Research Nester has released a report titled “Topical Pain Relief Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global topical pain relief market in terms of market segmentation by therapeutic class, formulation, distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global topical pain relief market is segmented by therapeutic class into opioids and non-opioids. The non-opioids segment is further sub-divided into non-steroidal anti-inflammatory drugs, lidocaine and others, out of which, the non-steroidal anti-inflammatory drugs segment is anticipated to hold the largest market share and cross USD 6747.0 million by the end of 2028. Additionally, the segment, which held a market share of 54.31% share in the year 2019 is anticipated to grow with a CAGR of 4.21% over the forecast period, i.e. 2021-2028. On the other hand, the lidocaine segment is estimated to grow with the highest CAGR of 4.49% over the forecast period.
The global topical pain relief market is anticipated to achieve a CAGR of 4.31% over the forecast period. Increasing prevalence of musculoskeletal disorders, such as osteoarthritis and autoimmune arthritis, coupled with the increasing elderly population, technological advancements pertaining to the development of transdermal patches for pain management, increasing investments from leading pharmaceutical companies as well as government organizations for R&D activities are some of the factors anticipated to contribute significantly towards the growth of the global topical pain relief market. The market is further anticipated to garner a value of USD 11133.17 million by the end of 2028 from reached a value of USD 7699.34 million in the year 2019 and achieve an absolute $ opportunity of USD 2844.56 million throughout the forecast period.
Regionally, the global topical pain relief market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the presence of nations, such as U.S. and Canada, where U.S. held the dominant market share of 78.44% in the year 2019. Additionally, the market in the region held a share of 39.68% in the year 2019 and is anticipated to grow owing to the rising incidences of sport-related injuries, rising consumer awareness for topical pain relief products, growing incidences of arthritis in the region, increasing geriatric population and growing utilization of topical pain relievers. Moreover, the market in the region is also anticipated to expand by observing the growth rate of 1.29x over the forecast period.
Growing Incidences of Arthritis Amongst Individuals
In the statistics by the American College of Rheumatology, osteoarthritis affects around 302 million people worldwide, every year and it is the most common form of arthritis.
Osteoarthritis, which is a type of arthritis, is one of the major causes of disability among older adults and its growing incidence worldwide is anticipated to be one of the major driving factors of the global topical pain relief market. In the statistics by the Arthritis Foundation, the leading cause of work disability in the US is back pain and arthritis. The disease is one of the most common caused that requires rehabilitation. Moreover, growing adoption of analgesics available in various forms such as gels, ointments, creams, and sprays, for instant pain relief and the growing popularity of topical as well as transdermal creams and patches among the sportspersons, on account of its numerous advantages are some of the factors anticipated to drive the growth of the global topical pain relief market. In the statistics by the Sandford Children’s Health, in the U.S. approximately 30 million children and teens participate in some form of sports. Out of these, more than 3.5 million children experience some sort of physical injury.
However, concerns regarding the limited availability of topical pain relievers for neonates and pediatrics along with the concern for severe allergic reactions are some of the factors anticipated to lower the growth of the global topical pain relief market.
This report also provides the existing competitive scenario of some of the key players of the global topical pain relief market, which includes company profiling of Reckitt Benckiser Group plc (LON: RB), Teikoku Pharma USA, Inc., Topical BioMedics, Inc., Sun Pharmaceutical Industries Ltd. (NSE: SUNPHARMA), AdvaCare Pharma®, Sanofi (EPA: SAN), Johnson & Johnson Services, Inc., Novartis AG (SWX: NOVN), Pfizer Inc. (NYSE: PFE) and GlaxoSmithKline plc. (LON: GSK). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global topical pain relief market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.