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The pain patch market comprises transdermal therapeutic patches that deliver pain relief medication through the skin directly into the bloodstream. Pain patches are used to treat chronic and acute pain conditions such as back pain, neck pain, joint pain, muscle pain, surgical pain, and sports injuries. The pain patch allows a controlled release of medication through the skin and offers several advantages over traditional oral pain medications such as avoiding liver metabolism and preventing gastrointestinal side effects. Some common pain patches available in the market include fentanyl pain patches, buprenorphine pain patches, lidocaine pain patches, and diclofenac pain patches.
The global pain patch market is estimated to be valued at US$ 5.29 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The pain patch market is expected to be flourished by the increasing prevalence of chronic pain cases across the globe. According to the National Health Interview Survey (NHIS), conducted in the United States, around 25.3 million adults in the US were suffering from chronic pain in 2016. Another survey conducted by the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP) estimated that 50 million adults in the U.S. were suffering from chronic pain in 2016. This growing prevalence of chronic pain is mainly due to the increasing geriatric population and rising incidence of lifestyle diseases like arthritis and diabetes. Elderly people are more prone to developing chronic pain conditions due to natural age-related wear and tear of joints and muscles. The other major driver for the pain patch market is the convenience offered by these patches as compared to oral pain medications. Pain patches are easy to apply, offer controlled and consistent drug release, and absorption of medications through skin avoids problems related to oral administration like variable gastrointestinal absorption and first-pass hepatic metabolism. These advantages make pain patches a preferred mode of administration for treating both chronic and acute pain conditions.
Segment Analysis
The pain patch market can be segmented into opioid and non-opioid patches. The opioid segment currently dominates the market owing to its effectiveness in treating moderate to severe pain. However, non-opioid patches are gaining popularity due to lesser side effects and minimal risk of dependency. The non-opioid segment is expected to witness faster growth during the forecast period.
PEST Analysis
Political: Regulations governing usage of opioid and over-the-counter patches are becoming stringent due to rising narcotics abuse and misuse of prescription opioids. This may hamper opioid patch sales.
Economic: Rising healthcare expenditure and economic growth in developing countries is expected to boost market growth. However, high pricing pressure may hamper products with limited benefits.
Social: Increasing awareness about benefits of pain patches over oral drugs and growing acceptance of alternate pain management therapies will drive the market. Concerns regarding side effects and addiction risks associated with opioids may reduce their uptake.
Technological: Advancements in drug delivery technology and introduction of advanced formulations with minimal side effects are favoring the market. Development of abuse-deterrent opioid formulations may help drive opioid patch uptake.
Key Takeaways
The global pain patch market is expected to witness high growth due to rising geriatric population suffering from arthritis and other joint disorders. An ageing society experiences more pain and relies more on pain relief solutions, which augurs well for the market. Revenue from pain patches is forecast to nearly double during the forecast period with a CAGR of around 5%.
Regional analysis: North America currently dominates the global market owing to high burden of lifestyle diseases like diabetes and favorable reimbursement scenario for pain relief devices and medicines. The Asia Pacific region is expected to witness fastest growth due to improving access to healthcare and increasing demand for pain management products.
Key players: Hisamitsu Pharmaceutical Co., Inc., Johnson & Johnson, Pfizer Inc., Novartis AG, Mylan N.V. Key players are focusing on collaboration with local players for partnerships relating to production facilities, marketing and distribution. Companies are also undertaking new product launches and patent approvals to remain competitive in the market.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
