July 16, 2024

The Pain Patch Market is driven by rising cases of chronic pain

The global pain patch market is comprised of patch-based drug delivery systems that contain pain-relieving medications which are absorbed through the skin directly into the bloodstream at a predetermined rate. Pain patches offer advantages over conventional oral therapies as they provide controlled delivery of drugs to avoid spikes and troughs in plasma concentrations. This ensures around-the-clock relief from various types of localized or chronic pain such as lower back pain, arthritis pain, post-operative pain, and sports injuries.

The global pain patch market offers a convenient alternative to oral drugs by eliminating the need for frequent dosing. 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 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increasing research activities focused on developing new pain relief drug delivery methods is driving innovation in the pain patch market. Major companies are investing heavily in developing opioid-free and abuse-resistant pain patches to address the growing opioid epidemic. Transdermal patches that allow combination drug delivery for enhanced pain relief are also gaining popularity. Furthermore, wearable pain patches integrated with sensors for remote patient monitoring are being researched which could help optimize pain management. With a growing geriatric population suffering from chronic pain conditions, demand for convenient self-administered pain treatments like patches is increasing significantly.

Porter’s Analysis
Threat of new entrants: Low economies of scale and regulatory barriers make it difficult for new players to enter this market.
Bargaining power of buyers: Buyers have moderate bargaining power as there are a few existing players in the market providing differentiated pain patch products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative raw material suppliers.
Threat of new substitutes: Alternatives like pain medications provide a moderate threat to pain patches.
Competitive rivalry: The market is competitive due to the presence of a few major pharmaceutical players.

Key Takeaways
The global pain patch market is expected to witness high growth over the forecast period.Regional Analysis: North America is expected to dominate the pain patch market during the forecast period. Increasing prevalence of chronic pain disorders and growing geriatric population are some of the major factors driving the North American pain patch market.

Key players operating in the pain patch market are Hisamitsu Pharmaceutical Co., Inc., Johnson & Johnson, Pfizer Inc., Novartis AG, Mylan N.V., Endo Pharmaceuticals, Teikoku Pharma USA, Inc., Acorda Therapeutics, Ibsa Institut Biochimique SA, Alembic Pharmaceuticals, Noven Pharmaceuticals, Inc., Teva Pharmaceuticals, Strativa Pharmaceuticals, Galen Limited, and Napp Pharmaceuticals. These companies are adopting organic and inorganic growth strategies like new product launches, partnerships and acquisitions to cement their position in the pain patch market.

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  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it