Topical Pain Relief Market to Reach $13,276 million at 7.4% CAGR by 2025 | With Development of Personalized Medications
Pune, Maharashtra, India, November 27 2020 (Wiredrelease) Allied Analytics –:Increase in geriatric population, rise in prevalence of arthritis, high demand from athletes, and lesser side effects as compared to conventional oral medicines would facilitate the growth of the global topical pain relief market.
topical pain relief market was valued at $7,481 million in 2017, and is expected to reach $13,276 million in 2025, growing at a CAGR of CAGR of 7.4%during the forecast period.With the prevalence of different types of pain cases and upsurge in adoption of topical based therapy.
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 nonsteroidal 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 preferability 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.
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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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