The global cold compression therapy or hilotherapy combines two of the principles of R.I.C.E (rest, ice, compression, elevation) to reduce pain and swelling from an acute damage to soft tissues. This therapy is particularly used for treating Sprains, pulled muscles, strains and pulled ligaments. Cold compression is a blend of static compression and cryotherapy, which is commonly used for the treatment of inflammation and pain after surgical procedures or acute injury. Cryotherapy the use of ice or cold in a therapeutic setting and it has gain popularity in orthopedic treatment.
Increasing prevalence of sports injuries and arthritis is expected to drive the market growth. For instance, in September 2017, according to the Centers for Disease Control and Prevention (CDC), it was estimated that on an average 3.2 million individual of age group between 5-14 years suffers from sports injury annually. Growing geriatric population also means an increasing amount of joint instability, fractures, and joint afflictions, such as osteoarthritis. These factors are further contributing towards the increasing demand for hip and knee surgeries which thereby propelling the adoption of cold compression therapy products in coming years. Moreover, established players have been focusing on the R&D activities in order to introduce innovative product lines and supporting accessories into the market thereby providing this market with lucrative opportunities.
North America is considered to be the largest market in cold compression therapy market, owing to the presence of factors such as high healthcare expenditure, and growing geriatric population in the U.S. The Asia Pacific is anticipated to witness lucrative growth throughout the forecast period. The market is driven by increase in investments in R&D by key players as well as rising disposable income in emerging countries such as India, and China. For instance, in September 2017, Cool Systems, Inc. launched its patented technology Med4 Elite, Multi-Modality Recovery Device. It is a powerful multi-modality rehabilitation device that delivers heat therapy, iceless cold therapy, rapid contrast therapy and intermittent pneumatic compression therapy.
Major market players in the cold compression therapy market are DJO Global Inc., Berg, Sanofi, Pfizer, 3M, Johnson & Johnson, Cool Systems Inc., Hisamitsu Pharmaceutical, Ossur, Medline Industries, Performance Health, Rohto Pharmaceutical, Beiersdorf, Custom Ice, Romsons Group of Industries, and Unexo Life Sciences.
The key players are increasingly becoming inclined toward maintaining competition through established product portfolios, merger & acquisitions, and other strategic developments. For instance, Halyard Health acquired Cool Systems Inc. in June 2018. This acquisition was carried out to facilitate Halyard Health product portfolio in pain management and rehabilitation of patients recovering from sports-related injuries and provide a competitive edge in cold compression therapy market.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.