New York, Feb. 27, 2023 (GLOBE NEWSWIRE) -- As per this latest industry analysis by Persistence Market Research, the revenue of the global Pain Relief Patches Market was around US$ 1.1 billion in 2021 with the market revenue to expand at a CAGR of 4.9% between 2023 and 2032. Sales of pain relief patches are expected to reach US$ 1.9 billion by 2032.
Persistent pain is a common feature of many neurodegenerative conditions, negatively affecting patients with a variety of primary neurological diseases. These diseases are caused by a variety of pathophysiology issues, including severe trauma to the central nervous system, neuroinflammation, and nerve pain, which is driving the global pain relief market.
Growing older slows the healing process. The ageing population's high risk of long-term disease makes them more vulnerable to chronic wounds. Other issues, such as heart and vascular problems that develop with age, restrict the supply of nutrient content to wounds, exacerbating the situation. The elderly are more likely to develop neurological conditions such as dementia, Alzheimer's, Parkinson's disease, and others. A dramatic rise in the elderly population across the world is expected to drive the demand for transdermal skin patches over the coming years.
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Because of the increasing demand for pain relief patches across the world, key market players are focusing on product innovation & development and the launch of bandages with different themes. Increasing disposable income in emerging nations, sedentary lifestyles, and increased government initiatives to raise awareness among neurologically ill populations are expected to drive market growth significantly.
Key Takeaways from Market Study
- Non-steroidal anti-inflammatory drug patches accounted for 39.5% market value share in 2021.
- By indication, menstrual cramps are leading the pain relief patches market and the segment is expected to expand at a CAGR of 4.8% during the forecasted years.
- Hospital pharmacies dominated the distribution channel category with a market share of 37.6% in 2021.
- North America is the leading regional market with a share of 35.4% in 2021.
“Rising prevalence of neurological disorders and increasing adoption of non-steroidal anti-inflammatory drugs for neurological pain management are set to propel the sales of pain relief patches across the world,” according to a researcher of Persistence Market Research.
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Market Competition
- Viatris, Inc. (Mylan)
- Obalon Therapeutics, Inc.
- Johnson & Johnson Services, Inc.
- Teva Pharmaceutical Industries Ltd.
- Sanofi S.A.
- Hisamitsu Pharmaceutical Co., Inc.
- GlaxoSmithKline Plc.
- Novartis AG
- Nichiban Co., Ltd.
- Teikoku Seiyaku Co, Ltd. And more
Leading manufacturers of pain relief patches are adopting several key strategies such as product launches, mergers & acquisitions, partnerships, and agreements to strengthen their market presence and also expand their existing product portfolios.
- In February 2020, the Twirla (Levonorgestrel and Ethinylestradiol) transdermal System by Agile Therapeutics Inc. received FDA approval.
- In July 2020, Qutenza, Grünenthal and Averitas Pharma’s patch received FDA approval as an 8% capsaicin patch for the treatment of adults with neuropathic pain associated with diabetic peripheral neuropathy of the feet.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the pain relief patches market in its latest study, presenting a historical demand assessment of 2017 to 2021 and projections for 2023 to 2032.
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The research study is based
- on product ((non-steroidal anti-inflammatory drug patches (ketroprofen patches, diclofenac patches, flurbiprofen patches, piroxicam patches) opioid patches (fentanyl patches, buprenorphine), local anaesthetic patches (nitro-glycerine patches, capsaicin patches, lidocaine patches)),
- by indication ((menstrual cramps, orthopaedic pain, neuropathic pain, post-operative pain, cardiovascular pains, others),
- by distribution channel (hospital pharmacies, retail pharmacies, online pharmacies),
- across seven key regions of the world.
For additional insights on how the growth of the pain relief patches market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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