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Global Topical Pain Relief Market to Grow at a CAGR of 5% During 2021-2026, Aided by the Increasing Prevalence of Arthritis and Other Bone-Related Diseases

According to a new report by EMR titled, ‘Global Topical Pain Relief Market Report and Forecast 2021-2026’, the market attained a value of about USD 9.13 billion in 2020. The industry is further expected to grow at a CAGR of 5% in the forecast period of 2021-2026 to reach a value of around USD 12.23 billion by 2026.

The global topical pain relief industry is being driven by the rising prevalence of arthritis and other bone-related diseases, as well as diabetic neuropathy, which causes pain. The increasing awareness among consumers regarding the harmful effects of oral pain killers is contributing to the market growth. There has been a rise in demand for topical pain relief medications, which have less side effects as compared to oral pain relievers. Further, the increasing geriatric population and the growing adoption of topical pain relievers among athletes are also driving the market growth. Additionally, a rise in the number of patients undergoing long-term therapy for diseases like skin cancer is expected to further propel the market forward in the forecast period.

GlaxoSmithKline Plc. (NYSE: GSK) and Sanofi SA (NASDAQ: SNY) are some of the leading players in the industry. The increasing R&D activities by the manufacturers in emerging markets are further propelling the industry growth. For instance, Troikaa Pharmaceuticals Ltd., based in Ahmedabad, was granted a patent by the United States on 20th May 2020, for its innovative non-aqueous diclofenac topical solution, which is marketed as Dynapar QPS. Dynapar QPS is the only topical pain reliever approved by DCGI (Drugs Controller General of India) for osteoarthritis pain based on positive clinical trial outcomes.

Market Analysis by Class, Product Type, Formulation, Distribution Channel, and Region:

  • Based on class, the market is divided into opioids and non-opioids.
  • By product type, the industry can be segmented into over-the-counter and prescription.
  • On the basis of formulation, the industry can be categorised into ointment, gel, spray, patch, and others.
  • The market is divided based on distribution channel into pharmacies and drug stores, retail and grocery stores, and online, among others.
  • The regional markets for topical pain relief include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising prevalence of arthritis and other bone-related diseases is expected to drive the market.
  • The increasing geriatric population is one of the major factors propelling the industry’s growth.
  • The growing demand for topical pain relievers among athletes is likely to boost the progress of the market.
  • The development of an online marketplace for topical therapeutics is anticipated to augment the growth of the industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for topical pain relief for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the class, product types, formulations, distribution channels, and regions of topical pain relief.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global topical pain relief market are Sanofi SA, Novartis AG, GlaxoSmithKline Plc., Reckitt Benckiser Group Plc., and Johnson & Johnson Consumer Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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