Dublin, June 05, 2024 (GLOBE NEWSWIRE) -- The "Global Non-opioid Pain Patches Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global non-opioid pain patches market accounted for USD 3.50 billion in 2023 and is expected to reach at USD 5.50 billion by 2034 with a CAGR of 4.19% during the forecast period 2024-2034.
The rising burden of pain-related illnesses, increased efforts in developing non-opioid patches, growing prevalence of chronic conditions such as cardiovascular disease, autoimmune disorders, diabetes, & arthritis, surge in research activities, governments are increasingly promoting awareness about innovative non-opioid heat patches, growing elderly population, market players & educational institutions are collaborating more to introduce novel products, and increasing approvals of non-narcotic pain patches from regulatory bodies are some of the key factors boosting the market growth.
By patch type, lidocaine patches was the highest revenue-grossing segment in the global non-opioid pain patches market in 2023 owing to the increase in pain prevalence, rising number of clinical trials underway to showcase the effectiveness of lidocaine patches in managing postoperative pain, and surge in product launches by key market players. Additionally, ketoprofen patches is predicted to grow at the fastest CAGR during the forecast period owing to the surge in research & development of non-opioid pain patches and growing focus on the development of novel products.
By distribution channel, online pharmacies was the highest revenue-grossing segment in the global non-opioid pain patches market in 2023 owing to the online pharmacies are increasingly offering non-narcotic pain patches tailored for chronic pain conditions, particularly suitable for the elderly, and increase in the introduction of new products. Additionally, hospital pharmacies is predicted to grow at the fastest CAGR during the forecast period owing to the increase in the occurrence of pain-related illnesses, surge in the number of patients grappling with chronic diseases, and heightened demand for innovative products.
North America is anticipated to account for the highest revenue share during the forecast period owing to the rising prevalence of pain-related diseases, expanding geriatric demographic, increase in cancer diagnoses, and surge in the introduction of new products. Additionally, Middle East & Africa is predicted to grow at fastest CAGR during the forecast period owing to the increase in the research & development of non-opioid patches, growing prevalence of chronic diseases, and increasing collaborations among market players & educational institutions to introduce innovative non-narcotic pain patches.
Report Scope
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Patch Type and Distribution Channel
- Market Forecast for 5 Regions and 17+ Countries
- Exhaustive Company Profiles of Top 10+ Market Players
Global Non-opioid Pain Patches Market Segmentation, by:
- Patch Type
- Capsaicin Patches
- Lidocaine Patches
- Ketoprofen Patches
- Diclofenac Patches
- Others
- Distribution Channel
- Online Pharmacies
- Retail Pharmacies
- Hospital Pharmacies
- Others
- Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Companies Featured
- Sorrento Therapeutics (SCILEX Pharmaceuticals)
- Hisamitsu Pharmaceutical Co. Inc.
- Veridian Healthcare
- Sanofi
- Teikoku Seiyaku Co. Ltd.
- Averitas Pharma
- Endo Pharmaceuticals Inc.
- Sparsha Pharma International Pvt Ltd.
- Teva Pharmaceuticals Industries Ltd.
- TEH SENG Pharmaceutical Mfg. Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/tj08fd
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