Market Outlook:
The global ice therapy machines market was valued at USD 289.3 Million in 2019 and is projected to reach USD 367.8 Million by 2027, expanding at a CAGR of 3.2% during the forecast period. Ice therapy machines or cold therapy machines are devices that provide cold treatment to soothe pains and aches to reduce swelling due to joint pains. Ice therapy machines alleviate inflammation result from injury or surgery. Doctors, physical trainers, medical professionals, and sports & rehabilitation specialists recommend ice therapy machines to help patients manage pain and wounds. Ice therapy machines provide a traditional treatment of health conditions such as tissue damages, lesions malignant, and benign tumors without incisions or slits into the body or removal of tissues. Therefore, the non-invasive features with no discomfort and few complications of ice therapy machines drives the market.
Market Dynamics
Drivers
The global ice therapy machines market is estimated to grow significantly in rehabilitation centers and sports centers segments. The number of sports related injuries such as sprains, ligament tears, and post-workout recovery are increasing, which in turn, is increase the need to install ice therapy machines at sports centers. Additionally, rising number of knee surgeries and lower back aches that require ice therapy machines to reduce inflammation quickly. For instance, governments of various developing countries such as China and India are increasing the expenditure on expansion of medical shops and specialty stores. This trend is expected to increase the availability and promote the utility of ice therapy machines for outpatients over the forecast period.
According to a research conducted in Johns Hopkins University, more than 3.5 million children aged 14 years get hurt annually while playing sports or participating in recreational activities. Increasing prevalence of sports injuries and accidents, is driving people to adopt ice therapy machines in their homes. University students and professional athletes suffer sport-specific injuries which is increasing the demand for ice therapy. Sports injuries related to ankle, knee, and hamstring are prevalent in football, basketball, and other games. This drives the demand for ice therapy machines, as it offers quick and effective pain relief. According to the Department of Economic and Social Affairs at the UN, the population aged 65 years or over is expected to rise up to 16% by 2050. Ice therapy machines provide affordable treatments for chronic pain and stiffness resulting from musculoskeletal disorders such as arthritis and degenerative spine disorders, predominant in ageing population. Adoption of ice therapy machines is estimated to increase, especially in diverse places such as rehabilitation centers, fitness centers, spa & wellness centers. These benefits associated with ice therapy machines such as alleviating acute swelling, relieving pain, and promoting soft tissue healing by at a maintaining temperature around 5°C - 0°C and improving circulation and pumping action of blood vessels on the applied area are expected to boost the global ice therapy machines market.
Restraints
Drugs such as naproxen sodium (Aleve and Anaprox), ibuprofen (Advil and Motrin IB), and celecoxib minimize inflammatory activity and act as alternatives of ice therapy machines. Additionally, deep heat therapy machines are adopted as alternatives, as they relieve pain below the skin surface into tissues and muscles. Further, the exposure of ice potentially damages the skin and other parts of the body. Ice therapy machines are not recommended to relieve pain of large body parts, as the body is unable to sustain the decreased flow of blood on such a large area. Therefore, the significant adoption of alternatives of ice therapy machines for pain management hampers the growth of ice therapy machines market. Ice therapy machines cost around USD 108 - USD 200, which is an expensive amount in developing countries with less inclination towards healthcare. Furthermore, wearing and tearing of insulated tubes increase maintenance costs of ice therapy machines. Hence, high costs associated with ice therapy machines hinder the growth of the market.
Opportunities
The market is estimated to rise, due to development of e-commerce platforms such as Amazon, makes ice therapy machines easily available to customers with guarantees, on-time services, discounts, and free or low-cost deliveries. Additionally, retailers and pharmacists are providing consultation services of therapies with ice therapy machines, which is estimated to provide lucrative opportunities for the market. Installation of ice therapy machines at sports & fitness centers provides an additional source of income to the owners as well as offer quick post-workout recovery. Therefore, increasing applications of ice therapy machines provide opportunities for the growth of the market.
Segmental Outlook
On the basis of types, the global Ice Therapy Machines market is categorized as automatic and manual. The growth of the automatic segment is attributed to the fact that it enables a controlled treatment by fixing time durations for safe and uniform ice therapy without requiring the need for human intervention. The automatic segment is expected to hold a key share of the global ice therapy machines market, as the advancements such as smart designs such as liter per minute (LPM) feature and ease of control for monitoring boost the sales of the ice therapy machine.
In terms of End-Users, the market is segmented into rehabilitation center, hospitals & clinics, sports centers, and others. The dedicated stores segment is anticipated to expand at a considerable CAGR during the forecast period owing to the number of sports related injuries such as sprains, ligament tears, and post-workout recovery are increasing, which in turn, increases the need to install ice therapy machines at sports centers. The hospitals & clinics segment accounted for a substantial share of the market, in terms of revenue in 2019, and is anticipated to expand at a high CAGR during the forecast period.
Based on Distribution Channels, the global ice therapy machines market is bifurcated into online and offline segments. Search engine optimization (SEO) and search engine marketing (SEM) are estimated to drive targeted customers and improve the visibility of ice therapy machines, which is, in turn, propelling the online segment globally.
Regional Outlook
Based on regions, the ice therapy machines market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe accounts for a key share of the global market due to high adoption rate of ice therapy machines among geriatric population. Convenience of online delivery of ice therapy machines increased consumer preference during the pandemic period in the region. The US-based companies are penetrating in the market in Mexico and Rest of Latin America, which in turn, is projected to fuel the market in these countries over the forecast period.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Ice Therapy Machines Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Ice Therapy Machines Market Performance
Segments
Key Segments Covered
By Types
By End-Users
- Rehabilitation Center
- Hospitals & Clinics
- Sports Centers
- Others
By Distribution Channels
By Region
- North America
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- South East Asia (SEA)
- Rest of Asia Pacific (APAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- South Africa
- Rest of Middle East & Africa (MEA)
Key Market Players Profiled in the Report
- Össur
- Polar Products Inc
- Hebei Ruinuo Medical Instrument Co., Ltd
- DJO, LLC
- Cryomed s.r.o
- Breg, Inc
- AGM Overseas
- Cryomed s.r.o.
Competitive Landscape
- Key players in the market include Polar Products Inc, Össur, DJO LLC, BIOCOMPRESSION SYSTEMS, Cryomed s.r.o., Breg Inc, Isha Surgical, and AGM Overseas. These companies are considered manufacturers of ice therapy machines based on their revenue, research development (r&d) activities, regional presence, and supply chain management system.
- The players are adopting key strategies such as new product launches and reorganizing supply chains and assets to increase resilience.
- The global ice therapy machines market is moderately competitive with presence of small and large companies. Top companies are investing in ice therapy machines farming to increase their market share and revenue.
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