PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424981
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424981
External Analgesics Market size was valued at USD 21,245 Million in 2022, expanding at a CAGR of 4.5% from 2023 to 2030.
Topical or external analgesics are drugs that are administered topically to treat pain in the muscles, joints, or nerves. Topical analgesics work on the tissue beneath the skin after being absorbed by it.
External Analgesics Market- Market Dynamics
Increasing prevalence of chronic disorders and investment in pharmaceutical manufacturing to propel market demand
The market growth is driven by the rise of chronic and lifestyle diseases, which raises the need for over-the-counter analgesics. It is anticipated that investments made by both public and private entities in pharmaceutical production and research and development efforts aimed at creating analgesic medicines will have a favorable impact on market expansion. The primary element most likely to fuel the expansion of the external analgesics market in the United States over the forecast period is the rising prevalence of chronic illnesses. Muscle and nerve stimulators are becoming more and more necessary as lifestyle-related diseases like diabetes and obesity become more common. For example, according to the Diabetes Research Institute Foundation (2022), a sizable percentage of Americans suffer from diabetes.
In addition, there is a notable rise in the prevalence of musculoskeletal conditions, including rheumatoid arthritis, osteoarthritis, osteoarthritis, and arthritis. This has increased the likelihood that these people would experience chronic pain and make it harder for them to carry out daily chores. Worldwide, there is a growing need for shorter hospital stays because of several factors influencing the healthcare sector. The increasing focus on cost reduction is one important factor pushing hospitals and other healthcare providers to maximize resource use and cut costs.
External Analgesics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2023-2030)
Based on Product segmentation, hot/cold products segment was predicted to show maximum market share in the year 2022, due to its use in relieving pain conditions.
Based on Distribution Channel segmentation, brick-and-mortar segment was the leading segment in 2022, due to consumer preference for buying product from stores.
Based on End-User segmentation, hospitals & clinics segment was the leading segment in 2022, mainly due to growing need for disease diagnosis.
On the basis of region, North America was the leading revenue generator in 2022, owing to supportive government activities and R&D investments.
The Global External Analgesics Market is segmented on the basis of Product, Distribution Channel, End-User, and Region.
The market is divided into five categories based on Product: hot/cold products, kinesiology tape, heating pads, TENS devices, and infrared therapy products. The hot/cold products segment dominates the market. The growing demand for quick pain relives products are expected to boost segment demand.
The market is divided into three categories based on Distribution Channel: brick-and-mortar, e-commerce, and others. The brick-and-mortar segment dominates the market and is likely to maintain its dominance during the forecast period. The consumer emphasis on buying products physically from stores is boosting market growth.
The market is divided into four categories based on End-User: hospitals & clinics, pharmaceutical companies, research institutes, and others. The hospitals & clinics segment dominates the market and is likely to maintain its dominance during the forecast period. The rise in the demand for medical treatment at hospitals & clinics is boosting the market growth.
External Analgesics Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to capture the largest market share over the forecast period. The market growth in the region is attributed to the presence of major players and the consistent product launch and innovation in the industry. For instance, in November 2022, Apollo Endosurgery, Inc. will be acquired by Boston Scientific Corporation for a cash price of USD 10 per share, for an enterprise value of around USD 615 million. Apollo Endosurgery provides a variety of tools for Endoluminal Surgery (ELS) treatments, which treat gastrointestinal abnormalities and problems and help obese people lose weight. For the treatment of gastrointestinal tract disorders and morbid obesity, endoscopic liposuction (ELS) offers a less invasive approach that has a quicker recovery and less surgical risks than open or laparoscopic surgery.
Due to the large number of international & domestic players, the market is highly fragmented. To preserve their market position, major firms and other businesses that serve the industry are using a variety of tactics, such as product launches, mergers, acquisitions, and partnerships. Some of the key players include Baxter, Medtronic, Abbott, Enovis, etc.
In November 2022, Boston Scientific Corporation has declared its agreement to acquire Apollo Endosurgery, Inc. for a cash price of USD 10 per share, with approximately USD 615 million in enterprise value.