Rising Cases of Sports Injuries and Road Accidents To Boost Hot and Cold Therapy Packs Market
Hot and Cold Therapy Packs Market To Generate $2,008.2 Million Revenue by 2030
By: P&S Intelligence
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One of the prime factors propelling the demand for hot and cold therapy packs is the rising aging population. Elderly people are more susceptible to long-term orthopedic disorders as their bones and joints are weak. This leads to the high demand for non-invasive pain management therapies, such as hot and cold therapy packs. For instance, as per the United Nations (UN) report World Population Ageing 2020, there were 727 million individuals aged 65 years or above in 2020, whose number is expected to rise to 1.5 billion by 2050.
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Geographically, Asia-Pacific (APAC) hot and cold therapy packs market is projected to record the highest CAGR during the forecast period. This will be due to the growing geriatric population, increasing prevalence of orthopedic diseases, rising healthcare expenditure, and surging casing of sports injuries and road accidents in APAC. Whereas, North America held the largest market share in 2020 owing to the presence of major market players, high disposable income, surging incidence of orthopedic diseases, such as arthritis and osteoporosis, growing aging population, and increasing cases of injuries in the region.