The global Pain Patch Market Growth Accelerated by Rise in Chronic Pain Cases

 


Pain patches are topical patches that provide pain relief by delivering medication such as lidocaine, diclofenac, and ibuprofen through the skin. They are easy to apply, cost-effective, and provide long-lasting relief. These properties make them suitable for pain management associated with migraines, backaches, joint pains, and arthritis.

The global Pain Patch Market is estimated to be valued at US$ 5.29 Bn in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing incidences of chronic pain worldwide is one of the key factors driving the growth of the pain patch market. Chronic pain affects millions of people globally and leads to diminished quality of life if not treated appropriately. Pain patches provide long-lasting relief from chronic pain and are easier to use compared to oral drugs. Their ease of use and ability to deliver drugs locally makes them an attractive treatment option for chronic pain sufferers. As chronic conditions like arthritis and back pain continue to rise, demand for new pain relief options like pain patches is expected to grow significantly over the forecast period.

Segment Analysis
The global pain patch market is dominated by the back pain sub-segment owing to rising incidence of lower back pain primarily caused by obesity and increasing geriatric population. Back pain contributes to over 20% of the total pain patch market share globally as lower back pain is a common diagnosis across countries.

Key Takeaways
The global pain patch market is expected to witness high growth over the forecast period 2023-2030. The global Pain Patch Market is estimated to be valued at US$ 5.29 Bn in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2030.

Regional analysis: North America dominates the pain patch market currently. The US in particular enjoys the largest market share in North America owing to supportive reimbursement policies for prescription pain patches along with high awareness levels regarding pain management options. Europe is poised to witness steady growth in demand for pain patches backed by rising geriatric population coupled with increasing availability of advanced pain relief techniques in nations such as France and Germany.

Key players: Key players operating in the pain patch market are Hisamitsu Pharmaceutical Co., Inc., Johnson & Johnson, Pfizer Inc., Novartis AG, Mylan N.V., Endo Pharmaceuticals, Teikoku Pharma USA, Inc., Acorda Therapeutics, Ibsa Institut Biochimique SA, Alembic Pharmaceuticals, Noven Pharmaceuticals, Inc., Teva Pharmaceuticals, Strativa Pharmaceuticals, Galen Limited, and Napp Pharmaceuticals. Hisamitsu Pharmaceutical Co. leads the market and enjoys the dominant market share in the global pain patch space due to its robust distribution channels and diverse pain patch product portfolio catering to varied pain indications.

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