The global topical pain relief market was valued at $8,864.0 million in 2019, and is projected to reach $12,219.7 million by 2027 at a CAGR of 5.2% from 2020 to 2027. Increase in prevalence of arthritis is the major factor that contributes toward the growth of the topical pain relief market. Moreover, other factors that fuel the market growth include surge in geriatric population, lesser side effects caused due to use of topical analgesics as compared to oral pain relief, wide availability of topical pain-relieving drugs, and high demand for topical pain relief by sports players. However, topical pain relief medications can cause irritated skin and they have a strong odor or unpleasant smell that impede the market growth. Conversely, development of online platform for the topical therapeutics and high market potential in untapped emerging economies are expected to provide lucrative opportunities for the growth of the market.
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Pain treatment involves usage of common analgesics or painkillers to reduce and treat body pain. Whenever, these analgesics are applied directly to the skin they are known as topical pain relief medications. These include topical administration of drugs such as non-steroidal anti-inflammatory drugs, anesthetics, capsaicin, tricyclic antidepressants, ketamine, clonidine, opioids, and cannabinoids. Topical pain relief medications exert peripheral effects near the site of application and minimize the pain. Topical formulations used for pain relief include creams, ointments, gels, and newly developed drug-delivery systems, usually transdermal patches. They are mostly available as over-the-counter (OTC) products while some are available through prescription only.
The global topical pain relief market is segmented into therapeutic class, type, formulation, distribution channel, and region. By therapeutic class, the market is bifurcated 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. By type, the market is segmented into prescription pain relief and over-the-counter (OTC) relief. By formulation, the market is classified into cream, gel, spray, patch, and others. The distribution channels covered in the study include Pharmacies & drug stores, e-commerce, and retail & grocery stores. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
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KEY BENEFITS FOR STAKEHOLDERS
– The study presents an in-depth analysis of the global topical pain relief market along with the current trends and future estimations from 2019 to 2027 to elucidate the imminent investment pockets.
– A comprehensive analysis of the factors that drive and restrict the market growth is provided.
– Identification of factors instrumental in changing the market scenario, rise in opportunities, and recognition of the key players that can influence this market on a global & regional scale are provided in the report.
– Key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the market.
LIST OF KEY PLAYERS PROFILED IN THE REPORT
– AdvaCare Pharma
– GlaxoSmithKline plc (GSK)
– Johnson & Johnson
– Nestle S.A.
– Novartis AG
– Pfizer Inc.
– Reckitt Benckiser Group plc
– Sanofi S.A.
– Sun Pharmaceutical Industries Ltd.
– Topical BioMedics, Inc.
KEY MARKET SEGMENTS
By Therapeutic Class
– Non-opioids
o Nonsteroidal anti-inflammatory drug (NSAIDS)
o Methyl Salicylate
o Capsaicin
o Lidocaine
o Other Non-opioids
– Opioids
o Buprenorphine
o Fentanyl
By Formulation
– Cream
– Gel
– Spray
– Patch
– Others
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By Type
– Prescription Pain Relief
– Over-the-counter (OTC) Pain Relief
By Distribution Channel
– Pharmacy & Drug Store
– e-Commerce
– Retail & Grocery Store
By Region
– North America
o U.S.
o Canada
o Mexico
– Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe
– Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia-Pacific
– LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA
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Some of the Key Questions Answered in this Report:
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Which application/end-user or product kind may also be seeking for incremental boom prospects? What is the market share of every kind and application?
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What are the distinct sales, marketing, and distribution channels in the world industry?
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Economic have an impact on the Market enterprise and improvement vogue of the Market industry.
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