DUBAI / ACCESSWIRE / June 3, 2020 / Future Market Insights Increasing adoption of non-addictive pain therapeutic solutions and favorable government initiatives are the primary factors fueling adoption of non-opioid pain patches. Backed by government support, prominent market players in non-opioid pain patches landscape are significantly investing in R&D of novel drugs, thereby further boosting the market revenues. As indicated by a market study by Future Market Insights (FMI), the global non-opioid pain patches market will surpass the valuation of US$ 4 Bn during 2020-2029.
However, the sales are likely to witness a drop in the immediate future owing to the unforeseen outbreak of COVID-19. The pandemic has compelled several national governments across the world to impose lockdowns, resulting in the disruption of the medical supply chain and a hindrance to production. Healthcare institutions in North America, Asia, and Europe have deprioritized non-essential medical treatments and associated patient visits. Owing to this factor, the downtrend of the non-opioid pain patches market will persist through the pandemic.
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Segmental Highlights
Lidocaine patches segment is projected to hold the lion's share, accounting for nearly 2/3rds of the overall market value owing to the product's benefits such as superior topical effectiveness, minimal side effects, and prolong transdermal drug release
Hospital pharmacies, retail pharmacies, and drug stores will collectively account for 70% of global market value, with hospital pharmacies driving the majority of sales owing to frequent patient visits for pain management.
North America is currently the leading regional market for non-opioid pain patches, owing to spending on research and development activities and a conducive regulatory environment for non-opioid pain therapeutics.
Europe is forecasted to bestow substantial revenue opportunities for players in the market, backed by an aging population and increasing per capita healthcare expenditure.
Asia Pacific is projected to register higher growth among other regions and will account for the majority of market share by the end of the forecast period. The growth is primarily attributed to the rising incidence of lifestyle-related disorders with a high number of patients suffering from chronic and acute pain.
Analyst's Viewpoint
"Leading manufacturers in the market are focusing on external development collaboration to innovate novel therapeutics, in a bid to sustain market competition. However, the demand for these products is likely to face decline during the pandemic on the back of changing consumer preferences," says an FMI analyst.
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Coverage
Products: Lidocaine patches, diclofenac patches, methyl salicylate patches, capsaicin patches, ketoprofen patches, and others
Distribution channels: Hospital pharmacies, retail pharmacies & drug stores, and online pharmacies
Regions: North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA
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Market Report: https://www.futuremarketinsights.com/reports/non-opioid-pain-patches-market
Press Release Source: https://www.futuremarketinsights.com/press-release/non-opioid-pain-patches-market
SOURCE: Future Market Insights
View source version on accesswire.com:
https://www.accesswire.com/592563/Evaluating-COVID-19-Impact-Non-opioid-Pain-Patches-Witness-a-Drop-in-Sales-as-Industry-De-prioritizes-Non-emergency-Medical-Procedures--Future-Market-Insights
