Pain Patch Market Size Projected to Reach USD 7.3 billion by 2031 at a 4.3% CAGR , Says AMR

Allied Market Research published a report, titled, "Pain Patch Market by Therapeutic Class (Non-opioids and Opioids), Type (Prescription Medicines, and OTC Medicines), and Distribution Channel (Hospital Pharmacies, Drug Stores & Retail Pharmacies, and Online Providers): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global pain patch industry generated USD 4.8 billion in 2021 and is anticipated to generate USD 7.3 billion by 2031, witnessing a CAGR of 4.3% from 2022 to 2031.

𝐏𝐫𝐢𝐦𝐞 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐠𝐫𝐨𝐰𝐭𝐡

Rise in the prevalence of chronic pain such as back pain, arthritis and other chronic pain causing diseases, technological advancement in pain patches and rising adoption of pain patch for pain management, drive the growth of the global pain patch market. However, stringent regulatory guidelines for product approval and the availability of alternate treatments are hampering the pain patch market growth. On the contrary, the growth opportunities in emerging markets are expected to offer remunerative opportunities for the expansion of the pain patch market during the forecast period.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐆𝐫𝐚𝐩𝐡𝐬 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/request-sample/A12676

𝐓𝐨𝐩 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐏𝐚𝐢𝐧 𝐏𝐚𝐭𝐜𝐡 𝐌𝐚𝐫𝐤𝐞𝐭

• Viatris Inc.
• Johnson & Johnson
• Teva Pharmaceutical Industries Ltd.
• Hisamitsu Pharmaceutical Co. Inc.
• Endo International PLC.
• Nexgel Advanced Hydrogel Solutions
• Purdue Pharma L.P.
• Sorrento Therapeutics Inc.
• Amneal Pharmaceuticals LLC
• Grunenthal

𝐏𝐚𝐢𝐧 𝐏𝐚𝐭𝐜𝐡 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐜𝐚𝐧 𝐛𝐞 𝐝𝐨𝐧𝐞 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐬𝐞𝐯𝐞𝐫𝐚𝐥 𝐟𝐚𝐜𝐭𝐨𝐫𝐬, 𝐢𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠:

Based on product type, the non-opioids segment held the largest share in 2021, accounting for more than half of the global pain patch revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 4.7% during the forecast period. 

Based on type, the prescription medicines segment accounted for the largest share in 2021, accounting for more than 90% of the global pain patch revenue, owing to advantages as they provide correct number of drugs in the treatment of pain without causing much side effects, and commonly the opioids patches and NSAIDS are prescribed which are proven to be effective in chronic pain management.  However, the OTC Medicines segment is projected to manifest the highest CAGR of 5.4% from 2022 to 2031, owing to rise in demand of personalization of pain management and availability of some pain patches without a prescription.

Based on distribution channel, the drug stores and retail pharmacies segment accounted for the largest share in 2021, accounting for more than half of the global pain patch revenue, owing to increase in preference of the people toward retail pharmacies, as retail pharmacies guide regarding medications and usage during treatment period. However, the online Providers segment is projected to manifest the highest CAGR of 7.7% from 2022 to 2031, owing to rise in popularity of online pharmacy and number of users preferring online providers.

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for around two- fifth of the global pain patch revenue, owing to owing to rise in prevalence of chronic pain cases, presence of key players offering pain patches, ease of availability, higher awareness regarding pain patch, and developed healthcare infrastructure drive the growth of the pain patch market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.3% from 2022 to 2031, and is likely to dominate the market during the forecast period, owing increase in investments for development of novel drug delivery system, surge in geriatric population and rise in awareness of advanced method for pain management thereby driving the growth of the market during the forecast period. 

𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/request-sample/A12676

𝐓𝐡𝐢𝐬 𝐜𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐥𝐥 𝐩𝐫𝐨𝐯𝐢𝐝𝐞:

• Enhance your strategic decision making
• Assist with your research, presentations and business plans
• Show which emerging market opportunities to focus on
• Increase your industry knowledge
• Keep you up-to-date with crucial market developments
• Allow you to develop informed growth strategies
• Build your technical insight
• Illustrate trends to exploit
• Strengthen your analysis of competitors
• Provide risk analysis, helping you avoid the pitfalls other companies could make
• Ultimately, help you to maximize profitability for your company.

𝐎𝐮𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐬 𝐘𝐨𝐮 𝐀𝐧𝐬𝐰𝐞𝐫 𝐭𝐨 𝐁𝐞𝐥𝐨𝐰 𝐌𝐞𝐧𝐭𝐢𝐨𝐧𝐞𝐝 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧:

• Which are the driving factors responsible for the growth of market?
• Which are the roadblock factors of this market?
• What are the new opportunities, by which market will grow in coming years?
• What are the trends of this market?
• Which are main factors responsible for new product launch?
• How big is the global & regional market in terms of revenue, sales and production?
• How far will the market grow in forecast period in terms of revenue, sales and production?
• Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
• How will each segment grow over the forecast period and how much revenue will these segments account for in 2030?
• Which region has more opportunities?

𝐑𝐞𝐠𝐢𝐨𝐧 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:-

• North America
(U.S., Canada, Mexico)
• Europe
(Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia-Pacific
(Japan, China, India, Rest of Asia-Pacific)
• LAMEA
(Brazil, Saudi Arabia, South Africa, Rest of LAMEA)

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬:

David Correa
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
help@alliedmarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.