The increasing epidemic of opioid abuse and misuse has necessitated the use of safer, non-addicting analgesics to relive pain. Acute/chronic pain is among the most common complaints that patients seek emergency medical care for.
Global Non-opioid Pain Patch Market: Snapshot
According to the U.S. National Prescription Audit, opioid prescriptions dispended by retail pharmacies increased from 76 million in 1997 to 219 million in 2011.
The reduction in opioid prescriptions is estimated to result in increased usage of non-opioid therapeutics for treating pain thereby driving expansion of the non-opioid pain patch market.
They are safe and well-tolerated and have little risk of systemic side-effects and drug interactions.
View Report @ www.transparencymarketresearch.com…patch-market.html
The increasing incidence of pain-related disorders and increasing global spending on pain management treatments is anticipated to positively impact the global non-opioid pain patch market.
On the contrary, low adoption rate of non-opioid pain patch is challenging the growth of this market. This is because oral pain relieving drugs act in a short duration of time and act directly on the central nervous system thus preventing the pain sensation.
The increasing success of implants for long-term pain relief is also detrimental to the non-opioid pain patch market. These minimally invasive procedures deliver excellent clinical success and have been acting as long-term pain relief solution for patients globally.
The global non-opioid pain patch market stood at US$3,750 mn in 2015 and is expected to reach a valuation of US$4,983.3 mn by 2024 rising at a CAGR of 3.3% between 2016 and 2024.
Methyl Salicylate Patch Type Segment to Display Significant Growth Rate in Future
In terms of patch type, the non-opioid pain patch market is segmented into lidocaine patches, methyl salicylate patches, ketoprofen patches, diclofenac patches, capsaicin patches, and others. Among these, the segment of lidocaine patches led the non-opioid pain patch market in 2015; however, due to patent expiration of lidocaine patch and availability of generic substitutes, this segment is expected to display a declined growth rate.
On the other hand, the segment of methyl salicylate is expected to rise at a significant CAGR during the forecast period. The growth of this segment is attributed to faster pain relief, efficient drug delivery for prolonged duration, and increasing number of manufacturers.
Get accurate market forecast and analysis on the Non-opioid Pain Patch Market. Request a sample to stay abreast on the key trends impacting this market.
On the basis of distribution channel, the global non-opioid pain patch market is segmented into hospital pharmacies, independent pharmacies, online pharmacies, and drug stores.
Asia Pacific to Emerge as Significant Market
In terms of geography, the non-opioid pain patch market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among these, North America led the global non-opioid pain patch market in 2015 and is expected to account for a massive 51.5% of the overall market by 2024.
According to statistics of the global Burden of Disease, in 2014, back pain was ranked amongst the top ten diseases and injuries that led to death across the world, with the U.S. leading amongst all. Healthcare services in the U.S.
spend about US$ 50 bn every year due to back pain related concerns.
Asia Pacific is expected to emerge as a significant market for non-opioid pain patch expanding at a CAGR of 3.5% between 2016 and 2024.
Some of the key companies in the global non-opioid pain patch market are Acorda Therapeutics Inc., ALLERGAN, GlaxoSmithKline plc, IBSA Institut Biochimque SA, Pfizer Inc., Teikoku seiyaku Co. Ltd., Endo International plc, Hisamitsu Pharmaceutical Co. Inc., Mylan N.V., and TEH SENG Pharmaceutical Mfg Co. Ltd among others.
Category: Market Research Publishers and RetailersCompany profile: TMR provides a range of marketing and business research solutions designed for your specific needs. From off-the-shelf syndicated business And market research to made-to-order custom research, we serve our clients to fulfill their immediate as well as ongoing research requirements. We specialize in the following areas: Syndicated Research Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemical, energy, food & beverage ...
For more information:Make an Inquiry about this report HERE!