Pain Patch Market to Grow with a CAGR of 4.25% through 2028
Rising prevalence of chronic pain and growing aging
population are factors driving the global Pain Patch market in the forecast
period 2024-2028.
According to TechSci Research report, “Pain Patch
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Pain Patch Market stood at USD 4.95 Billion
in 2022 and is anticipated to grow with a CAGR of 4.25% in the forecast period,
2024-2028. The global pain patch market has been experiencing
significant growth in recent years, and this trend is expected to continue in
the foreseeable future. Pain patches, also known as transdermal patches, offer
a convenient and non-invasive method for managing various types of pain.
The global
population is aging, with a growing number of elderly individuals. With age
often comes a higher likelihood of developing chronic health conditions that
cause pain. Pain patches are especially beneficial for older adults who may
have difficulty swallowing pills or managing multiple medications. This
demographic shift is expected to boost the demand for pain patches
significantly. Recent advancements in drug delivery
technology have led to the development of more efficient and sophisticated pain
patch formulations. These patches can deliver a wide range of medications,
including opioids, nonsteroidal anti-inflammatory drugs (NSAIDs), and muscle
relaxants, with improved precision and consistency. As technology continues to
evolve, pain patches are becoming increasingly customizable and effective.
Consumers are increasingly seeking
non-invasive and convenient treatment options for pain management. Pain patches
offer a discreet and hassle-free alternative to traditional pain relief
methods, such as oral medications or injections. This preference for
non-invasive treatments is driving the adoption of pain patches, particularly
among those who wish to avoid the side effects associated with oral
medications. The use of pain patches has gained popularity in the field
of sports medicine. Athletes often deal with acute injuries and muscle
soreness, and pain patches provide a localized and efficient way to manage pain
without affecting their performance. As the importance of sports medicine
continues to grow, so does the demand for pain patches in this sector. The
pharmaceutical industry's commitment to research and development has resulted
in the approval of new pain patch formulations by regulatory agencies such as
the FDA. Additionally, ongoing clinical studies are providing valuable data on
the safety and efficacy of pain patches, instilling confidence in both healthcare
providers and patients. The Global Pain Patch Market is segmented into product
type, type, distribution channel and company.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Pain Patch Market.”
Based on distribution channel, the Hospital Pharmacies segment has
emerged as the predominant market leader Hospitals prioritize patient care, and pain management
is a crucial aspect of healthcare. By offering a wide range of pain patches,
hospitals' pharmacies can tailor pain relief solutions to individual patient
needs. Hospital pharmacists are highly trained professionals who can ensure the
safe and effective use of pain patches. They can assess patient needs, provide
guidance on proper usage, and monitor for adverse effects. Hospitals'
pharmacies stock a variety of pain patches from different manufacturers,
providing patients with options to find the most suitable product for their
condition.
Based on region, North America segment is expected to
grow during the forecast period. North America's dominance in the
global pain patch market is not only marked by its current market share but
also by its potential for future growth. The aging population, coupled with an
increasing prevalence of chronic pain conditions, ensures a sustained demand
for effective pain management solutions. Moreover, the ongoing research and
development efforts in the region continue to yield innovations in pain patch
technology. These innovations include longer-lasting patches, improved drug
delivery mechanisms, and a broader range of pain-relief options, catering to
various patient needs. The Asia Pacific region is experiencing rapid market
growth. Asia Pacific has witnessed a shift towards more patient-centric and
non-invasive approaches to healthcare. Pain patches align with these trends by
offering a convenient, easy-to-use, and discreet method of pain relief.
Major companies operating in Global Pain Patch Market
are:
- NEXGEL
Advanced Hydrogel Solutions
- Viatris
Inc.
- Johnson
and Johnson
- Teva
Pharmaceutical Industries Ltd.
- Sorrento
Therapeutics Inc.
- Hisamitsu
Pharmaceutical Co.,Inc.
- Endo
International plc.
- Purdue
Pharma L.P.
- Amneal
Pharmaceuticals LLC
- Grunenthal
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“The global pain patch market is experiencing robust
growth, driven by factors such as the rising prevalence of chronic pain, an
aging population, technological advancements, consumer preferences for
non-invasive treatments, the expansion of pain patches into sports medicine,
the shift towards home healthcare, and ongoing research and regulatory
approvals. As these drivers continue to shape the market, the pain patch
industry is likely to offer innovative solutions and improved pain management
options for a wide range of patients in the years to come.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Pain Patch Market By Product Type (Non-Opioid
Patches, Opioid Patches), By Type (Prescription Medicines, OTC Medicines),By Distribution
Channel (Hospital Pharmacies, Drug Stores and Retail Pharmacies, Online
Providers), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Pain Patch Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Pain Patch Market.
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