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The Topical Analgesic Market is segmented by Drug Type (Non Opioids, Opioids, Others), Formulation, Type, and Geography.
Fastest Growing Market:
The topical analgesic market is expected to witness a CAGR of 7.43% during the forecast period. Certain factors that are driving the market growth include increasing prevalence of arthritis, rising cases of sports-related injuries, and growing geriatric population.
A sports injury is creating a huge demand for topical analgesics among athletes. As per the Centers for Disease Control and Prevention (CDC), more than 2.6 million pediatric patients are treated in emergency departments for sports-related injuries each year. In accordance with the National Safety Council (NSC), in 2017, exercise and the use of exercise equipment led to the most of the sports-related injuries in the United States, with more than 526,000 injuries reported. The same source indicated that basketball, followed with about 500,000 injuries, while bicycling, with 457,000 injuries and football, with 341,000 injuries, ranked third and fourth. Topical analgesics for sports-related injuries act as convenient alternative or adjunct to oral medications since they provide pain relief rapidly and minimal systemic interactions.
Other factors, such as rising geriatric population and increasing prevalence of arthritis are also expected to drive the market studied over the forecast period.
Although the adverse effects arising from topical pain relief products are rare, skin irritation and other complication might restrict its usage and consequently affects the topical analgesic market growth.
Topical analgesics are recommended to use when patients experience acute and chronic muscle and joint pain, in order to get relief from their symptoms. The products are applied directly to the skin, instead of being injected or swallowed. The topical analgesics are available in the forms of creams, lotions, spray, gel, or patch. The topical analgesics are obtained as prescription analgesics and OTC analgesics as well. However, several factors must be considered when selecting an OTC topical analgesic, which includes dosage form, cost, ease of use, odor, and the patient’s medical history, including possible allergies.
|Over the Counter (OTC) Analgesic|
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The topical analgesic market is highly competitive and consists of a number of major players. Companies like GlaxoSmithKline plc., Johnson & Johnson, Pfizer Inc., Sun Pharmaceutical Industries Ltd, and AdvaCare Pharma among others, hold the substantial market share in the topical analgesic market.
Various developments have recently been taking place in the market, such as in March 2019, Teva Pharmaceutical Industries Ltd, announced the launch of an authorized generic of Flector 1 Patch, in the United States. It is Diclofenac Epolamine Topical Patch, a nonsteroidal anti-inflammatory drug (NSAID) indicated for the topical treatment of acute pain arising from minor strains, sprains, and contusions.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Arthritis
4.2.2 Rising Cases of Sports related Injuries
4.2.3 Growing Geriatric Population
4.3 Market Restraints
4.3.1 Side Effects Related to Topical Analgesics
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Drug Type
5.1.1 Non Opioids
220.127.116.11 Nonsteroidal anti-inflammatory drugs (NSAIDS)
18.104.22.168 Methyl salicylates
22.214.171.124 Other Drug Types
5.2.5 Other Formulations
5.3.1 Over the Counter (OTC) Analgesic
5.3.2 Prescription Analgesic
5.4.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.4.4 Middle-East & Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East & Africa
5.4.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AdvaCare Pharma
6.1.2 GlaxoSmithKline plc.
6.1.3 Johnson & Johnson
6.1.4 Pfizer Inc.
6.1.5 Hisamitsu Pharmaceutical co.,inc.
6.1.7 Sun Pharmaceutical Industries Ltd
6.1.8 Topical BioMedics, Inc.
6.1.9 Teva Pharmaceutical Industries Ltd
6.1.10 List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments