According to a new report, published by KBV research, The Global Pain Patch Market size is expected to reach $6.4 billion by 2029, rising at a market growth of 4.4% CAGR during the forecast period.
The Drug Stores & Retail Pharmacies segment is generating highest revenue share in the Global Pain Patch Market by Distribution Channel in 2022 thereby, achieving a market value of $2.65 billion by 2029. This is due to a rise in the number of people who prefer to use retail pharmacies, as these pharmacies offer advice on medications and their use over the course of treatment. In addition, the easy accessibility of these patches is a factor significantly contributing to the market growth.
The OTC Medicines segment is showcasing a CAGR of 6.4% during (2023 - 2029). The growth is attributed to the fact that over-the-counter topical analgesic patches provide both convenient and consistent drug delivery. These patches are available without a prescription. Lidocaine, capsaicin, methyl salicylate, and menthol are some of the active chemicals that can be found in these products. They are easily available, and patients don't require to consult doctors for these medications, which is boosting the segment's growth.
The Opioid Patches segment has shown the growth rate of 6% during (2023 - 2029). This is due to the fact that when administered for moderate to severe cancer pain, transdermal opioids are secure, efficient, and have noticeably fewer adverse effects than oral morphine. In addition, to treat moderate to severe pain associated with cancer, transdermal opioids, such as fentanyl and buprenorphine, are frequently included on the third level of the WHO analgesic ladder because they produce systemic analgesia. Thus, their usage for treating the pain associated with cancer is anticipated to surge the segment's expansion.
The North America market dominated the Global Pain Patch Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $2.2 billion by 2029. The Europe market is poised to grow at a CAGR of 4% during (2023 - 2029). Additionally, The Asia Pacific market would witness a CAGR of 5.2% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/pain-patch-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of NEXGEL, Inc. Viatris, Inc. Johnson & Johnson. Teva Pharmaceutical Industries Ltd. Grunenthal GmbH. Sorrento Therapeutics, Inc. Hisamitsu Pharmaceutical Co. Inc. Endo International PLC. Purdue Pharma L.P. Amneal Pharmaceuticals, Inc.
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