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The pain patch market involves the manufacturing of transdermal patches that deliver pain medications through the skin directly into the bloodstream. Pain patches are easy-to-use and convenient options for pain management as they provide localized and sustained delivery of drugs. They help avoid the gastrointestinal discomfort sometimes associated with oral medications. The patches are available for various types of pain including neuropathic pain, muscle pain, joint pain, and post-operative pain. Commonly used active ingredients in pain patches include lidocaine, diclofenac, buprenorphine, fentanyl, and methyl salicylate. The advantages of pain patches include predetermined drug delivery, non-invasive application, and avoiding first-pass liver metabolism. With a significant population suffering from chronic pain worldwide, the demand for effective long-lasting pain relief options is increasing rapidly.
The global Pain Patch Market is estimated to be valued at US$ 5.29 Bn in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the pain patch market is the growing demand for advanced transdermal drug delivery systems. Market players are focusing on R&D to develop innovative patches with improvements such as controlled drug release kinetics, enhanced permeability of drugs, user-friendly designs, and multi-drug combinations. For instance, some patches are combined with technologies like microfluidic circuits and printed electronics to achieve customizable drug delivery. Another trend is the increase in demand for pain patches powered by renewable energy sources like body heat or solar energy. Such self-powered patches can maintain consistent drug release without requiring battery replacements. With rising chronic pain prevalence, further innovation in pain patch drug delivery technologies is expected to boost the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The pain patch market experiences low to moderate threats from new entrants due to the need for high R&D investment, patents for medication formulations, and the presence of major players in this market.
Bargaining power of buyers: The bargaining power of buyers in the pain patch market is moderate owing to the availability of alternative treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of multiple ingredient suppliers in the market.
Threat of new substitutes: The threat from new substitutes is low to moderate as there are limited treatment options available for pain management currently.
Competitive rivalry: The pain patch market experiences high competitive rivalry among the major players due to their geographical presence and product offerings.
Key Takeaways
The global Pain Patch Market is estimated to be valued at US$ 5.29 Bn in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2030.
The global pain patch market is expected to witness high growth over the forecast period. North America is projected to dominate the global pain patch market owing to the increasing prevalence of chronic pain, rising adoption of pain patches, accessibility to advanced healthcare services, and presence of major market players in the region.
Key players operating in the pain patch market are Hisamitsu Pharmaceutical Co., Inc., Johnson & Johnson, Pfizer Inc., Novartis AG, Mylan N.V. Key players are focusing on new product launches, partnerships and geographic expansion to strengthen their market position and garner larger market share in the pain patch market.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
