Topical Pain Relief Market Overview:
The Global Topical Pain Relief Market was valued at $7,481 million in 2017, and is projected to reach $13,276 million by 2025 at a CAGR of 7.4% from 2018 to 2025. Pain is a distressing feeling which is usually caused by intense or damaging stimuli. Pain is most prevalent symptom associated with most of chronic conditions. Pain management involves the employment of medications or analgesics and therapies to treat several pain conditions. Whenever, these medications are applied directly to the skin they are known as topical pain relief. These analgesics include non-steroidal anti-inflammatory drugs, anesthetics, capsaicin, tricyclic antidepressants, ketamine, clonidine, opioids, and cannabinoids. These medications are present as creams, ointments, gels, and transdermal patches. They are mostly available as over-the-counter (OTC) products while some are available through prescription only.
Full report: https://www.futureindustryinsight.com/product/topical-pain-relief-market/
Market Dynamics
The growth of the global topical pain relief market is majorly driven by increase in prevalence of arthritis and other bone-related conditions, diabetic neuropathy, cancer, leading to pain. Other factors boosting the market growth include rise in adoption of topical pain relief products as they cause lesser side effects as compared to oral pain relief, upsurge in geriatric population across the world, and increase in demand for topical pain relief by sports players. However, factors such as topical pain relief medications can cause irritated skin and they have a strong odor or unpleasant smell hamper the market growth. Conversely, the development of online platform for the topical therapeutics and high potential in untapped markets in the emerging economies are expected to provide lucrative growth opportunities for the topical pain relief industry.
Market Segmentation
The global topical pain relief market is segmented based on therapeutic class, type, formulation, distribution channel, and region. On the basis of therapeutic class, the market is segmented into non-opioids and opioids. The non-opioids segment is further divided into nonsteroidal anti-inflammatory drugs (NSAIDS), methyl salicylate, capsaicin, lidocaine, and other non-opioids. The opioids segment is further bifurcated into buprenorphine and fentanyl. Non-opioids segment accounted for the largest topical pain relief market share in 2017, and is expected to continue this trend throughout the forecast period owing to high preferability and availability of non-opioids drugs.
By type, the topical pain relief market is segmented into prescription pain relief and over-the-counter (OTC) relief. Over-the-counter pain relief segment accounted for the largest market share in 2017 due to easy availability and high demand of topical pain relief products by sportsperson. Based on the formulation, the market is classified into cream, gel, spray, patch, and others. Cream based pain relief segment accounted for the largest market share in 2017 owing to high availability of these products with high success rate and lesser side effects. On the other hand, patch pain relief segment is expected to grow at a CAGR of 9.0% during the forecast period.
The distribution channels covered in the topical pain relief market include pharmacies & drug stores, e-commerce, and retail & grocery stores. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America held the largest share of the market in 2017, followed by Asia-Pacific. On the other hand, Asia-Pacific is anticipated to dominate the market during the analysis period, owing to high population base, increase in disposable income, and improvement in patient awareness about topical pain relief products. Moreover, Asia is a large continent, and has emerged as an epicenter of life-threatening diseases.
The key players of this topical pain relief market include Johnson & Johnson, Novartis AG, GlaxoSmithKline Plc., Pfizer Inc., Reckitt Benckiser Group Plc., Sanofi S.A., Topical BioMedics, Inc., AdvaCare Pharma, Sun Pharmaceutical Industries Ltd., and Nestle S.A.
Other players (these players are not profiled in the report and the same can be included on request) in the value chain include Troy Healthcare, LLC, Emami Group, Chattem, Inc., Exzell Pharma, and Performance Health Technologies, Inc.
Key Benefits
- The study provides an in-depth analysis of the global topical pain relief market with current trends and future estimations from 2017 to 2025 to elucidate the imminent investment pockets.
- Comprehensive analysis of factors that drive and restrict the market growth is provided.
- Identification of factors instrumental in changing the market scenario, rise in opportunities, and identification of key companies that can influence this market on a global & regional scale are provided.
- Key players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook of the market…
Full report: https://www.futureindustryinsight.com/product/topical-pain-relief-market/
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