Topical Pain Relief Market Manifesting A CAGR Of 5.2% From 2020 To 2027 Top Business Growth

(MENAFN- EIN Presswire) PORTLAND, ID, UNITED STATES, October 28, 2024 /EINPresswire / -- According to the report, the global topical pain relief industry generated $8.86 billion in 2019, and is expected to reach $12.21 billion by 2027, witnessing a CAGR of 5.2% from 2020 to 2027.

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Rise in prevalence of arthritis, surge in demand for topical pain relief products by sportsperson, and few side effects caused by these products drive the growth of the global topical pain relief market. However, skin irritation caused by the products and unpleasant odor hinder the market growth. On the other hand, emergence of online pharmacy and opportunities in emerging countries present new opportunities in the coming years.

The non-opioids segment to continue its lead position throughout the forecast period

Based on therapeutic class, the non-opioids segment held the largest market share, accounting for more than two-thirds of the U.S. topical pain relief market in 2019, and is expected to continue its lead position throughout the forecast period. Moreover, this segment is estimated to grow at the highest CAGR of 3.9% from 2020 to 2027. This is due to fewer side effects as compared to opioids and improbability of substance abuse. The report also analyzes the opioids segment.

The prescription pain relief segment to maintain its leadership status during the forecast period

Based on type, the prescription pain relief segment contributed to the highest share in 2019, accounting for nearly four-fifths of the U.S. topical pain relief market, and is expected to maintain its leadership status during the forecast period. This is due to offering of correct number of drugs for treatment of pain without causing much of the side effects. However, the over-the-counter pain relief segment is expected to witness the highest CAGR of 3.8% from 2020 to 2027, owing to factors such as low cost of OTC products and difficulty in getting appointments with healthcare professionals.

The pharmacies & drug stores segment to maintain its dominant position by 2027

Based on distribution channel, the pharmacies & drug stores segment held the highest share in terms of revenue in 2019, accounting for more than two-thirds of the U.S. topical pain relief market, and will maintain its dominant position by 2027. This is attributed to the offering of a diverse set of drugs and services at different pharmacy outlets, independent drugstores, supermarkets with pharmacies, chain drugstores, and mass merchants with pharmacies. However, the e-commerce segment is projected to register the fastest CAGR of 3.8% during the forecast period, owing to surge in digital literacy among the population and various advantages such as fewer expenses, more convenience, price comparisons, and easy access to patient reviews.

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Leading market players:

Advacare Pharma
Glaxosmithkline Plc (GSK)
Johnson & Johnson
Nestlé S.A.
Novartis AG
Pfizer Inc.
Reckitt Benckiser Group Plc.
Sanofi
Sun Pharmaceutical Industries Ltd.
Topical Biomedics, Inc.

Key Benefits For Stakeholders:

This report provides a detailed quantitative analysis of the current trends and future estimations from 2019 to 2027, which assist to identify the prevailing topical pain relief market opportunities.

An in-depth topical pain relief market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.

A comprehensive analysis of factors that drive and restrain the growth of the global is provided.

Region-wise and country-wise market conditions are comprehensively analyzed in this report.

The projections in this report are made by analyzing the current trends and future topical pain relief market potential from 2019 to 2027, in terms of value.
An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.

Key market players within the global topical pain relief market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of the market.

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David Correa
Allied Market Research
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