Topical Analgesic Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Topical Analgesic Market Analysis

The topical analgesic market size is expected to grow from USD 4.58 billion in 2023 to USD 6.26 billion by 2028, registering a CAGR of 6.44% during the forecast period.

The COVID-19 pandemic impacted the studied market during the pandemic due to supply chain alterations and altered production of various consumer healthcare products. However, consumer healthcare products like pain management medicines had high demand during the pandemic. For instance, according to the latest data from the ZOE Health Study in December 2022, the top symptoms reported by contributors in the United Kingdom with positive COVID-19 tests included headache, muscle aches, pains, and other respiratory symptoms. Headaches and muscle aches were reported as top symptoms from the initial stages of the COVID-19 pandemic. An increase in the number of individuals who experienced headaches, body discomfort, and fatigue due to COVID-19-related stress boosted sales of painkillers, specifically topical painkillers, due to their easy application. Hence, the market initially experienced a slight adverse impact but attained growth due to the high demand for topical analgesics and is expected to continue the steady growth over the coming years.

Certain factors that are driving the market growth include the high prevalence of arthritis, rising cases of sports-related injuries, and the growing geriatric population. Arthritis is the most common joint disease but also one of the major causes of disability in people aged 65 years and above. Pain is a prominent feature of many rheumatic and musculoskeletal diseases (RMDs) and is the source of much personal, financial, and societal burden. For instance, as per the report published by the European Pain Federation EFIC in October 2022, more than 120 million RMDs of all ages are estimated to experience pain in Europe. Similarly, according to the report published by the Deutsches Rheuma-Forschungszentrum in January 2023; currently, 1.5-2.1 million adults and 14,000 children have rheumatic diseases in Germany. The most common are rheumatoid arthritis and spondyloarthritis. Thus, the high burden of pain diseases like arthritis increases the need for topical analgesics, likely boosting the market growth.

Furthermore, the new product approvals and launches increase the widespread distribution of products in various regions, likely boosting market growth. For instance, in June 2022, Lumiera Health Inc. launched its Awaye pain relief cream in the United States market. Awaye relieves acute and chronic pain by exploiting the CB2 receptors of the endocannabinoid system. Thus, all the factors above, like the high prevalence of arthritis and new product approvals and launches, increase the demand for topical analgesics, likely propelling the market over the forecast period.

However, side effects related to topical analgesics are expected to hinder the market's growth over the forecast period.

Topical Analgesic Market Trends

Nonsteroidal Anti-inflammatory Drugs (NSAIDS) Under Non-opioids Segment are Expected to Hold Significant Share in the Market Over the Forecast Period

Topical Analgesic Industry Segmentation

Topical analgesics are recommended when patients experience acute and chronic muscle and joint pain to relieve their symptoms. The products are applied directly to the skin instead of being injected or swallowed. The Topical Analgesic Market is Segmented by Drug Type (Non-Opioids and Opioids), Formulation (Cream, Patch, Spray, Gel, and Other Formulations), Type (Counter (OTC) Analgesic and Prescription Analgesic), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for the above segments.