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Pain Patch Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
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The Business Research Company offers in-depth market insights through 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 pain patch market size has grown strongly in recent years. It will grow from $4.08 billion in 2023 to $4.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increased acceptance of non-invasive pain management techniques, prevalence of road accidents, increased chronic illness, increased post-surgery pain, increased prevalence of trauma and injuries.
The pain patch market size is expected to see strong growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increasing adoption of opioids for pain management, increasing demand for targeted pain relief with minimal systemic side effects, changes in lifestyle, emergence of more office-related jobs, increasing need for convenient and easy-to-use effective option. Major trends in the forecast period include innovative solutions, incorporating advanced drug delivery technologies, key players' partnerships, technological advancements, strategic collaborations.
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Market Segmentation:
The pain patch market covered in this report is segmented -
1) By Type: Opioid, Non-Opioid
2) By Route Of Administration: Metered Dose, Microneedle Patches
3) By Therapeutic Use: Pain Relief, Anesthesia, Smoking Cessation, Cough Suppression, Diarrhea Suppression
4) By Distribution Channel: Online Pharmacies, Retail Pharmacies, Hospital Pharmacies
Major Driver - Pain Patch Market Growth Fueled By Increasing Pain Disorders
The rising pain disorders are expected to propel the growth of the pain patch market going forward. Pain disorders refer to any physical condition with pain as the primary symptom. Psychological stress, inflammatory diseases, and physical trauma or injury cause pain disorders. Pain patches treat pain disorders by delivering medication directly through the skin into the bloodstream through a controlled and steady release of drugs over a prolonged period. For instance, in April 2023, the Centers for Disease Control and Prevention, a US-based national public health agency, the prevalence of chronic pain in adults increased to 21.8% in 2021 from 20.5% in 2020. Therefore, a rising pain disorders will drive the growth of the pain patch market.
Competitive Landscape:
Major companies operating in the pain patch market report are CVS Health Corporation, Walgreens Boots Alliance Inc., Pfizer Inc., Bayer AG, Novartis AG, Sanofi S.A., GlaxoSmithKline plc, Rite Aid Corporation, Reckitt Benckiser Group plc, Viatris Inc., Mylan N.V., Smith & Nephew plc, Sun Pharmaceutical Industries Ltd., Perrigo Company plc, Purdue Pharma LP, Hikma Pharmaceuticals plc, Endo International plc, Amneal Pharmaceuticals LLC, Grünenthal Group, Allergan plc, Hisamitsu Pharmaceutical Co. Inc., NICHIBAN Co. Ltd., Teikoku Seiyaku Co. Ltd., Haw Par Corporation, Sorrento Therapeutics Inc., Nanjing Joyful Industrial Co. Ltd., NEXGEL Inc.
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Top Trend - Innovative Breakthrough With Advanced Patch Technology
The advancement of innovative technologies is a key trend gaining popularity in the pain patch market. Major companies operating in the pain patch market are developing innovative technologies to strengthen their position in the market. For instance, in June 2022, Hisamitsu Pharmaceutical Co. Inc., a Japan-based pharmaceutical company, launched Salonpas Pain Relieving Flex Patch. This new pain relief patch contains 4% lidocaine and has a thin, flexible, unique, and highly adhesive patch technology. The patch fabric is innovative and infused with the active ingredient of lidocaine, and the advanced patch technology provides the maximum lidocaine prescription to provide adequate pain relief. This pain patch is easy to use and provides instant pain relief.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pain Patch Market Characteristics
3. Pain Patch Market Trends And Strategies
4. Pain Patch Market - Macro Economic Scenario
5. Pain Patch Market Size And Growth
…..
27. 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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