The worldwide market for non-opioid pain patches estimation would get over US$ 4 Billion amid the latter half of the projected period (2019-2029). Increasing reception of supportive government policies and non-addictive pain therapeutic solutions are foremost aspects pushing the market’s revenue pool. The healthcare industry is in the middle of attempts to curb the current Coronaviris pandemic which has taken a toll on humankind in addition to the worldwide economy. Market participants are therefore making critical decisions regarding each group – employees (to assist them in keeping pace with evolving regulations and conditions), customers (retailers, and pharmacies), and consumers (for product distribution and communication). Opioid medication to treat chronic and acute pain is getting unsafe and highly overdosed for long-term treatments. The non-opioid topical analgesic treatment is causing the favored substitute therapy for musculoskeletal pain, due to clinical efficiency with the least side-effect-based treatment choices.
Key Takeaways of Market Study
- In product type terms, the lidocaine patches category is likely to gain over 65% of the revenue share in the worldwide market.
- As a result of superior topical effectiveness with lesser side-effects along with prolonged transdermal drug release, the most preferred product type is lidocaine patches.
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- In distribution channel terms, drug stores & retail pharmacies and hospital pharmacies are projected to jointly account for more than 70% of the overall value in the worldwide market in the approaching years.
- North America is the maximum revenue generating market in terms of region, as a result of higher research and development projects and a favorable regulatory environment for non-opioid pain therapeutics. Europe is likely to provide lucrative prospects, due to the huge aging populace and rising per capita healthcare spending.
“Increasing need for alternative and safe chronic pain therapeutics, and helpful government policies, are projected to determine the future of long-haul working transdermal non-opioid analgesic patches.”
The U.S. Department of HHS (Health and Human Services) has discovered that pain-related conditions are a majorly common reason for everyday hospital visits in the U.S. Moreover, the CDC has emphasized opioid misuse as amid several aspects saddling the national economy, annually. These trends are supporting the North America market for non-opioid pain patches. To restrain expenses obtained for addiction treatment, governments in this emerged region are bringing in regulations to speed up the commendation of new non-opioid pain patches for chronic pain treatment. The North American market is anticipated to touch US$ 2 Billion in 2022.
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Makers must concentrate on Rising Topical TherapeuticsDedicated the addictive vulnerability of opioid analgesics, makers are addressing the expansion of non-addictive topical pain patches for chronic in addition to acute pain. This new option therapeutics is built up to boost the analgesic action duration and enhanced skin adhesion. For example, Sorrento Therapeutics has built up the ZTlido (lidocaine topical pain patch) 1.8% patch which could convey pain relief for around 12 hours, comprising amid workout sessions. The product has been sanctioned for the treatment of pain-related with post-herpetic neuralgia (PHA).
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