Topical Pain Relief Market To Expand With Growing Incidences of Arthritis Amongst Individuals By A CAGR of 4.31% Throughout 2021-2028
Research Nester has released a report titled “Topical Pain Relief Market – Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The American College of Rheumatology stated in one of its statistics that every year around 302 million people worldwide are affected by osteoarthritis and it is the most common form of arthritis. Further, the Arthritis Foundation, stated in one of its statistics that back pain, and arthritis are the leading causes of work disability in the US. Furthermore, the Sandford Children’s Health, stated in one of its statistics that approximately 30 million children and teens participate in some form of sports in the U.S., out of which, more than 3.5 million children experience some sort of physical injury.
The statistics portray the growing concern for arthritis, especially osteoarthritis, which is known to cause disability among older adultsand the disease further requires rehabilitation. Research and developments over the years has also helped in the advancements of analgesics, which are available in various forms such as gels, ointments, creams, and sprays. These analgesics are widely used as an instant pain relief therapy. On the other hand, growing popularity of topical as well as transdermal creams and patches among the sportspersons, on account of its numerous advantages are some of the factors anticipated to drive the growth of the global topical pain relief market.
The global topical pain relief market is anticipated to achieve a CAGR of 4.31% over the forecast period, i.e. 2021-2028 and cross a value of USD 11133.17 million by the end of 2028. The market is thriving on account of increasing elderly population, increasing investments from leading pharmaceutical companies as well as government organizations for R&D activities, growing prevalence of musculoskeletal disorders, such as osteoarthritis and autoimmune arthritis along with the growing technological advancements pertaining to the development of transdermal patches for pain management. The market held a value of USD 7699.34 million in the year 2019 and is anticipated to achieve an absolute $ opportunity of USD 2844.56 million throughout the forecast period.
The global topical pain relief market is segmented by therapeutic class into opioids and non-opioids. The non-opioids segment is further sub-divided into non-steroidal anti-inflammatory drugs, lidocaine and others. Among these segments, the non-steroidal anti-inflammatory drugs segment, which held a market share of 54.31% share in the year 2019, is anticipated to cross USD 6747.0 million by the end of 2028 by growing with a CAGR of 4.21% over the forecast period. Additionally, the lidocaine segment is estimated to grow with the highest CAGR of 4.49% over the forecast period.
Geographically, the global topical pain relief market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, North America, which held the largest market share of around 39.68% in the year 2019 and is primarily driven by nations such as U.S. and Canada, where U.S. held the dominant market share of 78.44% in the year 2019. The market is anticipated to expand by observing the growth rate of 1.29x over the forecast period on account of rising consumer awareness for topical pain relief products, rising incidences of sport-related injuries, increasing geriatric population, growing incidences of arthritis in the region and growing utilization of topical pain relievers.
However, concerns for the severe allergic reactions caused by the application of topical pain relievers and the limited availability of topical pain relievers for neonates and pediatrics are some of the factors estimated to act as a barrier to the growth of the global topical pain relief market.
This report also studies existing competitive scenario of some of the key players of the global topical pain relief market, which includes profiling of Reckitt Benckiser Group plc (LON: RB), Teikoku Pharma USA, Inc., Topical BioMedics, Inc., Sun Pharmaceutical Industries Ltd. (NSE: SUNPHARMA), Adva Care Pharma®, Sanofi (EPA: SAN), Johnson & Johnson Services, Inc., Novartis AG (SWX: NOVN), Pfizer Inc. (NYSE: PFE) and GlaxoSmithKline plc. (LON: GSK).
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Topical Pain Relief Market – Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall topical pain relief industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global topical pain relief market in the near future.