ALBANY, New York, January 22, 2018 /PRNewswire/ --
Global Topical Pain Management Therapeutics in Sports Medicine Market: Shift from Oral and Invasive Medication to Topical Medicines Fuels Growth Prospects
TMR predicts the global topical pain management therapeutics in sports medicine market to reach US$2.97 bn by the end of 2025, as against its valuation in 2016, which stood at US$1.4 bn. If the forecasts by TMR hold true, the market will rise at a CAGR of 8.9% between 2017 and 2018. Based on therapeutic class, the analgesics segment is likely to exhibit strong growth boosted by the rising demand for therapeutic treatment among patients. Regionally, North America is projected by TMR to remain at the global market's fore through the course of the forecast period. The region has recorded a spike in sports participation among general factor, which is identified as a chief driver of the topical pain management therapeutics in sports medicine market in North America.
Rising Sports Participation and Subsequent Spike in Sports Injuries Boost Growth
The global topical pain management therapeutics in sports medicine market is projected witness growth at a strong pace through the forecast period. Among various factors acting as tailwinds to the market's growth, the rising participation in sports is touted as a chief driver. In response to the rising sports activities around the world, the instances of sports injuries has risen subsequently creating an environment conducive to the market's growth. Besides this, the market will significantly gain from government initiatives intended at boosting sports participation. Also paradigm shift from oral or invasive treatment to topical medical will aid the market's trajectory in the coming years.
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Advent of Pain Management Devices Pose Threat to Overall Market
The global topical pain management therapeutics in sports medicine market will also benefit from the rising demand for instant and cost-effective pain relief therapeutics. In order to boost sales, the market players have significantly invested in improving distribution channels across developing nations. This will provide considerable opportunities for the market's expansion in the coming years. On the downside, more number of patients are nowadays preferring the use of pain management devices for a more effective treatment of sports injuries, which may create hindrances for the global topical pain management therapeutics in sports medicine market. Also stringent regulations, delaying the approval process of medicines are restraining the global market to an extent. Nonetheless, the rising investment in research and development by leading companies will offer lucrative prospects for the market's expansion in the coming years.
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The pain management therapeutics market witnesses an exponential presence of generic medicines. Given the scenario, Transparency Market Research (TMR) predicts the entry of several small and medium scale generic drug producers, making the global topical pain management therapeutics in sports medicine market highly saturated. Considering this upturn of new players, the market can expect a surge in novel therapeutics in the sports medicine sector offered at an affordable price range. Nonetheless, established companies are likely to remain at the crux of the pain management therapeutics in sports medicine market on the back of their brand identity. Besides this, these companies are likely to leverage product launches, technological innovations, and strategic collaboration to tip scales in their favor. Some of the prominent companies operating in the global topical pain management therapeutics market are Teva Pharmaceutical Industries Ltd., Pfizer, Inc., Hisamitsu Pharmaceutical Co., Inc., Mayne Pharma Group Limited, Chattem, Inc., GlaxoSmithKline plc, Endo Pharmaceuticals Inc., Beiersdorf AG, Johnson & Johnson Services, Inc. and Topical BioMedics, Inc.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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