The non-opioid pain patch market is considered a niche area in the pain relief market. It is characterized by moderate degree of competition with big names being just a handful. Such stronger companies have a global presence and enjoy a strong brand recall. Meanwhile, regional players are inking collaborations with pharmaceutical behemoths to expand their outreach.
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On account of the moderate degree of competition in the global market for non-opioid pain patch, it is expected to rise at a tepid 3.3% CAGR from 2016 to 2024 to become worth US$4,983.3 mn by 2024 from US$3,750 mn in 2015.
What is promoting the market?
At the forefront of driving demand for non-opioid pain patch market is the prescription opioid abuse and misuse. Opioid addiction or serious side-effects of prolonged opioid use have resulted in their reducing use. Apart from that, rising occurrence of acute or chronic pain and growing spends on treatment is also having a positive impact on the global market for non-opioid pain patch. Various types of non-opioid pain patch are available these days that cater to the various needs of customers.
What other major developments will the market experience?
Going forward, robust product pipelines of prominent market participants will provide further boost. Among them, lidocaine patches accounted for maximum sales in 2015. However, their dominant market share is expected to come down owing to expiration of patent and rise of generic varieties. The segment of methyl salicylate, on the other hand, is predicted to soar at an impressive pace because of the faster pain relief they provide and their efficient drug delivery process for a much longer duration.