The global pain patches market, valued at $4.80 billion in 2021, is projected to witness substantial growth and reach an estimated value of $7.33 billion by 2031, with a steady Compound Annual Growth Rate (CAGR) of 4.3% from 2022 to 2031.
That’s just one of the findings in “Pain Patch Market By Product Type, By Type, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031” a report that has been added to ResearchAndMarkets.com’s offerings.
Pain patches, transdermal solutions designed for controlled pain relief, are gaining traction for their ability to offer continuous medication release. These patches are commonly used for chronic pain conditions like arthritis, back pain, and neuropathic pain, providing a consistent and effective approach to managing discomfort. Market dynamics, including the rise in chronic pain cases and the aging population, contribute to the anticipated growth.
The market’s driving forces include the increase in chronic pain cases and the growing elderly population. As per the U.S. Pain Foundation’s 2022 report, an estimated 50 million people endure chronic pain each year. This escalating prevalence of chronic pain is a key driver for market expansion. Additionally, the elderly are particularly susceptible to chronic pain conditions such as joint pain and neuropathy, propelling market growth.
A surge in awareness about advanced pain management methods and the availability of over-the-counter (OTC) pain patches like methyl salicylate and nitroglycerin are expected to further stimulate market growth. Advancements in patch technology are also poised to enhance market prospects. Industry leaders are pursuing strategies like collaborations and expansions to bolster their global presence. For instance, Sorrento Therapeutics Inc. expanded coverage of their lidocaine topical system, ZTlido, to a substantial number of lives, showcasing how such expansions can drive market growth.
However, the pain patches market faces challenges stemming from the availability of alternative treatments such as acupuncture, physical therapy, and chiropractic care. Furthermore, stringent government regulations related to the manufacturing and marketing of opioid-containing pain patches could hinder market growth.