Heat Therapy Market: Introduction
According to the report, the global heat therapy market was valued at US$ 1.1 Bn in 2020. It is projected to expand at a CAGR of ~4% from 2021 to 2031. North America held a major share of the global heat therapy market in 2020, due to high prevalence of musculoskeletal disorders and rise in geriatric population in the region. According to the Population Reference Bureau, geriatric population in the U.S. is projected to nearly double from 52 million in 2018 to 95 million by 2060. The heat therapy market in Asia Pacific is expected to expand at a high CAGR of 5.2% from 2021 to 2031 due to an increase in healthcare expenditure in the region.
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Rise in Prevalence of Arthritis & Other Orthopedic Conditions to Drive Global Market
Increase in prevalence of arthritis & other orthopedic conditions is projected to drive the global heat therapy market during the forecast period. According to the WHO, about 1.71 billion people have musculoskeletal conditions globally, and low back pain affects most of the people with musculoskeletal disorders. Additionally, other musculoskeletal disorders such as osteoarthritis, amputations, fractures, neck pain, rheumatoid arthritis, and other injuries affects around 343 million people, 175 million people, 436 million people, 222 million people, 14 million people, and 305 million people, respectively. The WHO estimates rise in prevalence of musculoskeletal disorders due to an increase in the geriatric population.
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OTC Products Dominate Global Market
In terms of type, the global heat therapy market has been classified into OTC products and prescription-based devices. The OTC products segment dominated the global heat therapy market in 2020, and the trend is projected to continue during the forecast period. The expansion of the segment can be attributed to increase in rate of adoption of over-the-counter (OTC) heat therapy devices in developing countries and changing healthcare environment from prescription to non-prescription.
Musculoskeletal Disorders to be Major Application Area
In terms of application, the global heat therapy market has been categorized into musculoskeletal disorder, sports medicine, post operative therapy, mastitis, chronic pain management, injury, and others. The musculoskeletal disorder segment held a major share of the global heat therapy market in 2020. Rise in prevalence of musculoskeletal disorders is expected to drive the segment during the forecast period. According to the WHO, about 1.71 billion people across the world have musculoskeletal conditions in 2020.
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Hospitals Held Major Share of Heat Therapy Market
Based on end user, the global heat therapy market has been divided into hospitals, online pharmacies, retail pharmacies, ambulatory surgical centers, home care, and clinics. The hospitals segment dominated the market in 2020, owing to a large patient base and budget availability to purchase expensive heat therapy systems.
North America to Lead Global Market; Asia Pacific to Offer Significant Opportunities
The global heat therapy market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a leading share of the global heat therapy market during the forecast period. Rise in incidence of chronic pain and increase in patient base of arthritis in North America are major factors driving the market in the region. According to the CDC, approximately 7.4% of the adults had chronic pain that frequently limited life or work activities in 2019 in the U.S. The market in Europe is expected to expand at a high CAGR in the near future, owing to the presence of local as well as global players and an increase in the demand for heat therapy devices in the region.
The heat therapy market in Asia Pacific is likely to expand at a rapid pace in the near future. Japan, India, and China are anticipated to be lucrative markets for heat therapy during the forecast period. Presence of large geriatric patient population with severe chronic pain and increase in healthcare expenditure in these countries are likely to propel the market in Asia Pacific in the near future.
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Growth Strategies of Key Players
Key players operating in the global heat therapy market are DJO LLC, Thermo Tek Inc., Cardinal Health, CarexHealth Brands, Inc., The Mentholatum Company, Medline Industries, Inc., Halyard Worldwide, Inc., Kobayashi Pharmacuticalco., Ltd, and TrekProof. These companies engage in research & development to develop novel products in order to expand product offerings and customer base. In December 2020, Sunbeam Products, Inc. launched GoHeat Cordless Heating Pad to treat sore muscles and help relieve pain whether at home or on the go.
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