Global Non-opioid Pain Patch Market size 2018 is Anticipated to Reach US$ 3.5% Billion by 2023
Non-opioid Pain Patch Market research report (2018 – 2023) studies market insights, List of major Key players, buyers, threats of new entrants and substitute products. Also, Non-opioid Pain Patch market includes the various market dynamics like Drivers, Restraints, and Opportunities globally. The research report involved the various affecting factors like market growth, market share, competitive intelligence and growth opportunity.
“Non-opioid Pain Patch Market report is expected to register a CAGR of 3.5% over a five years forecast period.”
List of Major Key players operating in the Global Non-opioid Pain Patch Market are –
- Acorda Therapeutics
- Endo International PLC
- GlaxoSmithKline PLC
- Hisamitsu Pharmaceutical Co.
- IBSA Institut Biochimque SA
- Mylan N.V.
- TEH SENG Pharmaceutical Mfg. Co.
- and Teikoku Seiyaku Co.
- among others.
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Non-opioid Pain Patch Market Overview
The Non-opioid Pain Patch Market is expected to grow, at an estimated CAGR of 3.5% over the forecast period, 2018-2023. The non-opioid devices have certain advantages such as less invasiveness, less ambulation-impeding, ease to monitor and control and absence of complications associated with opioids-long term usage. It has multiple usages in anesthesia as adjuvant therapy. Its market is primarily driven by the increasing burden of patients suffering from pain. On the regional analysis basis, the largest revenue share is expected to be retained by the North America region, owing to rising initiatives to shift from opioid crises, the presence of multiple major players, better healthcare infrastructure and government regulation on drug approval.
Increasing Incidences of Pain-Related Disorders to Induce a Surge in the Non-opioid Pain Patch Market
According to NIH (National Institute of Health), pain is among the most common problem in the US. Pain has a deeper impact on the socio-economic system than the combination of cardiovascular diseases, cancer, and diabetes together. According to a study published in PMC by the medicines journal in 2017, the socio-economic burden experienced by US citizens due to chronic pain falls in the range of USD 600 billion. As per, CDC around 43% of the population suffer from pain on some days and around 20% of the population suffer from pain every day or on most days. Chronic pain initiates in numerous ways, for instance, from trauma which could include an accident or back strain due to heavy lifting among other ways, an underlying disease like pancreatitis, spine disease, arthritis, and autoimmune diseases, or it can occur with fibromyalgia or persistent migraines. There are numerous risk factors for chronic pain. Non-opioid patches are more preferable because it does not involve the risk of addiction as with opioid drug patches like fentanyl patches and also the drugs is released over a long period of time, therefore, helping in managing the pain for a longer duration and considered as a valuable driver for this market.
Other driving factors include increasing R&D on pain management treatments and increasing awareness associated with the side effects of opioid medications.
Low Adoption Rate of Non-Opioid Pain Patch Due to Unawareness to Impede the Growth of Non-opioid Pain Patch Market
There is a range of therapeutic and treatment options when it comes to pain management in the market. These alternatives include physiotherapy, low-level laser therapy, pulsed electromagnetic field therapy, neural therapy, matrix regeneration therapy, massage, acupuncture and herbal alternatives. Along with that, there is a low awareness about non-opioid patches in general. Also, newer forms of treatment which involve the use of cannabinoids therapies are being approved and are becoming popular among the caregivers. Non-pharmacological alternatives like homemade herbal remedies Unani and ayurvedic medicines have become common in the Asia Pacific and South America. Considering that these regions represent a high percentage of the market the alternatives acts as a restraint for the growth of the market during the forecast period.
Another major hindrance for this market includes adhesion defects and less awareness in the market about therapeutic advantages.
North America to Expected to Maintain Lead in the Non-opioid Pain Patch Market
North America is expected to retain its dominance in this market over the forecast period, 2018-2023. According to statistics of the Global Burden of Disease, in 2014, back pain was ranked amongst the top ten diseases and injuries. In US, as per the health economists, the annual costs of chronic pain is more than the USD 650 billion, which is more than expenditure in other chronic diseases such as cancer, cardiovascular disease, and diabetes. In addition, the countries in North America are increasingly facing scrutiny on the opioid crises issue, from the government authorities, which in turn are expected to benefit the rise of non-opioid alternatives. Asia Pacific is expected to emerge as a significant market for non-opioid pain patch expanding at a relatively high CAGR between 2018 and 2023.
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Global Non-opioid Pain Patch Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2018-2023):
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Spain and Benelux)
- Asia Pacific (China, Japan, India, Southeast Asia and Australia)
- Latin America (Brazil, Argentina and Colombia)
- The Middle East and Africa
Key Questions Answered About Non-opioid Pain Patch Market:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the Non-opioid Pain Patch market for selective countries?
- Which region or sub-segment is selected is expected to drive the market in the forecast period?
- What factors are estimated to drive and restrain the market growth?
- What are the key technological and Non-opioid Pain Patch market trends shaping the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
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Reasons to Purchase Non-opioid Pain Patch Market Report:
- The report analyses how stringent emission control norms will drive the global Non-opioid Pain Patch market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Non-opioid Pain Patch market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
Scope of the Report:
The report analyses Non-opioid Pain Patch market, which includes –
- Analysis of the growth of Non-opioid Pain Patch market in global and regional level including Asia-Pacific, Americas, and EMEA.
- The report provides Non-opioid Pain Patch market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
- The report offers country level Non-opioid Pain Patch market volume and value by end-user segment for the period 2012-2023.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Non-opioid Pain Patch market are discussed.
- The report provides competitive landscape at country level for the year 2018. It also covers key policies and initiatives, key deals, and key upcoming projects.
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