Non-opioid Pain Patches Market Expanding at a healthy 4.1% CAGR & projected US$ 4.4 Bn by 2029
In recent years, non-opioid pain patches have gained huge attention of leading industry players due to the addictive risk and safety concerns of alternative opioid pain analgesics. In addition, governments and regulatory bodies are encouraging non-addictive alternative therapies for acute and chronic pain treatment.
Leading industry players in the non-opioid pain patches market are tapping this opportunity by allocating significant investments towards the R&D of novel transdermal non-opioid pain technologies. Continuous innovation in these novel drugs is expected to drive the non-opioid pain patches market in the decade ahead.
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Key manufacturers operating in the market are offering a wide range of products such as lidocaine patches, diclofenac patches, methyl salicylate patches, capsaicin patches, ketoprofen patches, and others. Owing to the non-addictiveness of non-opioid pain therapeutics, there has been increasing demand for non-opioid pain patches, creating opportunity for the growth of the non-opioid pain patches market.
FMI – a well-established name in the market research domain – forecasts that, the non-opioid pain patches market will experience a major upturn post 2025, crossing the US$ 4 Bn mark by 2029.
That being said, the market is likely to witness decline in the near term due to the novel coronavirus (COVID-19) pandemic. The impact of the pandemic has been prominent in China, where the virus originated, and Europe – Spain, Italy, and France. Consequently, governments in these regions have imposed total lockdowns, leading to logistic nightmares, and gradual exhausting of existing non-opioid pain patches.
“Rising demand for safe and alternative chronic pain therapeutics, and supportive government policies, are anticipated to shape the future of long-term acting transdermal non-opioid analgesic patches.”
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Key Takeaways of Non-opioids Pain Patches Market Study
- In terms of product type, the lidocaine patches segment is expected to capture over 65% of revenue share in the non-opioid pain patches market.
- Owing to superior topical effectiveness with minimal side-effects and prolonged transdermal drug release, lidocaine patches are the most preferred product type.
- In terms of distribution channel, hospital pharmacies and retail pharmacies & drug stores are expected to collectively hold over 70% of total value in the non-opioid pain patches market during the forecast period.
- North America is the highest revenue generating market by region, due to high R&D projects and conducive regulatory environment for non-opioid pain therapeutics. Europe is expected to offer lucrative opportunities, owing to the large aging population and increasing per capital healthcare expenditure.
Strategic Collaborations – Key Differentiating Strategy Followed by Leading Manufacturers
Leading manufacturers in the non-opioid pain patches market are focusing on external development collaboration to innovate novel therapeutics, in a bid to sustain market competition. For instance, in April 2021, Seattle-based Kineta Chronic Pain collaborated with Genentech to develop a non-opioid drug for the treatment of chronic pain. The underdevelopment drug is α9/α10 nicotinic acetylcholine receptor (nAChR) antagonists, a novel target for the treatment of chronic neuropathic pain.
Contact Sales for Further Assistance in Purchasing this Report@ https://www.futuremarketinsights.com/checkout/11286Non-opioid Pain Patches Market by Category
- Lidocaine Patches
- Diclofenac Patches
- Methyl Salicylate Patches
- Capsaicin Patches
- Ketoprofen Patches
- Hospital Pharmacies
- Retail Pharmacies & Drug Stores
- Online Pharmacies
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
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, and has delivery centers in the UK, 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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