PORTLAND, Oregon, December 11, 2018 /PRNewswire/ --
Increase in geriatric population, rise in prevalence of arthritis, high demand from athletes, and lesser side effects as compared to conventional oral medicines would facilitate the growth of the global topical pain relief market
Allied Market Research published a report, titled, Topical Pain Relief Market by Therapeutic Class (Non-Opioids and Opioids), Type (Prescription Pain Relief and Over-the-Counter Pain Relief), Formulation (Cream, Gel, Spray, Patch, and Others) and Distribution Channel (Pharmacies & Drug Stores, e-Commerce, and Retail & Grocery Stores) - Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers a detailed analysis of the industry dynamics, top player positioning, market size & forecasts, key market segments, and competitive landscape. According to the report, the global topical pain relief market garnered $7.48 billion in 2017, and is expected to reach $13.28 billion by 2025, growing at a CAGR of 7.4% from 2018 to 2025.
Increase in geriatric population and rise in prevalence of arthritis drive the growth of the market. Moreover, high demand for topical pain relievers among athletes and lesser side effects as compared to conventional oral medicines supplement the market growth. However, side effects such as skin irritation restrain the growth of the market. On the other hand, proliferation of online pharmacy and untapped potential in emerging nations offer new opportunities to the industry.
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Non-opioids to be lucrative through 2025
Non-opioids segment accounted for nearly three-fourths share of the total market in 2017 and is expected to maintain its dominance throughout the forecast period. Moreover, this segment would register the highest CAGR of 7.6% from 2018 to 2025, as non-opioids exhibit fewer side effects as compared to opioids. The opioids segment is projected to grow at a steady rate during the forecast period.
Over-the-counter pain relief segment to lead in terms of revenue & growth rate by 2025
Over-the-counter pain relief segment contributed more than half of the total market share in 2017 and is expected to continue its lead in terms of revenue by 2025. In addition, this segment would grow at the highest CAGR of 8.0% from 2018 to 2025, owing to lower cost and ease of availability as compared to counter pain relief products. Moreover, the prescription pain relief segment is expected to grow at a steady rate during the forecast period.
Topical pain relief cream segment to retain lion's share through 2025
Topical pain relief cream segment contributed nearly two-fifths share of the total revenue in 2017, and it is expected to retain its leadership position by 2025. This is attributed to its ability to offer long-lasting comfort and fast pain relief alongside reducing side effects and skin irritation. However, patch would register the highest CAGR of 9.0% from 2018 to 2025, owing to its ability to provide controlled absorption and uniform plasma drug concentrations to provide instant relief. The research also analyzes gel, spray, and others segments.
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E-commerce segment to register the highest growth rate by 2025
E-commerce is projected to be the fastest growing segment, registering a CAGR of 10.0% from 2018 to 2025 due to significant increase in digital literacy among the global population. However, pharmacies and drug stores segment accounted for the major market share in 2017, contributing nearly four-fifths share of the global market revenue. This segment is expected to remain dominant throughout the forecast period. In addition, the retail & grocery stores segment would register a steady growth rate during the forecast period.
Asia-Pacific to grow the fastest through 2025
Rise in prevalence of chronic diseases including cancer, arthritis, and diabetes among others coupled with increase in investments by various multinational companies would enable the Asia-Pacific region to grow at the fastest CAGR of 8.6% from 2018 to 2025. However, North America held the major share in 2017, accounting for more than one-third share due to increase in geriatric population, rise in per capita income, shift in focus of manufacturers toward topical pain relief products, and growth in awareness among population.
Leading market players
The leading market players analyzed in the report include Johnson & Johnson, GlaxoSmithKline Plc., Novartis AG, Reckitt Benckiser Group Plc., Pfizer Inc., Topical BioMedics, Inc., Sanofi S.A., Sun Pharmaceutical Industries Ltd., AdvaCare Pharma, and Nestle S.A. These players have implemented different strategies including partnerships, expansions, mergers & acquisitions, joint ventures, collaborations, and others to gain a strong position in the industry.
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SOURCE Allied Market Research