The global pain patch market is expected to exhibit a steady 4.8% CAGR over the forecast period from 2019 to 2025, reaching a valuation of USD 29.5 billion, according to the latest research report from Market Research Future (MRFR). The report presents a detailed analysis of the global pain patch market by providing readers with a comprehensive overview of the market’s historical trajectory.
The leading drivers and restraints affecting the global pain patch market are assessed in detail in the report. The historical impact of these drivers and restraints is analyzed in context of the current impact of these factors and projections are made for the likely impact of these drivers and restraints over the forecast period. Various components of the global pain patch market are also studied in the report and projections are made for the growth trajectory of each distinct component. The various segments and sub-segments within the global pain patch market are studied in detail in the report. The study also makes a detailed analysis of the major players operating in the global pain patch market and provides a detailed look at the various competitive strategies employed by players in the global pain patch market. Likely future conditions with respect to the competitive landscape of the market are also explained in detail in the report.
Pain patches are transdermal analgesics that help patients relieve various kinds of pain. The growing prevalence of conditions that cause chronic pain and thus necessitate pain relief mechanisms is likely to be a major driver for the global pain patch market over the forecast period. The growing prevalence of neurological disorders such as Alzheimer’s and Parkinson’s is likely to be a major driver for the global pain patch market over the forecast period. Neurological disorders such as these can lead to considerable pain on a regular basis, as these diseases can disrupt the body’s ability to process pain. This has driven the demand for effective pain management products such as pain patches.
CBD-infused pain patches are likely to become increasingly important in the global pain patch market over the forecast period. Increasing research into the medical potential of CBD and growing awareness about the benefits of CBD in pain management are likely to result in an increasing demand for CBD-based pain patches in the coming years
ALSO READ : https://www.globenewswire.com/news-release/2019/04/09/1799859/0/en/Home-Healthcare-Market-Size-Worth-USD-4-14-681-2-Mn-by-2023-at-CAGR-of-8-1-Advancing-Technology-Surging-Geriatric-Population-Triggering-Home-Healthcare-Industry.html
Pain Patch Market Competitive Analysis:
Leading players in the global Pain Patch Market include LTD Lohmann Therapie-Systeme AG, Mylan NV, Pfizer Inc., Teva Pharmaceutical Company, Endo Pharmaceuticals Inc., Hisamitsu America Inc., Johnson & Johnson, Teikoku Seiyaku Co. Ltd., Sanofi, Nichiban Co., and The Mentholatum Company. Players in the global pain patch are likely to engage in diversified product development in the coming years, as the scope for various types of pain patches aimed at different disorders is growing. This is likely to remain a major competitive strategy for players in the global pain patch market over the forecast period.
Pain Patch Market Segmentation:
The global pain patch market is segmented on the basis of type, mode of administration, therapeutic use, end use, and region.
By type, the global pain patch market is segmented into opioid and non-opioid. The opioid segment dominates the global pain patch market due to the widespread use of opioid pain relievers in cancer pain patches. On the other hand, the non-opioid segment is likely to rise at the fastest rate over the forecast period due to the increasing awareness about the risks of opium addiction, resulting in an increasing demand for non-opiate pain medication. However, product development in the field of non-opiate pain medication is still lacking, leading to the domination of the opioid segment.
By mode of administration, the global pain patch market is segmented into microneedle patches and active delivery system with patches.
By therapeutic use, the global pain patch market is segmented into neurological disorders, cancer, smoking cessation, and others.
By end use, the global pain patch market is segmented into hospitals and clinics, home care, and others.
Pain Patch Market Regional Analysis:
North America holds the largest share in the global pain patch market, followed by Europe. Asia Pacific is also likely to hold a prominent place in the global pain patch market over the forecast period.