Opioid Patches Market: Better Way for Pain Control
- Opioid Patches are medicated patches to containing opioid drugs used for treatment of moderate to severe chronic pain
- These patches are applied transdermal and generally have to be applied on skin for three days, four days, and seven days depending on severity and dose
- Opioid patches are prescribed by a doctor when other types of pain relief have not been able to manage a patient’s pain or when oral therapy is not tolerated by patient
- These patches are applied on clean & dry skin. These patches are used in chronic & severe cancer pain, long-term chronic pain, and other types of pain. Opioid patches are not suitable for acute type of pain.
Key Drivers and Restraints of Global Opioid Patches Market
- Increase in patient pool suffering from chronic pain such as cancer pain and long term pain and better level of pain control by transdermal opioid patches compared to oral opioids are some of the major factors responsible for the growth of global opioid patches market
- For instance, according to the WHO, the global burden of cancer was estimated to 18.1 million new cases and 9.6 million deaths in 2018. As per the National Cancer Institute, U.S., pain occurs in 20% to 50% of cancer patients and around 80% of patients with advanced-stage cancer have moderate to severe pain.
- Surge in new product development for better pain treatment options and new product designs in patches are some of the factors attributed for the opioid patches market growth
- Ease of administration, particularly, in patients who have difficulty in oral administration is also fuelling the growth of the global opioid patches market
Get a Glimpse of the In-Depth Analysis through our Opioid Patches Market Report Brochure
Increase in Drug Abuse to Hamper Market
- Rise in opioid drug abuse such as drug dependency, drug misuse, and opioid tolerance are some of the major factors which hinder the growth of global opioid patches market
- If these patches are exposed to heat sources, then they can be harmful to the patients. Furthermore, accidental exposure of opioid patches to children may cause serious threat to health of children. These safety concerns and potential side effects associated with use of opioid patches are some of the major issues which can hamper the opioid patches market.
Buprenorphine to be More Lucrative Segment
- Based on opioid type, the global opioid patches market can be bifurcated into buprenorphine and fentanyl
- The buprenorphine segment is anticipated to be a lucrative segment during the forecast period and hold a significant share of the global opioid patches market
- Growth of the buprenorphine segment can be attributed to comparatively lesser side effects and wider applications in long-term pain management
Matrix Patches to be Dominant Segment
- In terms of design, the opioid patches market is divided into reservoir patches and matrix patches
- The matrix patches segment is expected to dominate the global opioid patches market during the forecast period
- Rise in popularity of matrix patches and features such as better spread of drugs throughout the whole patch in matrix patches are some of the major contributors for the growth and dominance of this segment in the global opioid patches market
Online Pharmacies Segment to be More Promising
- Based on distribution channel, the global opioid patches market can be segmented into hospital pharmacies, retail pharmacies, and online pharmacies
- The hospital pharmacies segment dominated the global market in 2018, owing to higher demand of pain killer options at hospitals and rise in number of hospital admissions of cancer patients
- The online pharmacies segment is expected to be a more promising segment in the next few years, owing to convenience of usage by this platform and better discounts available at online pharmacies
Expanding Operations in Future? To Get the Perfect Launch Ask for a Custom Opioid Patches Market Report
North America to Lead Global Opioid Patches Market
- In terms of region, the global opioid patches market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global opioid patches market in 2018 due to higher number of prescriptions for opioids, larger patient pool for cancer and chronic pain, early adoption of newer treatment options, and better health care facilities available in the region
- For instance, according to CDC, the total number of opioid prescriptions in the U.S. increased from 215.9 million in 2006 to 255.2 million in 2012
- The market in Asia Pacific is expected to grow at a higher CAGR during the forecast period. Larger patient pool of cancer, chronic pain, increase in aging population suffering from different types of chronic pain, and rise in health care expenditure are some of the major driving factors for the opioid patches market in this region
Key Manufacturers Operating in Global Market
Key manufacturers operating in the global market are:
- Janssen Global Services, LLC (a division of Johnson & Johnson Pte. Ltd.)
- Takeda Pharmaceutical Company Limited
- Mylan N.V.
- Pfizer Inc.
- Novartis AG
- Dr. Reddy’s Laboratories Ltd.
- Qdem Pharmaceuticals Limited
- ETHYPHARM Group
- Napp Pharmaceuticals Limited
- Accord Healthcare
Global Opioid Patches Market: Research Scope
Global Opioid Patches Market, by Opioid Type
Global Opioid Patches Market, by Design
- Reservoir Patches
- Matrix Patches
Global Opioid Patches Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Opioid Patches Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.