Topical Pain Relief Market is anticipated to grow at a CAGR of 6.8% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Topical Pain Relief Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global topical pain relief market is estimated to account over US$ 7.8 million in 2019. It is anticipated to grow at a CAGR of 6.8% from 2019 to 2030.
The growth of the topical pain relief market can be attributed to the increasing demand for pain relief among people suffering from chronic diseases such as diabetic neuropathy, osteoarthritis of the knees & hands, and people suffering from injuries of joint and muscle. According to the American Diabetes Association, in 2018 there were more than 500 million prevalent cases of type 2 diabetes worldwide and the prevalence is more in low-income countries. Also, the demand for quick pain relief in the sport by athletes is also growing as topical pain relievers are beneficial for acute musculoskeletal injuries such as sprains and strains.
Other factors such as growing geriatric population across the world, as topical pain relief are widely accepted among elderly population who have persistent pain and require treatment without any side effects. According to American Osteopathic Association, geriatric nursing home residents have an even higher prevalence of pain, which is estimated to be between 45% and 80% as they are more likely to have arthritis, bone and joint disorders, cancer, and other chronic disorders associated with pain. Moreover, increasing investments by leading companies for the development of the topical pain relief helping boost the market growth. Also other benefit offered by topical pain relief such as fewer side effects compared to oral pain relievers which causes side effects such as gastrointestinal problem, stomach upset, ulcers, bleeding and kidney damage making consumers use topical pain relief over oral pain relief, is helping the growth of the market.
However, some drawbacks of using topical pain relief such as skin irritation, dry skin, and stinging sensation, burns, experienced in some people. Also, using topical creams or gel too often or leaving it for a longer duration make cause skin prone to allergic reactions, this may have a negative impact on the market growth to a certain extent.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Topical Pain Relief Market by Therapeutic Class (Non-opioids and Opioids), by Formulation (Cream, Gel, Spray, and Patch), by Type (Prescription Pain Relief and Over-The-Counter Pain Relief) and Distribution Channel (Pharmacies & Drug Stores, e-Commerce, and Retail & Grocery Stores) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/topical-pain-relief-market/253
Asia Pacific is estimated to account for the highest CAGR in the topical pain relief market over the forecast period. It is majorly driven by the growing geriatric population in the region. Additionally, the growing prevalence of the chronic disease, an increase in the number of pharmacies and drug stores, and raising awareness among the people regarding the benefits of topical pain relief are helping penetration in the region. As a result, the topical pain relief market is likely to expand regionally during the forecast period.
Some of the prominent players in the global topical pain relief market include AdvaCare Pharma, GlaxoSmithKline plc., Johnson & Johnson Services, Inc., Nestlé, Novartis AG, Pfizer Inc., Reckitt Benckiser Group plc, Sanofi, Sun Pharmaceutical Industries Ltd., The Feel Good Lab, LLC., and others.
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