Global Pain Relief Patches Market Overview:
A pain relief patch is a medicated adherent patch that is placed on the skin to deliver a specific dosage of medicine through the skin into the bloodstream. Often, this promotes healing to an injured region of the body. Whenever these medications are applied undeviating to the skin, they are known as pain relief patches. The worldwide market for pain relief patches is expected to increase at a CAGR of roughly 7.8% over the next five years, to reach USD 6,850 million by 2023, from its market value of USD 4,730 million in 2017.
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Global Pain Relief Patches Market Drivers and Restraints:
The growth of the global pain relief patches market is majorly supported by the increase in the predominance of arthritis and other bone-related conditions, diabetic neuropathy, cancer and others, commencing to pain. Other factors boosting the market growth include the rise in adoption pain relief products as they cause lesser side effects compared to oral pain relief, an upsurge in geriatric population across the world, and increase in demand for local pain relief by sports people. However, factors such as irritations to skin and a strong or unpleasant odour hamper the market growth. Conversely, the growth of the online platform for the therapeutics and high potential in untapped markets in the emerging economies are expected to contribute lucrative growth opportunities for the industry.
Global Pain Relief Patches Market Geographical Segmentation:
Geographically, North America ruled the global pain relief patches market, which was followed by Europe. The major market drivers assisting in the growth of North America transdermal skin patches include the rise in research and development in non-invasive methods of treatment for chronic infirmities such as pain relief, motion sickness, and another lifestyle-related disorders.
However, Asia Pacific has emerged as the fastest growing region in the skin patches market due to increasing demand for better treatment at an affordable cost. Furthermore, innovation and government funding in the development of cutting-edge technology and healthcare infrastructure would augment the completion of Asia Pacific pain relief patches market.
Major Players in Global Pain Relief Patches Market:
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.
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