Need to move away from opioid based patches in order to fight the growing menace of its addiction is leading way for growth in the global non-opioid pain patches market.
Need to move away from opioid based patches in order to fight the growing menace of its addiction is leading way for growth in the global non-opioid pain patches market. The situation in 2017 got so bad in terms of opioid addiction that the United States declared it a national emergency. And, the problem is not unique to US. Several countries have the issue marked as high priority and are looking for alternatives to opioid patches. Besides, the market is driven by an increase in chronic and acute pain related issues.
Thus, the global non-opioid patches market will see a steady CAGR (Compound Annual Growth Rate). It will create growth opportunities for market players to tap into and also contribute to the market worth of the opioid patches.
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Global Non-Opioid Pain Patches market: Competitive Landscape
The landscape of Global Non-Opioid Pain Patches market is witnessing significant developments that are shaping both its competitive future as well as overall appearance. A glimpse is provided below.
The global non-opioid pain patches market is highly fragmented. And, prominent players in the global non-opioid pain patches market are Acorda Therapeutics; Teva Pharmaceutical Industries Ltd.; GlaxoSmithKline plc; Endo Pharmaceuticals, Inc.; Hisamitsu Pharmaceutical Co., Inc.; IBSA Institut Biochimque SA; Alkermes; Teikoku Seiyaku Co. Ltd.; Capsugel; and Mylan N.V. It is not hard to guess that the competition is intense too.
Current focus for most companies to chart growth in the global non-opioid pain patches market is through improving product and market them better. In order to capture opportunities, it is important to focus on use of better technology. Besides, in order to stay ahead of the curves, players often take to mergers and acquisitions. They also opt for strategic partnerships and collaborations to explore synergies for future growth.
Global Non-Opioid Pain Patches Market: Key trends and driver
Trends:
The global Non-opioid pain patches market is being driven on to a high growth trajectory, owing to a number of factors. Some of the most potent ones are outlined below:
- Rise in opioid addiction is leading to governments all over to rethink patches. And, this in turn is leading to the non-opioid variants. This is particularly helpful in situations where the treatment for pain is long-term. And, considering that the incidence of associated disorders is rising rapidly, the market will see a positive upward slope over the forecast period.
- Worldwide, people are ageing rapidly. As per a recent study, by 2050, the world will see one in six people fall into the age bracket of 65 and above. And, this number is more pronounced in North American and European regions. Here the ratio will be one in four. And, as this number increases, so would incidence of pain and thus, would global non-opioid pain patches market. It might also be worth noting here that in 2018, this population reached historic proportions. It was for the first time that people falling into the geriatric bracket surpassed the number of those aged 5 and below.
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Global Non-Opioid Pain Patches Market: Regional Analysis
North America and Europe will hold the lion’s share owing to presence of prominent market players and rapidly rising geriatric population. But the region that will present players with new growth opportunities is the Asia Pacific (APAC). With people seeing rising disposable incomes and countries already struggling with drug abuse, there will be a massive increase in demand for the non-opioid pain patches. It is a result of both a great performance economically of these nations as well as rising problem of drug use.
The report is segmented into the following:
Patch Type (Revenue, USD Million, 2015 - 2026)
- Lidocaine Patches
- Diclofenac Patches
- Methyl Salicylate Patches
- Capsaicin Patches
- Ketoprofen Patches
Distribution Channel Outlook (Revenue, USD Million, 2015 - 2026)
- Hospitals
- Online Pharmacies
- Drug Stores
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