Press release
Non-Opioid Pain Patch Market Report: Latest Insights, Growth Rate, Future Trends And Forecast To 2033
Non-Opioid Pain Patch Market Report
The Business Research Company offers in-depth market insights through Non-Opioid Pain Patch Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The non-opioid pain patch market size has grown strongly in recent years. It will grow from $3.34 billion in 2023 to $3.53 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increased chronic pain cases, patient preference for non-invasive treatment, improved formulations and ingredients, rise in sports injuries, concerns over opioid addiction.
The non-opioid pain patch market size is expected to see steady growth in the next few years. It will grow to $4.25 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to increasing r&d investment, rising healthcare expenditure, supportive regulatory environment, consumer awareness and education, expanding geriatric population. Major trends in the forecast period include wireless and smart patch technologies, integration of natural ingredients, integration with wearable technology, biodegradable and eco-friendly patches, focus on long-lasting effects.
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Market Segmentation:
The non-opioid pain patch market covered in this report is segmented -
1) By Patch: Lidocaine Patches, Diclofenac Patches, Capsaicin Patches, Other Patches
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Other Distribution Channels
3) By Indication: Musculoskeletal Pain, Neuropathic Pain
Major Driver - Non-Opioid Pain Patch Market Growth Fueled By Escalating Prevalence Of Chronic Pain
The rising prevalence of chronic pain is expected to propel the growth of the non-opioid pain patch market going forward. Chronic pain refers to severe pain that lasts for an extended period or coexists with another medical condition. Non-opioid pain patches are used to relieve mild to moderate pain and treat headaches, muscle aches, arthritis, backaches, and other types of pain. For instance, in May 2021, according to the Centers for Disease Control and Prevention (CDC), a US-based federal agency, In the United States, adults' prevalence of chronic pain ranged from 20.5% to 21.8% between 2019 and 2021, and their prevalence of high-impact chronic pain ranged from 6.9% to 7.8%. An estimated 51.6 million American adults (20.9%) reported having chronic pain in 2021, while 17.1 million (6.9%) reported having high-impact chronic pain. Therefore, the rising prevalence of chronic pain is propelling the non-opioid pain patch market.
Competitive Landscape:
Major companies operating in the non-opioid pain patch market report are Hisamitsu Pharmaceutical Co. Inc., Pfizer Inc., Novartis AG, Sanofi S.A., GlaxoSmithKline plc, Medtronic plc, Teva Pharmaceutical Industries Ltd., Astellas Pharma Inc., Aurobindo Pharma Limited, Purdue Pharma L.P., Kyowa Kirin Co. Ltd., Boehringer Ingelheim Pharmaceuticals Inc., Dr. Reddy's Laboratories Ltd., Apotex Inc., Endo Pharmaceuticals plc, Lupin Limited, Amneal Pharmaceuticals LLC, Daiichi Sankyo Company Limited, Glenmark Pharmaceuticals Private Limited, Mallinckrodt Pharmaceuticals LLC, IBSA Institut Biochimque SA, Teikoku Seiyaku Co.Ltd., Acorda Therapeutics Inc., Sorrento Therapeutics Inc., Veridian Healthcare LLC, Clarion Brands LLC, Averitas Pharma Inc.
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https://www.thebusinessresearchcompany.com/report/non-opioid-pain-patch-global-market-report
Top Trend - Product Innovations In Non-Opioid Pain Patch Market
Product innovation has emerged as a key trend gaining popularity in the non-opioid pain patch market. Major companies operating in the non-opioid pain patches market are developing innovative products to strengthen their position in the market. For instance, in June 2022, The Mentholatum Company Inc., a UK-based healthcare products manufacturer, launched Deep Relief Actiflex Patch, a drug-free pain patch. Deep Relief Actiflex Patch is a cooling hydrogel patch that contains water. It provides fast cooling and soothing relief when the water evaporates on the skin. This drug-free pain patch treats aches and pains in the muscles or joints.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Non-Opioid Pain Patch Market Characteristics
3. Non-Opioid Pain Patch Market Trends And Strategies
4. Non-Opioid Pain Patch Market - Macro Economic Scenario
5. Non-Opioid Pain Patch Market Size And Growth
…..
27. Non-Opioid Pain Patch Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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