The Europe Pain Patch Market would witness market growth of 4.0% CAGR during the forecast period (2023-2029).
The market is anticipated to develop due to the rising usage of pain patches for non-cancer conditions. Rising usage of pain patches as a handy and simple-to-use practical choice, as well as the growing acceptability of non-invasive pain management techniques. Over the projected period, the demand for pain patches will be driven by the rising occurrence of traffic accidents, trauma, injuries, severe chronic illnesses, and post-surgery pain. The market's sales are boosted by the fact that pain patches are sold at retail pharmacies, online retailers, and hospital pharmacies.
In addition, with cutting-edge products and technology, several start-ups have joined the market for pain patches. In comparison to alternative administration methods, pain patches have the benefit of regulated medicine distribution due it uses a transdermal route. Throughout the projection period, this benefit might increase sales of pain patches. Moreover, alterations in lifestyle and the growth of office-related employment that require prolonged periods of time spent sitting still may cause, among other things, back-related illnesses. The market for pain patch will experience a significant growth as a result of this.
According to the Falls and Fracture Consensus Statement, which was released in January 2017 by Public Health England and member organizations of the National Falls Prevention Coordination Group, the total cost of fragility fractures in the UK has been estimated at £4.4 billion, of which £1.1 billion goes toward social care. Of this sum, roughly £2 billion is attributable to hip fractures. More than 240,000 falls in hospitals were reported in acute hospitals and mental health trusts in Wales and England, making them the most frequent patient safety-related incident. The market will surge due to the increased demand for pain management, owing to the increasing number of falls causing more pain among the older population, thereby driving the market expansion.
The Germany market dominated the Europe Pain Patch Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $413.9 million by 2029. The UK market is anticipated to grow at a CAGR of 3.1% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 4.8% during (2023 - 2029).
Based on Distribution Channel, the market is segmented into Drug Stores & Retail Pharmacies, Hospital Pharmacies and Online Providers. Based on Type, the market is segmented into Prescription Medicines and OTC Medicines. Based on Product Type, the market is segmented into Non-Opioid Patches and Opioid Patches. Based on Non-Opioid Patches Type, the market is segmented into Nonsteroidal Anti-Inflammatory Drugs, Methyl Salicylate, Lidocaine and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Pain Patch Market is Projected to reach USD 6.4 Billion by 2029, at a CAGR of 4.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NEXGEL, Inc. Viatris, Inc. Johnson & Johnson. Teva Pharmaceutical Industries Ltd. Grunenthal GmbH. Sorrento Therapeutics, Inc. Hisamitsu Pharmaceutical Co. Inc. Endo International PLC. Purdue Pharma L.P. Amneal Pharmaceuticals, Inc.
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