Market Definition
Topical pain relief medications are medications applied directly to the epidermal layer of skin at and around the area of inflammation or pain. It includes painkillers, directly applied, sprayed, or rubbed on the skin over painful muscles or joints. Such relief medications are analgesic or anesthetic formulations designed to relieve pain and use skin as the path for drug administration and exert major action at the targeted site and in the central nervous system. The medication aims to offer a slow and gradual release of pain relief medication into the bloodstream by keeping the blood levels relatively constant for some time while, offering lesser side effects than oral medication.
Market Insights
The Global Topical Pain Relief Market is projected to grow at a CAGR of around 7.5% during the forecast period, i.e., 2023-28. Due to the rising incidences of arthritis, specifically osteoarthritis, surging technological advancements in transdermal patches for pain management, and burgeoning investments by pharmaceutical companies & government organizations for R&D activities, the market is likely to receive a rise. As growth in understanding online pharmacy with the increasing number of internet users choosing to buy topical therapeutics online, the expansion of online platforms and people’s inclination towards buying their medications online is likely to benefit the market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 7.5% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, UK, France, Italy, Spain, The Netherlands, Norway | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, New Zealand | |
| South America: Brazil, and Argentina | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Turkey | |
| Key Companies Profiled | AdvaCare Pharma, GlaxoSmithKline plc., Sanofi, Johnson & Johnson, Novartis AG, Reckitt Benckiser Group plc, Sun Pharmaceutical Industries Ltd., Pfizer Inc., Topical BioMedics, Inc. (Topricin), Exzell Pharma, Emami Group |
| Unit Denominations | USD Million/Billion |
Additionally, with the burgeoning geriatric population, the older population faces a higher risk of different bone-related issues and diseases. Hence, a rise in the older population around the world would also favor the growth of the industry. Along with it the surging awareness among people about the benefits of topical pain relief is another factor likely to contribute to the overall market growth.
Another factor that causes market growth is the inclination towards the adoption of topical pain relief products over other kinds of medications, as they cause lesser side effects, especially when compared with oral pain relief medication. Thus, with significant growth in awareness about the side effects of oral medication, the popularity of topical pain relief medicine is increasing.
Subsequently, with the increasing popularity of adopting healthier lifestyles, doing sports, and gym as hobbies would also result in a surge in the market as it would increase the demand for topical therapeutics. Ironically, the population is also facing a drop in daily exercising with the advent of working from home, and being able to receive everything at their door, leading to lesser daily activities. This might result in topical therapeutics demands soaring up as a fast and convenient pain relief solution, thus, leading to lucrative growth of the market in forecasting years.
