Non-opioid Pain Patch Market: Drug Safety and Fewer Side-effects Help Garner Substantial Revenue

The non-opioid pain patch market features a moderate degree of competition, says Transparency Market Research (TMR) in a new research report. The non-opioid pain patch market is a niche market in the overall pain relief market with a few key market players. Due to their strong brand names, these players have greater market penetration and operate globally.

Get Report Sample @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=26168

North America to Account for Massive Market Share

The segment of lidocaine patches led the non-opioid pain patch market in 2015; however, due to entry of generic lidocaine patches the market share of lidocaine patches is expected to decline over the forecast period.

In 2015, North America led the non-opioid pain patch market and the region is expected to account for a massive 51.5% of the overall market by 2024.  As per statistics of Global Burden of Disease, in 2014, back pain was ranked among the top ten diseases and injuries that led to death across the world, with the U.S. leading amongst all nations.

Substance Abuse of Opioids Benefits Non-opioid Pain Patch Market

According to the report, the increasing epidemic of prescription opioid abuse and misuse is leading to the use of non-opioid therapeutics. Opioid abuse due to addiction and severe side-effects related to prolonged opioid use have resulted in reduced prescription of these drugs. For instance, as per the U.S. National Prescription Audit, opioids prescriptions dispensed by retail pharmacies increased from 76 million in 1997 to 219 million in 2011. However, it decreased from 217 million in 2012 to 2017 million in 2013 and the trend is expected to continue over the forecast period. The reduction in opioid prescriptions is anticipated to result in increased usage of non-opioid therapeutics for pain disorders. This, in turn, is expected to fuel growth of the non-opioid pain patch market.

Increasing incidence of pain disorders and increasing treatment spending is favoring the non-opioid pain patch market. This is due to the increasing number of people suffering from chronic and acute pain that are adopting non-opioid therapeutics for treating the condition. For example, according to a study published in September 2012 by the American Pain Society, the annual burden of chronic pain in the U.S. ranges from US$560 bn to US$635 bn.

Non-opioid pain patch is available in various types and are effective over orally administered pain relieving drugs. Apart from this, non-opioid pain patch have economic advantages for healthcare system in terms of efficiency of drug delivery.

Faster Response of Alternative Drugs Restrains Growth

However, the growth of this market is restrained due to several factors. This includes factors low adoption rate of non-opioid pain patch as oral pain relief drugs respond to pain sensation in few seconds. In addition, the increasing success of implants for long-term pain relief is posing a challenge to the non-opioids pain patch market.

Nevertheless, robust product pipelines of key market players managing acute and chronic pain, neurological disorders, and other conditions will present growth opportunities to the non-opioid pain patch market.

View Report @ https://www.transparencymarketresearch.com/non-opioid-pain-patch-market.html

Moderate Competition Prevails in Global Non-opioid Pain Patch Market Owing to Handful of Players

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.

Get Report Sample @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=26168

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.

View Report @ https://www.transparencymarketresearch.com/non-opioid-pain-patch-market.html