Pain Patches Market In-Depth Overview, Growth Factors, Regional Analysis And Forecasts Outlook-2031
According to latest research by Future Market Insights, pain patches market will experience substantial growth during the forecast period 2021-2031. Demand for pain patches will elevate in the course of forecast period while experiencing a steady growth. Increased demand pain patches to encounter the pain resulted from various medical conditions represents lucrative growth for pain patches market.
What is Driving Demand for Pain Patches?
Pain patch is a medicated adhesive patch that is used to relieve the pain by placing it on the skin. Pain patch uses a transdermal route and therefore provides an advantage of controlled delivery of medication as compared to other routes of administration. This advantage may result in increasing the sales of pain patches during the forecast period.
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Increasing number of accidents that result in severe injury is expected to drive the growth of pain patches market across the globe. According to the Association for Safe International Travel, in 2020, approximately 4.4. million individuals were severely injured to require medical attention in the U.S. Moreover, increasing number of sports related injuries will also lead to a rise in demand for pain patch market.
In addition, changes in lifestyle and emergence of more office related jobs that needs continuous sitting in one position for too long may result in back related ailments among others. This will also lead to significant growth in the pain patches market.
Increasing Prevalence of Arthritis Expected to Augment the Growth of Pain Patches Market
Increasing chronic and acute pain related diseases is expected to reflect a positive growth for pain patches market. One such disease is arthritis which results in severe joint pain. The increasing prevalence of arthritis mainly is expected to increase the demand for pain patches. According to CDC, in 2018, an estimated 22.7% of the U.S. population of adults had doctor diagnosed arthritis.
U.S. and Canada Pain Patches Market Outlook
U.S. and Canada are among the largest market for pain patches market making North America a dominant player. The adoption of transdermal pain patches has increased in North America for pain management of certain conditions, which includes cancer. Pain patches are quite effective as compared to pain killers as they deliver pain management drugs at a predetermined rate across the dermis and achieve a local or a systemic effect.
This indicates that high prevalence of cancer will lead to rise in demand for pain patches market. According to National Cancer Institute, in 2018 an estimated 16,353,421 people living with cancer of any site in the U.S.
Europe Demand Outlook for Pain Patches
Increasing usage of pain patches for pain management for non-cancer conditions is expected to drive the growth of the pain patches market in this regions. Additionally, the increasing research and development funding and increasing focus of the European governments on the healthcare system also represents steady growth for pain patches market.
Moreover, favourable reimbursement policies in many European countries will also boost further growth of the pain patches market.
Who are the Key Manufacturers and Suppliers of Pain Patches?
Some of the leading manufacturers operating in the pain patches market include
- Viatris, Inc.
- Johnson & Johnson Services, Inc.
- Teva Pharmaceutical Industries Ltd.
- Sanofi S.A.
- Hisamitsu Pharmaceutical Co., Inc.
- GlaxoSmithKline Plc.
- Novartis AG
- Nichiban Co., Ltd.
- Teikoku Seiyaku Co, Ltd.
- Mentholatum Company.
Many leading manufacturers in the pain patches market are focusing on getting FDA approvals for their products. For instance, in July 2020, the FDA approved an 8% capsaicin pain patch for diabetic neuropathy. Manufacturers in the market are also focused carrying out acquisitions that will broaden their product portfolio. In July 2019, GlaxoSmithKline acquired the Pfizer’s Consumer Health Business which includes OTC products for topical pain management.
The Report Covers Exhaustive Analysis on:
- Market Segments
- Market Dynamics
- Historical Actual Market Size, 2016 – 2020
- Market Size & Forecast 2021 to 2031
- Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Market Drivers and Restraints
Regional Analysis Includes:
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
- Shifting Industry dynamics
- In-depth market segmentation
- Historical, current and projected industry size recent industry trends
- Key Competition landscape
- Strategies for key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
NOTE – All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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Key Segments of Pain Patches Market
By Product Type:
- Opioid Patches
- Non-opioid Patches
- Diclofenac patches
- Lidocaine patches
- Ketoprofen patches
- Capsaicin patches
- Methyl Salicylate Patches
By Therapeutic Application:
- Pain relief
- Cough Suppression
- Diarrhea Suppression
- Smoking Cessation
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online pharmacies
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa