PUBLISHER: The Business Research Company | PRODUCT CODE: 1428299
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428299
A pain patch is a transdermal medication designed for the management of acute and chronic pain. It is utilized to alleviate severe pain, such as chronic pain or post-surgical pain, by delivering consistent doses of medication into the bloodstream through the skin.
The primary types of pain patches include opioid and non-opioid patches. Opioids are a class of drugs used to alleviate moderate to severe pain. Opioid patches are employed in pain management to address severe pain with minimal side effects. These patches are administered through metered-dose and microneedle patches, serving purposes such as pain relief, anesthesia, smoking cessation, cough suppression, and diarrhea suppression. Distribution of these patches occurs through various channels, including online pharmacies, retail pharmacies, and hospital pharmacies.
The pain patch research report is one of a series of new reports from The Business Research Company that provides pain patch market statistics, including the pain patch industry's global market size, regional shares, competitors with pain patch market share, detailed pain patch market segments, market trends and opportunities, and any further data you may need to thrive in the pain patch industry. This pain patch market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The pain patch market size has grown strongly in recent years. It will grow from $4.08 billion in 2023 to $4.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historical period can be attributed to the increased acceptance of non-invasive pain management techniques, the prevalence of road accidents, a rise in chronic illnesses, increased post-surgery pain, and a higher incidence of trauma and injuries.
The pain patch market size is expected to see strong growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be attributed to the increasing adoption of opioids for pain management, a growing demand for targeted pain relief with minimal systemic side effects, changes in lifestyle with the emergence of more office-related jobs, and an increasing need for convenient and easy-to-use effective options. Key trends expected in the forecast period include the development of innovative solutions, the incorporation of advanced drug delivery technologies, partnerships among key players, technological advancements, and strategic collaborations.
The growth of the pain patch market is expected to be propelled by the increasing prevalence of pain disorders. Pain disorders, characterized by pain as the primary symptom, can result from psychological stress, inflammatory diseases, or physical trauma. Pain patches address these disorders by administering medication through the skin, ensuring a controlled and sustained release of drugs over an extended period. For example, as of April 2023, the Centers for Disease Control and Prevention reported an increase in the prevalence of chronic pain in adults to 21.8% in 2021 from 20.5% in 2020, indicating that the rising occurrence of pain disorders will drive the growth of the pain patch market.
The anticipated growth of the pain patch market is also expected to be driven by the increasing healthcare expenditure. Healthcare expenditure, representing the total spending on healthcare goods and services within a specific timeframe, provides valuable insights into the economic impact and feasibility of implementing pain patches in healthcare systems. For instance, according to the Canadian Institute for Health Information in November 2022, healthcare expenditure rose to 0.8%, totaling $331 billion in 2022, compared to 7.6% in 2021. Therefore, the upward trajectory of healthcare expenditure is a key factor driving the growth of the pain patch market.
A noteworthy trend gaining popularity in the pain patch market is the advancement of innovative technologies. Major companies in the market are focusing on the development of cutting-edge technologies to enhance their market position. For instance, in June 2022, Hisamitsu Pharmaceutical Co. Inc., a Japan-based pharmaceutical company, introduced the Salonpas Pain Relieving Flex Patch. This innovative pain relief patch, containing 4% lidocaine, employs a thin, flexible, and highly adhesive patch technology. The advanced patch fabric, infused with lidocaine, maximizes the prescription's effectiveness for immediate pain relief, showcasing the industry's commitment to innovation.
Major companies operating in the pain patch market are also investing in the development of reusable pain patch products to enhance profitability. Reusable pain patch products are designed for multiple uses without compromising their efficacy in pain management. In November 2023, Signal Relief, a US-based pain management solutions provider, launched the Signal Relief Pain Patch. This drug-free and non-invasive pain relief patch utilizes microscopic particles as pain signal antennas to reroute and interrupt pain messages, providing long-lasting relief. The reusable nature of the patch, coupled with its wireless and chemical-free design, offers an innovative approach to pain management.
In April 2021, Hinge Health, a US-based pain relief clinic and technology company, acquired Enso for an undisclosed amount. This strategic acquisition provides Hinge Health with access to Enso's high-frequency impulse technology, enabling the delivery of unparalleled and non-invasive pain relief solutions to patients. Enso, a US-based medical technology company specializing in pain relief devices and patches, contributes to the continued advancements in pain management technology.
Major companies operating in the pain patch market report are CVS Health Corporation, Walgreens Boots Alliance Inc., Pfizer Inc., Bayer AG, Novartis AG, Sanofi S.A., GlaxoSmithKline plc, Rite Aid Corporation, Reckitt Benckiser Group plc, Viatris Inc., Mylan N.V., Smith & Nephew plc, Sun Pharmaceutical Industries Ltd., Perrigo Company plc, Purdue Pharma LP, Hikma Pharmaceuticals plc, Endo International plc, Amneal Pharmaceuticals LLC, Grunenthal Group, Allergan plc, Hisamitsu Pharmaceutical Co. Inc., NICHIBAN Co. Ltd., Teikoku Seiyaku Co. Ltd., Haw Par Corporation, Sorrento Therapeutics Inc., Nanjing Joyful Industrial Co. Ltd., NEXGEL Inc.
North America was the largest region in the pain patch market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pain patch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the pain patch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The pain patch market consists of sales of fentanyl patches, clonidine patches, nitroglycerin patches, buprenorphine, diclofenac patches, lidocaine patches, ketoprofen patches, capsaicin patches, and methyl salicylate patches. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pain Patch Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pain patch market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pain patch ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pain patch market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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