Press release
Pain Patch Market Poised for USD 7.3 Billion Milestone by 2032 At a CAGR of 4.03%
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.
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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.
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• 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)
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help@alliedmarketresearch.com
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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.
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