HOME Research Insight Sanofi (France) and DJO Finance (US) are the Key Players in the Cold Pain Therapy Market

Sanofi (France) and DJO Finance (US) are the Key Players in the Cold Pain Therapy Market

The global cold pain therapy market is estimated to be valued at USD 1.69 Billion in 2018 and projected to reach USD 2.12 Billion by 2023, at a CAGR of 4.6%. Factors driving the growth of this market are the increasing incidence of sports injuries, a rising emphasis on exercise, the growing incidence of hip and knee surgeries across the globe, and the need for safer pain management modalities as opposed to oral drug therapy.

An analysis of market developments between 2014 and 2018 revealed that growth strategies such as product launches, agreements, partnerships, contracts, expansion, and acquisition were adopted by market players to strengthen their product portfolios and maintain a competitive position in the cold pain therapy market. Among these, agreements, partnerships, and contracts were the most widely adopted growth strategies.

As of 2017, Sanofi (France) is the key player in the global OTC pharmaceutical cold pain products market. Due to its diverse product portfolio and wide distribution network, the company holds a significant position in this market. The company primarily focuses on the targeted acquisition of products and companies as its key growth strategy to mark its presence in various OTC markets. In line with this strategy, in 2010, it completed the acquisition of Chattem (US), a consumer-packaged-goods company focused on OTC and personal care products, for ~USD 1.9 billion. This enabled the company to strengthen its consumer offerings in the OTC pharmaceuticals market and enter the cold pain therapy market. In 2017, Chattem changed its name to Sanofi. This was done to align its local business with global operations. The Icy Hot brand marketed by Chattem is among the most accepted and recognized brands in the US for arthritis/joint pain and muscle aches and strains.

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As of 2017, DJO Finance (US) is among the key manufacturers of prescription cold therapy medical devices. In 2017, the company witnessed positive growth due to the increased sales of its bracing and vascular products as well as surgical implants. The company is focused on R&D activities to provide improved products and solutions for its patients and healthcare providers. As of 2017, the company had more than 4,420 employees, of which ~130 were engaged in R&D. With its strong brand positioning, robust product portfolio, and significant geographic presence; the company is expected to maintain its significant market position during the forecast period. The company strategically acquired its overseas local distributors in key locations to control and increase its international sales revenue.

Related Reports:

Cold Pain Therapy Market by Product (OTC (Gels, Sprays, Patches, Cold Packs, Wraps, Pads, and Roll-Ons), Prescription-Based (Motorized, Non-Motorized Devices), Applications (Musculoskeletal Disorders, Post-Operative Therapy, Sports Medicine, and Post-Trauma Therapy) - Global Forecast to 2023

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