Press release
Non-Opioid Pain Patch Market Is Expected To Be Worth U$4,983.3 mn By 2024
“Regional players are focusing on business agreements with pharmaceutical majors to increase their market penetration in a bid to expand globally,” says analyst at TMR. The major market players also benefit with such alliances as regional players are acquainted with local markets and is favorable to them for transportation and logistics.
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The global non-opioid pain patch market displayed an opportunity of US$3,750 mn in 2015. Expanding at a CAGR of 3.3% between 2016 and 2024, the market is expected to be worth US$4,983.3 mn by 2024.
North America to Account for Massive Market Share
The segment of lidocaine patches led the non-opioid pain patch market in 2015; however, due to entry of generic lidocaine patches the market share of lidocaine patches is expected to decline over the forecast period.
In 2015, North America led the non-opioid pain patch market and the region is expected to account for a massive 51.5% of the overall market by 2024. As per statistics of Global Burden of Disease, in 2014, back pain was ranked among the top ten diseases and injuries that led to death across the world, with the U.S. leading amongst all nations.
Substance Abuse of Opioids Benefits Non-opioid Pain Patch Market
According to the report, the increasing epidemic of prescription opioid abuse and misuse is leading to the use of non-opioid therapeutics. Opioid abuse due to addiction and severe side-effects related to prolonged opioid use have resulted in reduced prescription of these drugs. For instance, as per the U.S. National Prescription Audit, opioids prescriptions dispensed by retail pharmacies increased from 76 million in 1997 to 219 million in 2011. However, it decreased from 217 million in 2012 to 2017 million in 2013 and the trend is expected to continue over the forecast period. The reduction in opioid prescriptions is anticipated to result in increased usage of non-opioid therapeutics for pain disorders. This, in turn, is expected to fuel growth of the non-opioid pain patch market.
Increasing incidence of pain disorders and increasing treatment spending is favoring the non-opioid pain patch market. This is due to the increasing number of people suffering from chronic and acute pain that are adopting non-opioid therapeutics for treating the condition. For example, according to a study published in September 2012 by the American Pain Society, the annual burden of chronic pain in the U.S. ranges from US$560 bn to US$635 bn.
Non-opioid pain patch is available in various types and are effective over orally administered pain relieving drugs. Apart from this, non-opioid pain patch have economic advantages for healthcare system in terms of efficiency of drug delivery.
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Faster Response of Alternative Drugs Restrains Growth
However, the growth of this market is restrained due to several factors. This includes factors low adoption rate of non-opioid pain patch as oral pain relief drugs respond to pain sensation in few seconds. In addition, the increasing success of implants for long-term pain relief is posing a challenge to the non-opioids pain patch market.
Nevertheless, robust product pipelines of key market players managing acute and chronic pain, neurological disorders, and other conditions will present growth opportunities to the non-opioid pain patch market.
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