According to the latest report published by Credence Research, Inc. “Non-Opioid Pain Patch Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global non-opioid pain patch market was valued at US$ 3.6 Bn in 2016, and is expected to reach US$ 5.0 Bn by 2025, expanding at a CAGR of 3.5% from 2017 to 2025.
Browse the full report Non-Opioid Pain Patch Market – Growth, Future Prospects and Competitive Analysis, 2017–2025 at http://www.credenceresearch.com/report/non-opioid-pain-patch-market
Market Insights
Pain is reported as the major reason of public visit to any emergency department of any medical center. Various treatment options are available to deal with chronic and acute pain starting from medication, physical therapy to acupuncture, exercise or counselling technique. As per Institute of Medicine of The National Academies, more than 100 million Americans suffer from chronic pain which is much more compared to other health issues.
The non-opioid pain patch is a treatment for pain relief. The pain patch, when placed on painful area releases its medicine content through skin surface and block the pain signal transmission. The patches can be customized as per the applied area. To counteract the opioid abuse, newer, innovative and more effective non-opioid pain patches are being developed which in turn propel the non-opioid pain patch market growth.
The complete report is available at http://www.credenceresearch.com/report/non-opioid-pain-patch-market
Growing elderly population, increasing incidences of chronic and acute pain, rising opioid abuse and death from opioid overdose are the major drivers of the non-opioid pain patch market. Lower back-pain is the most common ailment followed by migraine or headache and neck pain. This rising prevalence of chronic pain is one of the major driver of non-opioid pain patch market. The increasing adoption of technologically advanced products, healthcare expenditure for R&D to develop innovative products boost up the growth of the non-opioid pain patch market. However, the lack of awareness in developing nations, demand of oral medication are few major challenges associated with the non-opioid pain patch market.
The non-opioid pain patch market is classified on the basis of patch type and the classification are of below types:
- Lidocaine Patches
- Diclofenac Patches
- Capsaicin Patches
- Methyl Salicylate Patches
- Others
The non-opioid pain patch market is further segmented on the basis of distribution channels and the sub-segments are as follows:
- Hospital pharmacy
- Retail pharmacy/Independent pharmacy
- E-commerce/ Online pharmacy
The hospital pharmacy hold the major market share, however retail pharmacy and online pharmacy are anticipated to face significant growth in forecasting periods.
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Geographically, in the year 2016, North America is expected to have the major share of Non-opioid pain patch market followed by Europe. The growth of non-opioid pain patch market is majorly driven by the fact of opioid abuse. According to the study of Centers for Disease Control and Prevention (CDC), almost 91 people die every day from opioid overdose including prescribed opioid drugs. This fact in turn drive the non-opioid pain patch market. The healthcare expenditure for development of new products and patient health awareness attribute to the dominance of North American region. The huge number of population suffering from neurologic disorders, increasing geriatric population and developing healthcare infrastructure fuel the growth of the non-opioid pain patch market in Asia-Pacific region and it is expected to face significant growth in upcoming years due to the growing trend of health awareness.
Market Competition Assessment:
The non-opioid pain patch market currently contains multiple companies having their products marketed. The manufacturers are developing new innovative products and the market is growing due to high adoption and accessibilities of these products. The companies include Teh Seng Pharmaceutical Mfg. Co., Ltd., Endo Pharmaceuticals Inc., Teikoku Seiyaku Co., Ltd., Allergan, Pfizer Inc., Hisamitsu Pharmaceutical Co. Inc., GlaxoSmithKline plc., Mylan N.V., IBSA Institut Biochimque SA, Inc., Acorda Therapeutics and others.
Key Market Movements:
- The rising prevalence of neurological disorder, chronic and acute pain, growing elderly population, increasing adoption of technologically advanced products, healthcare expenditure for R&D to manufacture newer and innovative products, increasing opioid abuse boost up the growth of non-opioid pain patch market.
- The faster and effective outcome from oral medication, lack of product awareness are few of the challenges for the non-opioid pain patch market.
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