The global pain patch market is estimated to Propelled by increasing prevalence of chronic pain disorders

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The pain patch market comprises medicated patches that provide relief from pain and related symptoms. Pain patches contain analgesic ingredients like lidocaine and corticosteroids that are absorbed through the skin to provide localized pain relief. These patches offer several advantages over traditional oral medications like precise application to the pain site, sustained release of drugs, and reduced risks of adverse effects.

The global pain patch market is estimated to be valued at US$ 5.29 Bn in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing prevalence of chronic pain disorders is expected to propel the pain patch market over the forecast period. Chronic pain conditions like lower back pain, arthritis pain, post-surgical pain etc. are widespread globally. According to the National Center for Biotechnology Information (NCBI), chronic pain affects approximately 20-30% of adults worldwide. Pain patches provide effective relief for chronic pain with minimal side effects compared to oral medications. This factor is increasing the adoption of pain patches for long-term management of chronic pain disorders, thereby driving the market growth.

SWOT Analysis
Strength: Pain patches provide a convenient method of pain management as they are simple to use and do not require regular dosing. They also help avoid gastrointestinal side effects associated with oral medications.

Weakness: Skin irritation is a common side effect of pain patches that can limit their use in some patients. Their effects also tend to be localized to the application site.

Opportunity: An aging population and rise in chronic pain disorders present an opportunity to increase adoption of pain patches for long-term pain management. Development of new formulations that can deliver medications transdermally more efficiently can help enhance efficacy.

Threats: Strong competition from other pain management medications like oral analgesics and topical gels poses pricing challenges. Stringent regulatory pathways for approval of new formulations can delay market entry of innovative products.

Key Takeaways
The global pain patch market is expected to witness high growth over the forecast period of 2023-2030 driven by factors such as an increasing chronic pain patient pool and advantages over oral medications. The global pain patch market is estimated to be valued at US$ 5.29 Bn in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2030.

Regionally, North America currently dominates the pain patch market owing tofactors such as advanced healthcare infrastructure and awareness. However, Asia Pacific is anticipated to be the fastest growing regional market with widespread adoption in major countries like China and India experiencing rise in geriatric population and chronic pain disorders.

Key players operating in the pain patch market are Hisamitsu Pharmaceutical Co., Inc., Johnson & Johnson, Pfizer Inc., Novartis AG, Mylan N.V., Endo Pharmaceuticals, Teikoku Pharma USA, Inc., Acorda Therapeutics, Ibsa Institut Biochimique SA, Alembic Pharmaceuticals, Noven Pharmaceuticals, Inc., Teva Pharmaceuticals, Strativa Pharmaceuticals, Galen Limited, and Napp Pharmaceuticals. These companies are focusing on new product approvals and launches, and also exploring opportunities for licensing and partnership agreements especially in the developing regions.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2.      We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.