Global Non-opioid Pain Patch Market: Drug Safety and Fewer Side-effects Help Garner Substantial Revenue

The increasing epidemic of opioid abuse and misuse has necessitated the use of safer, non-addicting analgesics to relive pain. Acute/chronic pain is among the most common complaints that patients seek emergency medical care for. According to the U.S. National Prescription Audit, opioid prescriptions dispended by retail pharmacies increased from 76 million in 1997 to 219 million in 2011.

The reduction in opioid prescriptions is estimated to result in increased usage of non-opioid therapeutics for treating pain thereby driving expansion of the non-opioid pain patch market. Non-opioid pain patch available in various types are effective for certain types of pain. They are safe and well-tolerated and have little risk of systemic side-effects and drug interactions.

Obtain Report Details @ http://www.transparencymarketresearch.com/non-opioid-pain-patch-market.html

The increasing incidence of pain-related disorders and increasing global spending on pain management treatments is anticipated to positively impact the global non-opioid pain patch market.

On the contrary, low adoption rate of non-opioid pain patch is challenging the growth of this market. This is because oral pain relieving drugs act in a short duration of time and act directly on the central nervous system thus preventing the pain sensation. The increasing success of implants for long-term pain relief is also detrimental to the non-opioid pain patch market. These minimally invasive procedures deliver excellent clinical success and have been acting as long-term pain relief solution for patients globally.

The global non-opioid pain patch market stood at US$3,750 mn in 2015 and is expected to reach a valuation of US$4,983.3 mn by 2024 rising at a CAGR of 3.3% between 2016 and 2024.

Methyl Salicylate Patch Type Segment to Display Significant Growth Rate in Future

In terms of patch type, the non-opioid pain patch market is segmented into lidocaine patches, methyl salicylate patches, ketoprofen patches, diclofenac patches, capsaicin patches, and others. Among these, the segment of lidocaine patches led the non-opioid pain patch market in 2015; however, due to patent expiration of lidocaine patch and availability of generic substitutes, this segment is expected to display a declined growth rate. On the other hand, the segment of methyl salicylate is expected to rise at a significant CAGR during the forecast period. The growth of this segment is attributed to faster pain relief, efficient drug delivery for prolonged duration, and increasing number of manufacturers.

On the basis of distribution channel, the global non-opioid pain patch market is segmented into hospital pharmacies, independent pharmacies, online pharmacies, and drug stores.

Asia Pacific to Emerge as Significant Market

In terms of geography, the non-opioid pain patch market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among these, North America led the global non-opioid pain patch market in 2015 and is expected to account for a massive 51.5% of the overall market by 2024. According to statistics of the global Burden of Disease, in 2014, back pain was ranked amongst the top ten diseases and injuries that led to death across the world, with the U.S. leading amongst all. Healthcare services in the U.S. spend about US$ 50 bn every year due to back pain related concerns.

Make an Enquiry @ http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=26168

Asia Pacific is expected to emerge as a significant market for non-opioid pain patch expanding at a CAGR of 3.5% between 2016 and 2024.

Some of the key companies in the global non-opioid pain patch market are Acorda Therapeutics Inc., ALLERGAN, GlaxoSmithKline plc, IBSA Institut Biochimque SA, Pfizer Inc., Teikoku seiyaku Co. Ltd., Endo International plc, Hisamitsu Pharmaceutical Co. Inc., Mylan N.V., and TEH SENG Pharmaceutical Mfg Co. Ltd among others.

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Contact Us

Transparency Market Research
State Tower,
90 State Street, Suite 700
Albany, NY 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.