Topical Pain Relief Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | Pfizer Inc., Johnson & Johnson, Abbvie Inc., Bayer AG, Novartis AG, Sanofi S.A

"The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Topical Pain Relief Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

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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Key Market Players:

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.

Market Drivers:

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.

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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

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