Rise in prevalence of arthritis, high demand from athletes & lesser side effects as compared to conventional oral medicines would facilitate growth of market
PORTLAND, OR, UNITED STATES, September 14, 2021 /EINPresswire.com/ — Topical pain relief medications are pain killers that are directly applied, rubbed, or sprayed on the skin over painful muscles or joints. They are designed to relieve pain as they are composed of different ingredients such as opioids, nonsteroidal anti-inflammatory drugs (NSAIDS), salicylates, capsaicin, and others. These products have a heating or cooling effect that stimulate the nerves near the pain point and relieve pain.
“Topical Pain Relief Market by Therapeutic class, Formulation, Type and Distribution channel: Opportunity Analysis and Industry Forecast, 2020–2027," the global topical pain relief market size was valued at $8,864.0 million in 2019 and is expected to reach $12,219.7 million by 2027, registering a CAGR of 5.2% from 2020 to 2027
The growth of the topical pain relief market include increase in prevalence of arthritis, diabetic neuropathy, and other bone disorders across the globe, rise in geriatric population, fewer side effects caused by topical pain relief as compared to oral medications, and high adoption of topical pain relief products by sportsperson. However, topical pain relief medications can cause irritation, and these products are usually characterized by an unpleasant odor which impede the market growth. Conversely, the development of an online platform for topical therapeutics and the untapped market potential in emerging economies are expected to provide lucrative growth opportunities for the market.
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• Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production.
• However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
• The report offers a detailed segmentation of the topical pain relief market based on therapeutic class, type, distribution channel, and region form.
On the basis of therapeutic class, the market is segmented into non-opioids and opioids. The non-opioids segment is further divided into no steroidal anti-inflammatory drugs (NSAIDS), methyl salicylate, capsaicin, lidocaine, and other non-opioids. The opioids segment is further bifurcated into buprenorphine and fentanyl. Non-opioids segment accounted for the largest topical pain relief market share in 2017, and is expected to continue this trend throughout the forecast period owing to high prefer ability and availability of non-opioids drugs.
By type, the topical pain relief market is segmented into prescription pain relief and over-the-counter (OTC) relief. Over-the-counter pain relief segment accounted for the largest market share in 2017 due to easy availability and high demand of topical pain relief products by sportsperson. Based on the formulation, the market is classified into cream, gel, spray, patch, and others. Cream based pain relief
Segment accounted for the largest market share in 2017 owing to high availability of these products with high success rate and lesser side effects. On the other hand, patch pain relief segment is expected to grow at a CAGR of 9.0% during the forecast period.
The leading market players analyzed in the report include Johnson & Johnson, GlaxoSmithKline Plc., Novartis AG, Reckitt Benckiser Group Plc., Pfizer Inc., Topical BioMedics, Inc., Sanofi S.A., Sun Pharmaceutical Industries Ltd., AdvaCarePharma, and Nestle S.A. These players have implemented different strategies including partnerships, expansions, mergers & acquisitions, joint ventures, collaborations, and others to gain a strong position in the industry.
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Key Market Segments:
By Therapeutic Class
o Nonsteroidal anti-inflammatory drug (NSAIDS)
o Methyl Salicylate
o Other Non-opioids
• Prescription Pain Relief
• Over-the-counter (OTC) Pain Relief
By Distribution Channel
• Pharmacy & Drug Store
• Retail & Grocery Store
• North America
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Source: EIN Presswire