Markntel Advisors present the latest study on Global Topical Pain Relief Market, covering extensive, in-depth analysis of the ongoing trends, opportunities/ high growth areas, and market drivers, which could help stakeholders to devise and align market strategies according to the future market dynamics. The overall analysis covers an overview of the industry policies, market fluctuations, and the cost structure of the products available.
According to Topical Pain Relief Market Research Report, “The market is projected to grow at a CAGR of around 7.5% during the forecast period, i.e., 2023-28. The rising prevalence of arthritis, specifically osteoarthritis, surging technological advancements in transdermal patches for pain management, and burgeoning investments by pharmaceutical companies & government organizations for R&D activities collectively drive the market growth. Additionally, the market will likely expand further with the increasing geriatric population and expanding e-commerce platforms. Moreover, the trending adoption of healthier lifestyles, exercising, gym and fitness clubs will likely bode well for the industry.”
Our research covers competitors:
- Company Profile
- Main Business Information
- SWOT Analysis
- Sales, Revenue, Price, and Gross Margin
- Market Share
The major players, among whom the Global Topical Pain Relief Market fluctuates, are AdvaCare Pharma, GlaxoSmithKline plc., Sanofi, Johnson & Johnson, Novartis AG, Reckitt Benckiser Group plc, Sun Pharmaceutical Industries Ltd., Pfizer Inc., Topical BioMedics, Inc. (Topricin), Exzell Pharma, and Emami Group.
Growth of Online Pharmacies
Online pharmacies are now accessible thanks to the global expansion of the medical sector brought about by the introduction of e-commerce platforms. Online pharmacies are growing and rising in developing nations, making it simpler to get pharmaceuticals, particularly topical painkillers that may not always need a prescription and are therefore simpler to order online. With the growth of online pharmacies, the market will have an opportunity in the years to come as there will likely be a rise in demand for pain relief products. Additionally, the abundance of choices and fresh, innovative products available online will aid in the market’s expansion.
Rising Prevalence Of Diabetes-related Neuropathy, Chronic Illnesses, And Arthritis
The prevalence of arthritis, other bone-related diseases, and diabetic neuropathy has increased significantly, which is encouraging patients to use topical therapies and increasing the market for topical pain relievers. The market is projected to grow further as the number of persons with joint pain issues rises, particularly as the population of older people rises. Additionally, those who have injuries can immediately find comfort from topical therapeutics. Therefore, the constant occurrence of accidents in people’s daily lives and across various industries is probably going to fuel market growth.
Expansion of The Medical Sector Garners Asia-Pacific with The Lion’s Share
“Globally, Asia-Pacific is expected to attain a significant market share in the coming years owing to the augmenting elderly population in several countries, leading to a prevalence of joint or muscle issues. Moreover, several countries are going through healthcare expansion and refining their medical sector, thus leading to further growth opportunities. Additionally, rise in disposable income has uplifted the living standard of consumers and affordability, which coupled with health awareness are likely to extend industrial expansion.”, further states the research report.
The Scope of the Report
With a business objective, the report details the key takeaway necessary to formulate business strategies like:
- New product launches
- New client acquisitions
- New opportunity mapping (market level and geography level)
- Competitive benchmarking
- Cost optimization strategies
- Expansion plans and more
People’s Involvement in Sports and the Gym
With the influence of social media and the internet, the trend of engaging in a physical activity or sport as a pastime to maintain levels of daily physical activity is spreading quickly and becoming more popular. An increase in gym attendees, morning walkers, hikers, etc. is being caused by the increased awareness of the importance of maintaining one’s health. This is causing a spike in the sales of topical analgesics or painkillers for controlling pain, providing immediate pain relief, and using them as a preventative measure in case of future damage or necessity. Topical pain relievers offer an effective alternative for people who are intolerant of other methods of pain management.
Enlisting The Segments
The distinct divarication and articulations of the industry are classified into further segments so the stakeholder can obtain detailed information about factors affecting the market along with various factors affecting the elements which lead to market fluctuations. Segment-wise, Global Topical Pain Relief Market spreads across the following:
- By Type
- Prescription Pain Relief
- Over-The-Counter Pain Relief
- By Therapeutic Class
- Nonsteroidal Anti-Inflammatory Drug
- Methyl Salicylate
- By Formulation
- By Distribution Channel
- Pharmacy Drug Store
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