Allied Market Research published a report, titled, “Topical Pain Relief Market by Therapeutic Class (Non-Opioids and Opioids), Type (Prescription Pain Relief and Over-the-Counter Pain Relief), Formulation (Cream, Gel, Spray, Patch, and Others) and Distribution Channel (Pharmacies & Drug Stores, e-Commerce, and Retail & Grocery Stores) – Global Opportunity Analysis and Industry Forecast, 2018–2025.” The report states that the global topical pain relief market garnered $7.48 billion in 2017, and would garner $13.27 billion by 2025, with a CAGR of 7.4% from 2017 to 2025.
The report offers insights on key segments of the global topical pain relief market based on therapeutic class, type, formulation, distribution channel, and geography. The therapeutic class segment is further classified into non-opioids and opioids. the non-opioids segment contributed to the highest share of the market in 2017 in terms of revenue, owing to rise in usage in pain treatment and lesser side effects in comparison to opioids. Based on type, the report bifurcates the market into prescription pain relief and over-the-counter pain relief. The over-the counter pain relief segment accounted for the major share in 2017 and this dominance would be maintained throughout the forecast period. Based on formulation, the study analyzes the market into cream, patch, spray, gel, and others. Owing to lesser side effects as compared to others and ease in availability, the cream segment dominated the market in 2017. However, the patch segment would register the largest CAGR of 9.0% during the forecast period.
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Comprehensive Analysis of Key Players
The key players of this topical pain relief market include Johnson & Johnson, Novartis AG, GlaxoSmithKline Plc., Pfizer Inc., Reckitt Benckiser Group Plc., Sanofi S.A., Topical BioMedics, Inc., AdvaCare Pharma, Sun Pharmaceutical Industries Ltd., and Nestle S.A.
Based on distribution channel, the report subsegments the market into e-commerce, pharmacies & drug stores, and retail & grocery stores. The pharmacies & drug stores segment contributed to the highest market share in 2017 and is expected to lead throughout the forecast period. On the other hand, e-commerce segment would register the highest CAGR during the forecast period. North America contributed to the highest revenue in the global market in 2017 and would lead the market during the forecast period. However, Asia-Pacific would register the highest CAGR of 8.6% from 2017 to 2025, owing to rise in affordability, increase in healthcare expenditure, and increase in awareness regarding safe pain relief products.
Key Findings of the Topical Pain Relief Market :
- The opioids segment accounted for nearly one-fourth share of the global topical pain relief market in 2017.
- The over-the-counter pain relief segment is expected to grow at highest CAGR from 2018 to 2025.
- The spray segment accounted for around one-eighth share of the global market in 2017.
- Europe accounted for around one-fourth share of the global market in 2017.
- LAMEA is expected to provide lucrative market growth opportunities from 2017 to 2025.
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The global topical pain relief market is driven by rise in prevalence of diabetic neuropathy, arthritis, and other bone disorders; increase in geriatric population; and rise in adoption of by sportsperson. However, skin irritation caused by these products and other side effects restrain the growth. On the other hand, the untapped potential in emerging countries and advent of online platforms would offer growth opportunities for the market.
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