Published: Mar, 2018
The global non-opioid pain patch market is anticipated to witness a surge owing to rise in epidemic of opioid misuse which has called for a non-addicting and a safer analgesic drug to reduce pain. The non-opioid pain patch market is likely to experience a moderate competition in coming years. The market seems to be pretty consolidated with a few players reigning in it. Owing to well-known brand names, these organizations have a better market presence and they operate on global scale. ALLERGAN, Acorda Therapeutics Inc., GlaxoSmithKline plc, Pfizer Inc., TEH SENG Pharmaceutical Mfg Co. Ltd, IBSA Institut Biochimque SA, Teikoku seiyaku Co. Ltd., Hisamitsu Pharmaceutical Co. Inc., and Endo International plc, Mylan N.V. are among the leading players in global non-opioid pain patch market.
According to Transparency Market Research, the global non-opioid pain patch market is prognosticated to flourish decently with a steady CAGR of 3.3% within the forecast period from 2016 to 2024. In 2015, the overall market was valued around worth of US$3,750 mn. This figure is likely to reach near US$4,983.3 mn by the end of year 2024. On the basis of patch type, the non-opioid pain patch market is classified into methyl salicylate patches, lidocaine patches, ketoprofen patches, capsaicin patches, diclofenac patches, and so forth. Among these, the lidocaine patches segment led the global market in 2015. Nevertheless, owing to availability of generic alternatives and expiration of these patch the segment is likely to face a decline in its growth. However, the methyl salicylate segment is picking up pace in the market with significant CAGR. On the basis of geography, North America region led the market race in 2015. This region is anticipated to flourish by taking over around 51.5% of global market by the end of forecast period, 2024.
Addiction and Serious Side-effects to Boost Demand for Non-opioid Pain Patch in Market
Opioid misuse because of addiction and serious side-effects, with respect to prolonged opioid consumption have brought about diminished prescription of these medications. The decrease in opioid medicines is foreseen to bring about rise in utilization of non-opioid therapeutics for pain disorder. This is likely to fuel development of the non-opioid pain patch market.
Expanding occurrence of pain issue and improvement in treatment spending is favoring the non-opioid pain patch market. This is because of the rise in number of individuals experiencing acute and chronic pain that are receiving non-opioid therapeutics for treating the condition. Non-opioid pain patch is accessible in different varieties and are successful over orally directed pain relieving drugs. Besides this, non-opioid pain patch have economic benefits as well for healthcare framework regarding efficiency related to delivery of drugs.
Low Adoption Rate of Non-opioids to Hamper Global Non-opioid Pain Patch Market
In any case, the development of this market is hampered because of a few restraints. This incorporates factors such as low adoption rate of non-opioid pain patch as oral pain help drugs react to pain sensation in a couple of seconds. Also, the expanding achievement of implants for long term pain alleviation is representing an obstruction to the non-opioids pain patch market. All things considered, vigorous product pipelines of key market players managing neurological illnesses, intense and ceaseless pain, and several similar illnesses will cater various development chances to the non-opioid pain patch market.
This review of the global dental laboratories market is based on a recent market research report by “Non-opioid Pain Patch Market (Patch Type - Lidocaine Patches, Diclofenac Patches, Methyl Salicylate Patches, Capsaicin Patches, Ketoprofen Patches; Distribution Channel - Hospital Pharmacies, Online Pharmacies, and Independent Pharmacies and Drug Stores) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
- The decrease in opioid medicines is foreseen to bring about rise in utilization of non-opioid therapeutics for pain disorder. This is likely to fuel development of the non-opioid pain patch market.
- Non-opioid pain patch have economic benefits as well for healthcare framework regarding efficiency related to delivery of drugs.
The global Non-opioid Pain Patch market has been segmented as follows:
- Global Non-opioid Pain Patch Market, by Non-opioid Pain Patch Type
- Lidocaine Patches
- Diclofenac Patches
- Methyl Salicylate Patches
- Capsaicin Patches
- Ketoprofen Patches
- Global Non-opioid Pain Patch Market, by Distribution Channel
- Hospital Pharmacies
- Online Pharmacies
- Independent Pharmacies & Drug Stores
- Global Non-opioid Pain Patch Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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