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Topical Pain Relief Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
Topical Pain Relief Market
The Business Research Company offers in-depth market insights through Topical Pain Relief 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 topical pain relief market size has grown strongly in recent years. It will grow from $9.98 billion in 2023 to $10.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to prevalence of chronic conditions, prevalence of sports-related injuries, understanding of online pharmacy, increase in prevalence of arthritis, increase in the number of older people.
The topical pain relief market size is expected to see strong growth in the next few years. It will grow to $13.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing prevalence of joint pains and arthritis, increasing demand among athletes, increasing adoption of pain management devices and patches, e-commerce platform growth, rising drug development, rising healthcare costs. Major trends in the forecast period include increasing number of cancer patients, easy product availability, advent of home delivery models, increasing number of individuals participating in sports activities, innovation in formulations.
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Market Segmentation:
The topical pain relief market covered in this report is segmented -
1) By Type: Prescription Pain Relief, Over-The-Counter (OTC) Pain Relief
2) By Formulation: Cream, Gel, Spray, Patch, Other Formulations
3) By Therapeutic: Non-Opioids, Opioids
4) By Distribution Channel: Pharmacies And Drug Stores, E-Commerce, Retail And Grocery Stores
Major Driver - Rising Incidence Of Arthritis And Bone-Related Disorders Fuels The Surge In Topical Pain Relief Market
The growing prevalence of arthritis and bone-related disorders is expected to propel the growth of the topical pain relief market going forward. Arthritis and bone-related disorders encompass medical conditions that affect the joints, bones, and surrounding tissues. Topical pain relief is often used to manage arthritis and bone-related disorders to alleviate localized pain, inflammation, and discomfort associated with these conditions, particularly in more superficial joints. For instance, in November 2021, according to the Centers for Disease Control and Prevention (CDC), a US-based health protection agency, in the US, there were 54.4 million adult-aged people diagnosed with arthritis, and it is expected to reach 78 million by 2040. Further, in March 2021, according to Lancashire County Council, a UK-based upper-tier local authority, there were an estimated 470,000 workers affected by work-related musculoskeletal disorders between 2020 and 2021. Therefore, the growing prevalence of arthritis and bone-related disorders is driving the growth of the topical pain relief market.
Competitive Landscape:
Major companies operating in the topical pain relief market report are Pfizer Inc., Johnson & Johnson, Abbvie Inc., Bayer AG, Novartis AG, Sanofi S.A. , Bristol Myers Squibb Co., GlaxoSmithKline Plc, Acella Pharmaceuticals LLC, Eli Lilly and Company, Reckitt Benckiser Group plc, Viatris Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Astellas Pharma Inc., Sun Pharmaceutical Industries Ltd., Perrigo Company PLC, Galderma S.A., Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Limited, Cipla Ltd., Lupin Limited, Almirall S.A., AdvaCare Pharma, Roivant Sciences Inc., Topical BioMedics Inc.
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Top Trend - Prioritize Product Development To Address Consumer Preferences And Concerns
Major companies operating in the topical pain relief market are focused on developing innovative products such as pain relieving cream to meet the growing demand for effective pain relief products. Pain relieving cream is an external cream that provides penetrating pain relief to help numb minor joint and muscle soreness. For instance, in August 2023, Kenvue Inc., a US-based consumer health company, launched a new topical pain-relieving cream called Tylenol, a precise pain-relieving cream. It is designed to provide maximum-strength lidocaine (4%) without a prescription. It comes in two formats: a rapid-absorbing formula and a uniquely designed rollerball for hands-free, no-mess application. The cream is fragrance-free and comes in fresh scent options for discreet use. Additionally, its features provide maximum-strength lidocaine for targeted and rapid pain relief, catering to consumers looking for effective and convenient solutions.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Topical Pain Relief Market Characteristics
3. Topical Pain Relief Market Trends And Strategies
4. Topical Pain Relief Market - Macro Economic Scenario
5. Topical Pain Relief Market Size And Growth
…..
27. Topical Pain Relief Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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