Asia Pacific is estimated to account for the very best CAGR within the topical pain relief market over the forecast period. it's majorly driven by the growing geriatric population within the region. Additionally, the growing prevalence of the chronic disease, a rise within the number of pharmacies and drug stores, and raising awareness among the people regarding the advantages of topical pain relief are helping penetration within the region. As a result, the topical pain relief market is probably going to expand regionally during the forecast period.
New York, NY -- (SBWIRE) -- 03/20/2020 -- Market Industry Reports (MIR) has published a new report titled "Topical Pain Relief Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030." According to the report, the global topical pain relief market is estimated to account over US$ 7.8 million in 2019. It is anticipated to grow at a CAGR of 6.8% from 2019 to 2030.
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Major Key Players:
AdvaCare Pharma, GlaxoSmithKline plc., Johnson & Johnson Services, Inc., Nestlé, Novartis AG, Pfizer Inc., Reckitt Benckiser Group plc, Sanofi, Sun Pharmaceutical Industries Ltd., The Feel Good Lab, LLC., and others.
Other factors like growing geriatric population across the planet ,as topical pain relief are widely accepted among elderly population who have persistent pain and need treatment with none side effects. consistent with American Osteopathic Association, geriatric home residents have a good higher prevalence of pain, which is estimated to be between 45% and 80% as they're more likely to possess arthritis, bone and joint disorders, cancer, and other chronic disorders related to pain. Moreover, increasing investments by leading companies for the event of the topical pain relief helping boost the market growth. Also other benefit offered by topical pain relief like fewer side effects compared to oral pain relievers which causes side effects like gastrointestinal problem, indigestion , ulcers, bleeding and kidney damage making consumers use topical pain relief over oral pain relief, helps the expansion of the market.
Topical Pain Relief Market Segmentation:
Topical Pain Relief Market by Therapeutic Class:
-Non-opioids
-Opioids
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Topical Pain Relief Market by Formulation:
-Cream
-Gel
-Spray
-Patch
Topical Pain Relief Market by Type:
-Prescription Pain Relief
-Over-The-Counter Pain Relief
Topical Pain Relief Market:
-Pharmacies & Drug Stores
-e-Commerce
-Retail & Grocery Stores
Topical Pain Relief Market by Region:
-North America
-Europe Centres
-Asia –Pacific
-Rest of world
Further, the report covers:
-Conventional Topical Pain Relief Market, based on actual product sales (US$ Million) and Product Sales Volume (Million Units)
-Market Potential Assessment
-Total Addressable Market (TAM) Assessment, Based on Investments
-Investment Mapping
-12+ Key Players Assessment
-Forecast Till 2030
The growth of the topical pain relief market are often attributed to the increasing demand for pain relief among people affected by chronic diseases like diabetic neuropathy, osteoarthritis of the knees & hands, and other people affected by injuries of joint and muscle. consistent with the American Diabetes Association, in 2018 there have been quite 500 million prevalent cases of type 2 diabetes worldwide and therefore the prevalence is more in low-income countries. Also, the demand for quick pain relief within the sport by athletes is additionally growing as topical pain relievers are beneficial for acute musculoskeletal injuries like sprains and strains.
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