U.S. Topical Pain Relief Market to Witness Huge Growth by 2030
The U.S. topical pain relief market garnered $2.61 billion in 2019 and is expected to reach $3.27 billion by 2027, growing at a CAGR of 3.7% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Growth in prevalence of arthritis, surge in demand for topical pain relief products from sportspeople, increase in geriatric people, and fewer side effects as compared to oral medicines drive the growth of the U.S. topical pain relief market. However, side effects associated with topical pain relief such as skin irritation and unpleasant odor of the products hamper the market growth. On the other hand, emergence of online pharmacy is anticipated to present lucrative opportunities in the near future.
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Covid-19 Scenario-
A huge number of clinics and pain services have undergone a decline in number of patient visits during COVID-19.
Most of the chronic pain facilities were considered non-urgent and both outpatient and elective interventional procedures were suspended to curb the spread of the COVID-19 pandemic.
The U.S. topical pain relief market is segmented into therapeutic class, type, formulation, distribution channel, and region. Based on therapeutic class, the non-opioids segment held the highest market share with more than two-thirds of the total share in 2019 and is expected to maintain its dominance by 2027. Moreover, this segment is anticipated to register the highest CAGR of 3.9% during the forecast period. The report also involves opioids segment.
Based on formulation, the patch segment held the major share in 2019, accounting for nearly three-fifths of the total market share, and is expected to maintain its dominance during the forecast period. In addition, the segment is expected to grow at the highest CAGR of 4.3% from 2020 to 2027.
Based on distribution channels, the pharmacies & drug stores segment dominated the market share, with more than two-thirds of the total revenue in 2019, and is expected to continue its leadership status by 2027. On the other hand, the e-commerce segment is projected to manifest the highest CAGR of 3.8% from 2020 to 2027.
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Leading market players analyzed in the market include Novartis AG, Pfizer Inc., Reckitt Benckiser Group Plc., Sanofi, Sun Pharmaceutical Industries Ltd., Advacare Pharma, Glaxosmithkline Plc (GSK), Johnson & Johnson, Nestlé S.A., and Topical Biomedics, Inc.
