The new report by Expert Market Research titled, ‘Global Topical Pain Relief Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global topical pain relief market, assessing the market based on its segments like class, product type, formulation, distribution channel, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2031)
Historical Market Size (2022): USD 10.1 billion
Forecast CAGR (2023-2031): 5.0%
Forecast Market Size (2031): USD 15.6 billion
23 BillionThe rising prevalence of arthritis and other bone-related diseases and diabetic neuropathy, which causes pain, are driving the global topical pain relief market. A rise in the use of topical pain relievers, which have less side effects than oral pain relievers and an increase in the global geriatric population and demand for topical pain relief among athletes are driving market growth. The development of an online marketplace for topical therapeutics is expected to provide the industry with lucrative growth opportunities. Over the forecast period, the increase in the number of patients receiving long-term treatment for diseases such as skin cancer is expected to propel the market forward.
Industry Definition and Major Segments
Topical painkillers are used to treat muscle pains, sprains, and strains. They can even help with the pain of arthritis. Topical painkillers are often used instead of oral painkillers because they have less side effects.
By class, the market is divided into:
Opioids
Non-Opioids
Based on product type, the industry can be segmented into:
Over The Counter
Prescription
The market is divided based on formulation into:
Ointment
Gel
Spray
Patch
Others
On the basis of distribution channel, the industry can be categorised into:
Pharmacies and Drug Stores
Retail and Grocery Stores
Online
Others
Regionally, the market is classified into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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Market Trends
The demand for the product has been on a rise and is likely to continue rising with the robust rise in the coming years. Rising business tie-ups and acquisitions are also expected to aid the market growth in the coming years. Increased support from the government is also projected to bolster the market growth in the coming years. In May 2020, the United States granted Troikaa Pharmaceuticals Ltd., based in Ahmedabad, a patent for its novel non-aqueous diclofenac topical solution, branded as Dynapar QPS. DCGI has only ever approved Dynapar QPS as a topical pain reliever for osteoarthritis pain based on positive clinical trial results.
Key Market Players
The major players in the market are Sanofi SA, Novartis AG, GlaxoSmithKline Plc., Reckitt Benckiser Group Plc., and Johnson & Johnson Consumer Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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