Portland, OR, April 17, 2023 (GLOBE NEWSWIRE) -- 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 $4.8 billion in 2021 and is anticipated to generate $7.3 billion by 2031, witnessing a CAGR of 4.3% from 2022 to 2031.
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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.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $4,803.70 million |
| Market Size in 2031 | $7,338.07 million |
| CAGR | 4.3% |
| No. of Pages in Report | 374 |
| Segments covered | Product Type, Type, Distribution Channel and Region. |
| Drivers | Technological advancement in pain patches Rise in prevalence of chronic pain Rising adoption of pain patch for pain management |
| Opportunities | Growth opportunities in emerging markets |
| Restraints | Availability of alternate treatments Stringent government regulations |
Impact of Covid-19 on the Pain Patch Market-
- The pandemic created several challenges for the pain patch, such as disruptions in supply chains, and increased demand for COVID-19 testing.
- However, rise in prevalence of chronic pain disorders such as neuropathic pain, musculoskeletal pain and joint pain was observed resulting in demand of appropriate pain management solutions is expected to contribute to the growth of the market in the forecast period.
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The non-opioids segment to maintain its leadership status throughout the forecast period
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.
The prescription medicines segment to maintain its lead position 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.
The drug stores and retail pharmacies segment to maintain its lead position during the forecast period
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.
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North America to maintain its dominance by 2031
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.
Leading Market Players: -
- 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
The report provides a detailed analysis of these key players of the global pain patch market. These players have adopted different strategies such as expansion, product launch, development and product approval, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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