Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Pain Patch Market By Product Type, By Type, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global pain patches market, valued at $4.80 billion in 2021, is projected to witness substantial growth and reach an estimated value of $7.33 billion by 2031, with a steady Compound Annual Growth Rate (CAGR) of 4.3% from 2022 to 2031.
Pain patches, transdermal solutions designed for controlled pain relief, are gaining traction for their ability to offer continuous medication release. These patches are commonly used for chronic pain conditions like arthritis, back pain, and neuropathic pain, providing a consistent and effective approach to managing discomfort. Market dynamics, including the rise in chronic pain cases and the aging population, contribute to the anticipated growth.
The market's driving forces include the increase in chronic pain cases and the growing elderly population. As per the U.S. Pain Foundation's 2022 report, an estimated 50 million people endure chronic pain each year. This escalating prevalence of chronic pain is a key driver for market expansion. Additionally, the elderly are particularly susceptible to chronic pain conditions such as joint pain and neuropathy, propelling market growth.
A surge in awareness about advanced pain management methods and the availability of Over-the-Counter (OTC) pain patches like methyl salicylate and nitroglycerin are expected to further stimulate market growth. Advancements in patch technology are also poised to enhance market prospects. Industry leaders are pursuing strategies like collaborations and expansions to bolster their global presence. For instance, Sorrento Therapeutics Inc. expanded coverage of their lidocaine topical system, ZTlido, to a substantial number of lives, showcasing how such expansions can drive market growth.
However, the pain patches market faces challenges stemming from the availability of alternative treatments such as acupuncture, physical therapy, and chiropractic care. Furthermore, stringent government regulations related to the manufacturing and marketing of opioid-containing pain patches could hinder market growth.
Market Dynamics:
Drivers:
- Technological Advancements in Pain Patches
- Rise in Prevalence of Chronic Pain
- Growing Adoption of Pain Patches for Pain Management
Restraints:
- Availability of Alternative Treatments
- Stringent Government Regulations
Opportunities:
- Growth Prospects in Emerging Markets
The comprehensive market report offers stakeholders several benefits, including:
- Quantitative analysis of market segments, trends, and dynamics from 2021 to 2031.
- Insights into key drivers, restraints, and opportunities influencing the market.
- Porter's five forces analysis to guide profit-oriented decision-making.
- In-depth segmentation analysis to identify prevailing market opportunities.
- Revenue contribution mapping of major countries within each region.
- Benchmarking and understanding the market player landscape.
Key Market Segments:
Product Types:
- Non-Opioid Patches: Including Nonsteroidal Anti-Inflammatory Drugs, Methyl Salicylate, Lidocaine, and Others.
- Opioid Patches: Comprising Buprenorphine and Fentanyl.
Types:
- Prescription Medicines
- Over-the-Counter (OTC) Medicines
Distribution Channels:
- Hospital Pharmacies
- Drug Stores and Retail Pharmacies
- Online Providers
Regions:
- North America: U.S., Canada, Mexico
- Europe: Germany, France, UK, Italy, Spain, Rest of Europe
- Asia-Pacific: Japan, China, India, Australia, South Korea, Rest of Asia-Pacific
- LAMEA: Brazil, Saudi Arabia, South Africa, Rest of LAMEA
Key Market Players:
Leading players in the pain patches market include NEXGEL Advanced Hydrogel Solutions, Viatris Inc., Johnson and Johnson, Teva Pharmaceutical Industries Ltd., Sorrento Therapeutics Inc., Hisamitsu Pharmaceutical Co.,Inc., Endo International plc., Purdue Pharma L.P., Amneal Pharmaceuticals LLC, and Grunenthal.
For more information about this report visit https://www.researchandmarkets.com/r/r6375n
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