The global heat therapy market reached valuation at US$ 1 Bn in 2020 and predicted to hit over US$ 1.65 billion by 2030, expand at a moderate CAGR of 4.1% from 2021 to 2030.
Rise in prevalence of musculoskeletal disorders, increase in geriatric population, surge in accident cases, and prevalence of disability are key factors that are projected to drive the global heat therapy market during the forecast period.
The report includes an elaborate executive summary, which provides a snapshot of various segments of the global heat therapy market. It also provides information and data analysis of the heat therapy market with regard to segments based on type, application, end user, and region.
The overview section of the report provides a detailed qualitative analysis of drivers, restraints, and opportunities that impact the global heat therapy market.
The report includes company profiles, which provide information about their business, product portfolios, and competitive landscape in the global heat therapy market.
The report on the heat therapy market offers market attractiveness analysis of regions and segments.
The last section of the report comprises quantitative and qualitative analyses on market share/position of key players operating in the global heat therapy market. It analyzes key competitive strategies adopted by major industry players, thereby presenting a thorough understanding of the competitive scenario in the global heat therapy market.
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.
Potential Damage to Inner Muscles by Electric Heating Pads Affects Sales
Electric heating pads are gaining popularity for providing pain relief in shoulders, legs, neck, and back during the winter season. However, its many disadvantages such as damage to inner muscles and risks in blood pressure (BP) patients are affecting sales. Hence, companies in the heat therapy market are increasing awareness to avoid excessive use of electric heating pads in individuals to prevent the rupture of inner muscles and avoid increase of blood flow in the veins of BP patients.
Manufacturers in the heat therapy market are increasing their production of electric heating pads, as there is a growing demand to relax tight muscles. Electric heating pads are being used to decrease pain caused by muscle tension or spasms.
Innovative Knee, Neck Heat Wraps Equipped with Rechargeable Batteries
The heat therapy market is projected to surpass US$ 1.7 Bn by the end of 2031. This is evident since manufacturers are boosting their output capacities in knee, shoulder, and neck heat wraps. Dhama Innovations Pvt. Ltd. - an India-based specialist in temperature-based wearable electronics, is increasing the availability for knee, shoulder, and neck heat wraps integrated with rechargeable batteries and different temperature settings.
Manufacturers in the heat therapy market are increasing their focus to develop innovative knee heat wraps that are eliminating the need of wires in order to recharge batteries. Different temperature levels in heat wraps are offering increased user comfort.
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.
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.
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 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.
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.
The Heat therapy market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Heat therapy market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Heat therapy market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Heat therapy market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Heat therapy market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Heat therapy capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Heat therapy by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Heat therapy market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Heat therapy market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Heat therapy market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Heat therapy industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Heat therapy market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Heat therapy market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Heat therapy market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Heat therapy market. These factors have benefited the growth of the global market for Heat therapy. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Heat therapy. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the heat therapy market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the heat therapy market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Heat therapy market.
Market Segments: This part of the report discusses about product, application and other segments of the heat therapy market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
In this study, the years considered to estimate the market size of Heat therapy are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Pediatric Wheelchair Market (By Product Type: Manual, Electric; By Frame Type: Rigid, Foldable; By Application: Homecare, Hospital) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Immunotherapy Drugs Market (By Drug Type: Monoclonal Antibodies, Immunomodulators; By Indication: Infectious Diseases, Cancer) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
MRI Motion Tracking Systems Market (By Type: Optical Tracking Systems, Software; By Product: Marker, Marker-less) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
5G In Healthcare Market (By Component: Hardwar, Services; By Application: Remote Patient Monitoring; Connected Medical Devices; By End-use) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Surgical Scissors Market (By Type: Disposable, Reusable; By Application: Cardiology, Orthopedics, Gastroenterology, Dermatology, Neurology; By Material; By End-use) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...