drug delivery is simple, painless, non-invasive, and convenient. Moreover, they increase patient compliance and satisfaction and provide site-specific dosing. In addition to these, patches provide continuous drug release, enable patients to self-administer the drug, prevent first-pass metabolism, and improve the patient’s quality of life.
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These products are convenient for geriatric and pediatric use since these groups usually cannot tolerate alternative drug delivery routes, including intravenous, continuous subcutaneous, or rectal routes of administration. In the geriatric population, pharmacokinetic and metabolic changes make them more susceptible to side-effects and overdosing associated with analgesic drugs. Patches are also a safer option for people suffering from renal dysfunction or failure. These advantages of analgesic patches create opportunities for growth for players in the cold pain therapy market.
Will the availability of alternative non-drug/device pain management therapies create obstacles for market growth?
Non-drug/device therapy approaches such as physical therapy/exercise, meditation, relaxation techniques, yoga, cognitive behavioral therapy (CBT), acupuncture, biofeedback, chiropractic manipulation, the application of heat, ultrasound, compression therapy, and massages are alternative treatment options available for acute and chronic pain management in patients. These alternative therapies are less expensive, easily available, and have fewer side effects. Thus, the adoption of these therapies is usually high among patients for the management of acute and chronic pain.
Acupuncture is one of the most commonly used techniques worldwide to treat lower back pain, arthritis, neck pain, and muscle pain. If used in combination with other therapies, acupuncture also helps reduce the need for drugs and improves the quality of life of patients suffering from chronic pain (Source: Acupuncture and Massage College, Inc., 2018 and WebMD, LLC. March 2016). In addition, more than half of the adult population in the US visit a chiropractor every year, and more than one-quarter of them chooses chiropractic care as the first line of treatment for back or neck pain. This is mainly because chiropractic care is safe, with a low risk of serious complications (about 1 in every 5.86 million adjustments).
The rising preference of patients for alternative therapies is a major challenge faced by the cold pain therapy market.
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