Non-Opioid Pain Patch Market Growth Analysis With investment opportunities

The Business Research Company's Non-Opioid Pain Patch Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, July 8, 2024 /EINPresswire.com/ -- The non-opioid pain patch market has experienced robust growth in recent years, with projections indicating continued expansion. Starting from $3.34 billion in 2023, the market is expected to grow to $3.53 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.6%. This growth can be attributed to increased cases of chronic pain, patient preference for non-invasive treatments, advancements in formulations, and rising sports injuries, all amid concerns over opioid addiction.

Steady Growth Expected with Market Reaching $4.25 Billion by 2028
Looking ahead, the non-opioid pain patch market is forecasted to maintain steady growth, reaching $4.25 billion by 2028, growing at a CAGR of 4.8%. Factors contributing to this growth include heightened R&D investments, rising healthcare expenditures, supportive regulatory environments, increasing consumer awareness, and a growing elderly population. Major trends anticipated in this period include the adoption of wireless and smart patch technologies, integration of natural ingredients, advancements in wearable technology, and a shift towards biodegradable and eco-friendly patches with long-lasting effects.

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Rising Prevalence of Chronic Pain Drives Market Expansion
Chronic pain, a significant health concern affecting a substantial portion of the population, is expected to fuel the demand for non-opioid pain patches. These patches effectively alleviate mild to moderate pain associated with conditions such as headaches, arthritis, muscle aches, and backaches. According to the Centers for Disease Control and Prevention (CDC), chronic pain prevalence in the United States alone ranged from 20.5% to 21.8% from 2019 to 2021, underscoring the market's growth prospects.

Key Players Leading Innovation in the Market
Major companies driving innovation in the non-opioid pain patch market include Hisamitsu Pharmaceutical Co. Inc., Pfizer Inc., Novartis AG, Sanofi S.A., GlaxoSmithKline PLC, and Medtronic PLC. These companies are focusing on developing advanced products like biocompatible surgical patches to cater to evolving patient needs and enhance treatment outcomes.

Emerging Trends Shaping the Market Landscape
Innovative developments such as biocompatible surgical patches, which deliver pain relief directly to wounds, exemplify the industry's commitment to advancing therapeutic solutions. For instance, Duke University launched a polymer patch in March 2021 that inhibits COX-2 enzymes to reduce pain and inflammation, dissolving over several days post-application.

Market Segmentation and Geographical Insights
Segments:
• Patch Types: Lidocaine Patches, Diclofenac Patches, Capsaicin Patches, Ketoprofen Patches, Other Patches
• Distribution Channels: Hospital Pharmacies, Retail Pharmacies, Other Distribution Channels
• Indications: Musculoskeletal Pain, Neuropathic Pain
Geographical Insights:
North America emerged as the largest regional market for non-opioid pain patches in 2023, driven by high healthcare expenditures and advanced healthcare infrastructure. Meanwhile, Asia-Pacific is anticipated to witness the fastest growth during the forecast period, fueled by increasing healthcare investments and rising chronic pain cases.

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Non-Opioid Pain Patch Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Non-Opioid Pain Patch Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on non-opioid pain patch market size, non-opioid pain patch market drivers and trends, non-opioid pain patch market major players, competitors' revenues, market positioning, and market growth across geographies. The non-opioid pain patch market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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