By Therapeutic Class
The global topical pain relief market has been segmented on the basis of therapeutic class into opioids and non-opioids. The non-opioids segment is further sub-divided into non-steroidal anti-inflammatory drugs, lidocaine and others. The non-steroidal anti-inflammatory drugs segment with 54.31% share in the year 2019, occupies the largest market of topical pain relievers across the globe. Additionally, the non-steroidal anti-inflammatory drugs segment is anticipated to cross USD 6747.0 million by the end of 2028 by registering a CAGR of 4.21% over the forecast period. Further, 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 segmented by regions into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Among these regions, the market of North America topical pain relief is driven by U.S. and Canada, where U.S. held the dominant market share of 78.44% in the year 2019. Growing incidences of arthritis in the region, increasing geriatric population, rising incidences of sport-related injuries, rising consumer awareness for topical pain relief products and growing utilization of topical pain relievers are some of the factors driving the growth of the topical pain relief market in North America. Additionally, the North America topical pain relief market, which held a share of 39.68% in the year 2019, is expected to expand by observing the growth rate of 1.29x over the forecast period, which in turn is estimated to have a positive effect on the demand for topical pain relievers in the long run.
Further, U.K., Germany, Italy and France are some of the prominent countries that are driving the growth of the Europe topical pain relief market, where U.K. accounted for the largest market share of 20.87% in the year 2019. Continuous advancements pertaining to the increased adoption of transdermal patches for chronic disorders, coupled with the increasing R&D investments by few major players are among the major factors expected to propel the growth of the topical pain relief market in Europe.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
As per the statistics of the American College of Rheumatology, osteoarthritis is the most common form of arthritis and it affects around 302 million people worldwide, every year.
Growing incidences of arthritis, particularly osteoarthritis across the world is a primary factor, which is anticipated to propel the market growth over the forecast period. Osteoarthritis is also a leading cause of disability among older adults, wherein the most affected appendicular joints are knees, hips, and joints. According to the Arthritis Foundation, arthritis in tandem with back pain is a leading cause of work disability in the US. It is also the most common cause, which requires rehabilitation and thus has the greatest impact on the healthcare system in the country. On the other hand, rising adoption of analgesics for instant pain relief is another major factor anticipated to drive the market growth over the forthcoming years. Topical pain relievers are available in multiple forms such as gels, ointments, creams, and sprays, which not only have lesser systemic side effects as compared to a similar oral dosage but can also be compounded and individualized in the right concentration as per the specific needs of the consumer. Additionally, the growing popularity of topical as well as transdermal creams and patches among the sportspersons, on account of its numerous advantages has directly impacted its increased adoption. Sports-related soft tissue injuries, such as strains, sprains, and contusions are extremely common. As per the statistics of Sandford Children’s Health, approximately 30 million children and teens in the US participate in some form of sports, wherein more than 3.5 million children experience some sort of physical injury. Such factors are anticipated to drive the growth of the global topical pain relief market.
Limited availability of topical pain relievers for neonates and pediatrics, as the use of topical anesthetics and analgesics in children generally requires a proper prescription, along with the concern for severe allergic reactions on the back of excessive and continuous use of topical gels and creams are some of the factors anticipated to impact negatively towards the growth of the global topical pain relief market.
Some of the affluent industry leaders in the global topical pain relief market are Reckitt Benckiser Group plc, Teikoku Pharma USA, Inc., Topical BioMedics, Inc., Sun Pharmaceutical Industries Ltd., AdvaCare Pharma®, Sanofi, Johnson & Johnson Services, Inc., Novartis AG, Pfizer Inc. and GlaxoSmithKline plc.
May 2019: Reckitt Benckiser Group plc announced to launch the recycling program Loop which will allow the company to provide different types of consumer health supplement products to its consumers without contributing any waste to the environment.
May 2018: Teikoku Pharma USA, Inc. announced to collaborate with Link Health Group LTD by an exclusive license agreement in order to sell and distribute the product Lidoderm®, which is a flagship product of the group in China.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing investments from leading pharmaceutical companies as well as government organizations for R&D activities, increasing elderly population are some of the major factors that are driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of 4.31% over the forecast period, i.e. 2021-2028.
Ans: The market in Europe is anticipated to provide more business opportunities for growth over the years to come.
Ans: The major players in the global topical pain relief market are Reckitt Benckiser Group plc, Teikoku Pharma USA, Inc., Topical BioMedics, Inc., Sun Pharmaceutical Industries Ltd., AdvaCare Pharma®, Sanofi, Johnson & Johnson Services, Inc., Novartis AG,
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is majorly segmented by therapeutic class, formulation, distribution channel and by region.
Ans: The non-steroidal anti-inflammatory drugs segment, which is a sub-segment of the non-opioids segment under the therapeutic class segment, held a market share of 54.31% share in the year 2019 and is anticipated to display significant growth opportunity.
Ans: Growing concerns for the severe allergic reactions and the limited availability are some of the major factors anticipated to act as a barrier towards the growth of the global topical pain relief market.