The most recent study conducted by Report Ocean, titled “Global Heating Pads Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Heating Pads. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Heating Pads Market is valued approximately USD $ billion in 2020 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2021-2027. Heating Pads are pads which are used to warm body parts in order to relieve pain. Heating pads uses chemical, water, and coil as heating substance. Growing prevalence of chronic disease due to lack of physical activity and rising sector are key drivers for the growth of Heating Pads market. For instance, according to The World Health Organization (WHO) physical inactivity is the fourth leading risk factor accounting for 6% of global mortality, following hypertension (13%), smoking (9%) and diabetes (6%). Also, as per Centers for Disease Control and Prevention (National public health agency of the United States) – as of 2020 healthcare costs associated with physical inactivity account for more than 11% of total health care expenditures in USA and are anticipated at USD 117 billion yearly.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
According to The European Heart Network, and WHO European Office- As of 2020 Physical inactivity increases the risk of cardiovascular diseases by more than 20% and as of 2020, cardiovascular diseases cause 3.9 million deaths in Europe and over 1.8 million deaths in the European Union. Also, with the growing trend of sedentary lifestyle and surging medical tourism in emerging markets, the adoption & demand for Heating Pads is likely to increase the market growth during the forecast period. However, limited usability of heating pads (as it cannot be used during pregnancy) impedes the growth of the market over the forecast period of 2021-2027.
The key regions considered for the global Heating Pads market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to increasing prevalence of chronic diseases in the region. Whereas Europe is anticipated to exhibit highest growth rate / CAGR over the forecast period 2021-2027. Factors such as growing prevalence of chronic pain due to sedentary lifestyle, growing aging population would create lucrative growth prospects for the Heating Pads market across Europe region.
Major market player included in this report are:
Sunbeam
Carex
Thermalon
Milliard
Nature Creation
Beurer
Drive Medical
Kaz
Walgreens
Beady Heat Therapy
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Microwavable Heating Pads
Electric Heating Pads
Chemical Heating Pads
By Application:
Home Use
Medical Use
Commercial Use
Other Use
By End Use Industries:
Homecare
Diagnostic Centres
Hospitals
Clinics
Others
By Region:
North America
U.S.
Canada
Europe
UK
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Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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