Topical Pain Relief Market Worth $12.21 Billion, Globally, by 2027 at 5.2% CAGR

PORTLAND, ID, UNITED STATES, October 3, 2024 /EINPresswire.com/ -- What is the market size for pain relief drugs?

According to the report, the global topical pain relief industry generated $8.86 billion in 2019, and is expected to reach $12.21 billion by 2027, witnessing a CAGR of 5.2% from 2020 to 2027.

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Drivers, restraints, and opportunities

Rise in prevalence of arthritis, surge in demand for topical pain relief products by sportsperson, and few side effects caused by these products drive the growth of the global topical pain relief market. However, skin irritation caused by the products and unpleasant odor hinder the market growth. On the other hand, emergence of online pharmacy and opportunities in emerging countries present new opportunities in the coming years.

Surge in prevalence of arthritis, demand by sportsperson and athletes, and fewer side effects as compared to oral medicines drive the U.S. topical pain relief market. However, skin irritations caused by topical pain relief products and unpleasant odor hinder the market growth. On the other hand, emergence of online pharmacy presents new opportunities in the coming years.

The non-opioids segment to maintain its leadership status throughout the forecast period

Based on therapeutic class, the non-opioids segment accounted for the highest market share in 2019, contributing to nearly three-fourths of the global topical pain relief market, and is expected to maintain its leadership status throughout the forecast period. Moreover, this segment is estimated to manifest the fastest CAGR of 5.5% from 2020 to 2027. This is attributed to its preferable use over opioid drugs for treatment of mild to moderate pain, lesser side effects as compared to opioids, and no room for substance abuse. The research also analyzes the opioids segment.

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The patch segment to continue its lead position during the forecast period

Based on formulation, the patch segment accounted for the largest market share in 2019, holding more than half of the global topical pain relief market, and is expected to continue its lead position during the forecast period. Moreover, this segment is projected to witness the highest CAGR of 5.5% from 2020 to 2027. This is due to slow and gradual release of pain relief medication into the bloodstream by keeping the blood levels constant for a certain period.

North America to maintain dominant share by 2027

Based on region, North America contributed to the highest market share in 2019, accounting for nearly two-fifths of the global topical pain relief market, and is expected to maintain dominant share by 2027. This is due to the early approval of topical pain relief medications and high adoption of over-the-counter pain relief products along with presence of major market players in the region. However, Asia-Pacific is estimated to maintain the fastest CAGR of 6.5% during the forecast period, due to surge in affordability, rise in healthcare expenditure, and increase in awareness towards safe pain relief products in this region.

Leading market players

Advacare Pharma
Glaxosmithkline Plc (GSK)
Johnson & Johnson
Nestlé S.A.
Novartis AG
Pfizer Inc.
Reckitt Benckiser Group Plc.
Sanofi
Sun Pharmaceutical Industries Ltd.
Topical Biomedics, Inc.

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