Global Topical Pain Relief Market to Reach US$ 14.2 Billion by 2028, Propelled by Increasing Prevalence of Diseases with Chronic Pain

According to the latest report by IMARC Group, titled “Topical Pain Relief Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global topical pain relief market size reached a value of US$ 9.9 Billion in 2022. Topical pain relief products are commonly designed to relieve pain by utilizing skin as the vehicle for drug administration, thereby affecting both the local area and the central nervous system. These formulations are analgesics or anesthetics that are applied to the epidermal layer of the skin at the site of inflammation or pain directly. They work by entering the bloodstream gradually over a certain period of time and keeping blood levels relatively constant, and are most commonly used for strains, sprains, tendinopathy, muscle aches, and osteoarthritis. There are fewer side effects associated with these medications when compared with oral medications.

Global Topical Pain Relief Market Trends:

The global market is majorly driven by the increasing prevalence of diseases with chronic pain, including arthritis and other bone-related conditions, diabetic neuropathy, multiple sclerosis, and fibromyalgia. This can be attributed to a considerable rise in the geriatric population that is more susceptible to these diseases. In line with this, the growing number of people participating in sports activities is also propelling the demand for topical pain relief medications. Moreover, continual technological advancements in the development of online platforms for topical therapeutics are creating lucrative growth opportunities in the market. The market is further propelled by the introduction of innovative product variants with fewer side effects with an enhanced focus on managing the pain of cancer patients. Furthermore, the increasing number of partnerships, collaborations and mergers and acquisitions (M&As) by the leading pharmaceutical companies are creating a positive market outlook. Some of the other factors providing an impetus to the market include rapid urbanization, considerable growth in healthcare expenditure, easy product availability via organized retail channels and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 14.2 Billion by 2028, exhibiting a CAGR of 6.4% during 2023-2028.

Market Summary:

• Based on the therapeutic class, the market has been segmented into non-opioids and opioids.
• On the basis of the formulation, the market has been divided into cream, gel, spray, patch, and others.
• Based on the type, the market has been categorized into prescription pain relief and Over the Counter (OTC) pain relief.
• On the basis of the distribution channel, the market has been classified into pharmacy and drug stores, retail stores, and online stores.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Advacare Pharma, Exzell Pharma Inc., Glaxosmithkline Plc, Johnson & Johnson, Novartis AG, Pfizer Inc., Reckitt Benckiser Group Plc, Sanofi S.A., Sun Pharmaceutical Industries Limited, and Topical Biomedics Inc.

Report Scope:

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