Global Non Opioid Pain Patch Market: Based on Type, (Diclofenac Patches, Lidocaine Patches, Ketoprofen Patches, Cpsaicin Patches, Others), Based on Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Others), And Geography – Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2017 And Forecast 2018-2024
Global non opioid pain patch market was valued at US $ XX Mn and expected to grow at 3.8% Compound Annual Growth Rate (CAGR) over the 2018 to 2024.
Market Outline: Non Opioid Pain Patch Market
Pain is a symptom, generally resulting from any infection, injury disease or disorder. Several people around the world suffer from the different types of pains such as chronic pain, acute pain, lower back pain, neck pain, headache etc. Chronic pain usually last longer and intense. Pain is treated through the various treatments using, drugs, physical therapy and others. Non opioid pain patches are kind of treatment for the pain.
Market Dynamics: Non Opioid Pain Patch Market
Non opioid pain patch market is primarily driven by the increase in the people suffering from the chronic pain, ageing population, change in lifestyles. In addition, increase in epidemic of opioid misuse and abuse has led to the development of the safer medications and treatment options for the management of pain. Furthermore, reduction in opioid prescriptions, growing awareness among the physicians and patients about the disadvantages of opioid treatments coupled with the growth in R&D for development of better treatment options expected to boost the market growth over the forecast period. Moreover, advantages of opioid pain patches over other treatment options such as safety, and effective in treating the certain types of pain and having less risk of side effects and drug interactions may fuel the market growth further. However, low adaptation rates for the patches may hamper the growth of the market over the forecast period.
Market Scope: Non Opioid Pain Patch Market
Non opioid pain patch market is segmented based on the type and distribution channel
Based on type, the market is segmented into the following:
- Diclofenac Patches
- Lidocaine Patches
- Ketoprofen Patches
- Cpsaicin Patches
Based on distribution channel, the market is segmented into the following:
- Hospital Pharmacies
- Retail Pharmacies
Market Summary: Non Opioid Pain Patch Market
Growing number of people suffering with the pain and cases of opioid abuse are creating the need for usage of non-opioid treatment options to relieving the pain. Among the types of non opioid pain patches, lidocaine pain patches are prominent, however, patent expiration of lidocaine in 2015 has led to the emergence of generic substituents and decline in market. Companies focusing on the development and launch of the new pain patches to expand their market share. Furthermore, companies also focusing on the strategies such as mergers and acquisitions to strengthen their position in the market. In August 2016, Scintilla Pharmaceuticals has announced that it will acquire SCILEX Pharmaceuticals along with its pain relieving patch technology ZTlido to bolster its pain management business
Regional Analysis: Non Opioid Pain Patch Market
Geographically, global non opioid pain patch market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America non opioid pain patch market is expected to be driven by the increase in the cases of pain and opioid abuse. Furthermore, presence of the key market players growth in R&D investments in development of new technologies for the treatment of various conditions including pain projected to boost the North America non opioid pain patch market furthermore. According to center for disease control and prevention (CDC), every day 115 people in United States die with the opioid overdose. Asia Pacific non opioid pain patch market expected to grow at significant rates over the forecast period due to the development of healthcare infrastructure, and growth in awareness related to the dangers and disadvantages related to over usage of the opioid treatment. Europe non opioid pain patch market is expected to have notable growth rates owing to the burden of pain and ageing population prone to suffer from the pain.
Competition Assessment: Non Opioid Pain Patch Market
Some of the players in the global non opioid pain patch market include:
- Acorda Therapeutics (U.S.)
- GlaxoSmithKline plc (U.K.)
- Allergan Plc (Republic of Ireland)
- Pfizer Inc. (U.S.)
- IBSA Institut Biochimque SA (Switzerland)
- Endo International plc (U.S.)
- Teikoku seiyaku Co. Ltd. (Japan)
- Mylan N.V. (U.S.)
- Hisamitsu Pharmaceutical Co. Inc. (Japan)
Notable Market Developments: Non Opioid Pain Patch Market
- In February 2018, U.S. Food and Drug Administration has approved Sorrentos non opioid pain patch ZTlido for pain