NEWARK, Del, Dec. 19, 2023 (GLOBE NEWSWIRE) -- As per Future Market Insights (FMI) industry analysis, the valuation for the global topical pain relief market is US$ 10,720.8 million in 2024. It is projected to exhibit a CAGR of 5.3% over the forecast period, with an estimated valuation of US$ 17,115.4 million in 2034.
The rising prevalence of bone-related disorders, such as osteoarthritis and diabetic neuropathy, which cause pain, is a significant factor propelling the growth of the topical pain relief market. Additional factors contributing to the market’s expansion are the increasing use of topical pain relief products due to their lower side effect profile than oral pain relief.
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The growing demand for topical pain relief among athletes is further driving the market’s growth. The industry is anticipated to see significant expansion prospects, with topical pain relief being available on online platforms.
Pharmaceutical companies are trying to develop different formulations and drugs with combinatorial effects that claim to reduce pain rapidly and can be used in different kinds of injuries. They also emphasize the development of medication that facilitates treatment and decreases side effects.
For instance:
- Amneal Pharmaceuticals, Inc. received approval from the United States Food and Drug Administration (FDA) in August 2022 for their Abbreviated New Drug Application (ANDA).
Key Takeaways from the Market Study:
- Based on class, the non-opioid segment held around 71.9% market value share in 2023.
- By formulation, creams are expected to surge with a CAGR of 5.9% by 2034.
- By distribution channel, hospital pharmacies are expected to rise at a CAGR of 5.4% by 2034.
- North America is expected to surge at a CAGR of 5.5% by 2034.
- The topical pain relief market is projected to surge at a CAGR of 5.3% by 2034.
“Topical pain reliever sales via e-commerce platforms are rising as a result of the growing number of cancer patients. Moreover, renowned pharmaceutical companies are launching topical analgesics or medications to help cancer patients manage their pain” - opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
The market for topical pain relief is fragmented, and well-established players exist within the market sphere. Key players have initiated launches with additional features, attained regulatory approvals, and increased manufacturing facilities.
For instance,
- In March 2022, Hisamitsu Pharmaceutical Co., Inc. introduced Salonpas® Arthritis Pain Relief Gel, a topical solution containing diclofenac, a widely recognized nonsteroidal anti-inflammatory drug (NSAID).
Key Companies Profiled
- Advacare Pharma
- Glaxosmithkline Plc (GSK)
- Johnson & Johnson
- Novartis AG
- Pfizer Inc.
- Reckitt Benckiser Group Plc.
- Sanofi
- Sun Pharmaceutical Industries Ltd.
- Topical Biomedics, Inc.
- Exzell Pharma Inc.
- Cipla
- Bayer Healthcare
- Chattem, Inc.
- Hisamitsu Pharmaceutical Co., Inc.
- Teva Pharmaceutical Industries Ltd.
- The Himalayan Drug Co.
- Troy Healthcare LLC
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Topical Pain Relief Industry Segmentation by Category:
By Class:
- Opioids
- Non-opioids
By Formulation:
- Creams
- Gels
- Patch
- Sprays
- Others
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies/Drug Stores
- E-commerce
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
What Does the Report Cover?
Future Market Insights (FMI) offers a unique perspective and actionable insights on the topical pain relief market in its latest study, presenting a historical demand assessment of 2019 to 2023 and projections for 2024 to 2034. The global topical pain relief market is segmented in detail to cover every aspect of the market and presents a complete market intelligence approach to the reader.
The research study is based on class (opioids and non-opioids), formulations (creams, gels, patches, sprays, others), distribution channels (hospital pharmacies, retail pharmacies/drug stores, e-commerce, and others), and regions.
Authored by:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Explore FMI’s related ongoing Coverage in the Healthcare Domain:
- Pain Therapeutic Injectables Market: Holds a valuation of US$ 19.3 Billion in 2022, and it is further projected to expand at a CAGR of 4.5% over the forecasted years. According to a recent study by Future Market Insights
- Pain Management Devices Market: Is expected to grow at a healthy CAGR of 9% between 2022 and 2032, totaling a valuation of over US$ 5.68 Billion by the end of 2032
- Central Pain Syndrome Management Market: garnered a market value of US$ 60 Billion in 2023 and is expected to accumulate a market value of US$ 100 Billion by registering a CAGR of 5% in the forecast period 2023 to 2033
- Injectable Drug Delivery Market: Is expected to expand its roots with a steady CAGR of 8.9% during the forecast period. The market holds a share of US$ 45.3 Billion in 2023 while expecting revenue of US$ 106.4 Billion by 2033.
- Portable Medical Devices Market: Is projected to expand at a CAGR of 10.7% during the forecast period. The market is estimated to generate market revenue of US$ 163.84 billion by 2033, increasing from US$ 59.28 billion in 2023.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vasat team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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