Non-opioid Pain Patch Market: Product Development is Key Focus for Market Leaders
Non-opioid pain patches market expected to register significant growth over the forecast period as increasing demand for non- opioid drugs for pain management. Opioid drugs are commonly prescribed for the treatment of pain and related disorders which resulting in dependency of opioid in the majority of patients. Rising opioid addiction has encouraged to move towards alternative therapies or non-opioid based treatment. Nowadays, Healthcare professionals are inclining towards non-opioid based therapy or drugs as higher awareness among them related to the opioid dependency. Therefore, Non-opioid pain patches expected to gain greater adoption over the opioid patches as the benefits of reduction in opioid addiction.
Increasing adoption of non-addictive pain therapeutic solutions and favorable government initiatives are the primary factors fueling adoption of non-opioid pain patches. Backed by government support, prominent market players in non-opioid pain patches landscape are significantly investing in R&D of novel drugs, thereby further boosting the market revenues. As indicated by a market study by Future Market Insights (FMI), the global non-opioid pain patches market will surpass the valuation of US$ 4 Bn during 2020-2029.
However, the sales are likely to witness a drop in the immediate future owing to the unforeseen outbreak of COVID-19. The pandemic has compelled several national governments across the world to impose lockdowns, resulting in the disruption of the medical supply chain and a hindrance to production. Healthcare institutions in North America, Asia, and Europe have deprioritized non-essential medical treatments and associated patient visits. Owing to this factor, the downtrend of the non-opioid pain patches market will persist through the pandemic.
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Lidocaine patches segment is projected to hold the lion’s share, accounting for nearly 2/3rds of the overall market value owing to the product’s benefits such as superior topical effectiveness, minimal side effects, and prolong transdermal drug release
Hospital pharmacies, retail pharmacies, and drug stores will collectively account for 70% of global market value, with hospital pharmacies driving the majority of sales owing to frequent patient visits for pain management.
North America is currently the leading regional market for non-opioid pain patches, owing to spending on research and development activities and a conducive regulatory environment for non-opioid pain therapeutics.
Europe is forecasted to bestow substantial revenue opportunities for players in the market, backed by an aging population and increasing per capita healthcare expenditure.
Asia Pacific is projected to register higher growth among other regions and will account for the majority of market share by the end of the forecast period. The growth is primarily attributed to the rising incidence of lifestyle-related disorders with a high number of patients suffering from chronic and acute pain.
“Leading manufacturers in the market are focusing on external development collaboration to innovate novel therapeutics, in a bid to sustain market competition. However, the demand for these products is likely to face decline during the pandemic on the back of changing consumer preferences,” says an FMI analyst.
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Products: Lidocaine patches, diclofenac patches, methyl salicylate patches, capsaicin patches, ketoprofen patches, and others
Distribution channels: Hospital pharmacies, retail pharmacies & drug stores, and online pharmacies
Regions: North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA
Some of the key payers of the non-opioid pain patches market are Pfizer Inc., Teikoku Seiyaku Co. Ltd., GlaxoSmithKline plc., Allergan Plc., Acorda Therapeutics, Inc., Mylan N.V., IBSA Institut Biochimique SA, Teva Pharmaceutical Industries Ltd., Endo Pharmaceuticals, Inc., Hisamitsu Pharmaceutical Co., Inc., Teh Seng Pharmaceutical Mfg. Co., Ltd, Hisamitsu Pharmaceutical Co., Inc., Alkermes plc. and others. Non-opioid pain patches market is a highly fragmented market. Various companies are focusing on the development of the non-opioid pain patches for pain management.
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Market Background
4.1. Macro-Economic Factors
4.2. Forecast Factors – Relevance & Impact
4.3. Market Dynamics
5. Market Context
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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