Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) — The “Non-Opioid Pain Patch Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The latest comprehensive research on the global non-opioid pain patch market underscores significant growth opportunities as it is slated to expand from a valuation of $3.16 billion in 2022 to a projected $4.03 billion by 2027, marking a CAGR of 4.8%. This noteworthy expansion is attributed to an increased prevalence of chronic pain worldwide and the introduction of innovative drug-free pain management solutions.
In light of pending economic recoveries following challenges such as the Russia-Ukraine war, the market is anticipated to progress with a robust 5.9% CAGR from 2022 to 2023. The widespread impact of chronic pain, which affects an estimated 20.9% of American adults according to the CDC, propels demand for non-opioid pain management options. These treatments offer the potential for effective pain control with a reduced risk of addiction and other adverse effects.
Focusing on product innovation, major market players are launching new products to address the surging need for non-opioid pain relief. A notable example is the recent introduction of a drug-free, water-based hydrogel patch by The Mentholatum Company Inc., designed to offer fast-acting cooling and soothing relief.
Additionally, prominent developments in the market feature strategic acquisitions, such as ACADIA Pharmaceuticals Inc.’s purchase of CerSci Therapeutics Inc., which expands their pipeline with promising non-opioid pain medication candidates.
Geographic and Sector Highlights
- North America remains the leading region in the non-opioid pain patch market as of 2022.
- Asia-Pacific is identified as the fastest-growing region, showcasing rapid development within the forecast period.
- Significant market segments include lidocaine, diclofenac, capsaicin, and ketoprofen patches, each offering targeted pain management.
Major companies at the forefront of the market are diligently working to improve pain treatment options and extend their reach across various distribution channels, including hospital pharmacies, retail pharmacies, and other outlets.
As the healthcare industry continues to search for non-addictive and patient-friendly pain management solutions, the non-opioid pain patch market remains a vital focus, with promising advancements that aim to enhance the quality of life for individuals managing chronic pain.
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|2023 – 2027
|Estimated Market Value (USD) in 2023
|Forecasted Market Value (USD) by 2027
|Compound Annual Growth Rate
A selection of companies mentioned in this report includes
- Hisamitsu Pharmaceutical Co. Inc.
- Pfizer Inc.
- Novartis AG
- Sanofi S.A.
- GlaxoSmithKline plc
- Medtronic plc
- Teva Pharmaceutical Industries Ltd.
- Astellas Pharma Inc.
- Aurobindo Pharma Limited
- Purdue Pharma L.P.
- Kyowa Kirin Co. Ltd.
- Boehringer Ingelheim Pharmaceuticals Inc.
- Dr. Reddy’s Laboratories Ltd.
- Apotex Inc.
- Endo Pharmaceuticals plc
- Lupin Limited
- Amneal Pharmaceuticals LLC
- Daiichi Sankyo Company Limited
- Glenmark Pharmaceuticals Private Limited
- Mallinckrodt Pharmaceuticals LLC
- IBSA Institut Biochimque SA
- Teikoku Seiyaku Co.Ltd.
- Acorda Therapeutics Inc.
- Sorrento Therapeutics Inc.
- Veridian Healthcare LLC
- Clarion Brands LLC
- Averitas Pharma Inc.
For more information about this report visit https://www.researchandmarkets.com/r/pjusrr
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- Global Non-Opioid Pain Patch Market