The Latin America, Middle East and Africa Pain Patch Market would witness market growth of 6.9% CAGR during the forecast period (2023-2029).
The market for pain patches is expected to grow profitably as more people turn to pain patches to deal with the discomfort brought on by a variety of medical ailments. In addition, the pain patch market is booming as a result of the rising incidence of chronic illnesses and the growing elderly population. Also, the expansion of government programs to improve healthcare facilities, concentrate on research, and increase financing for research support market growth.
Aged people are more vulnerable to chronic pain-producing conditions such as joint problems, neuropathic pain, and others. As the number of aged people is growing, the market is also anticipated to grow significantly. In addition, a rise in the frequency of work- and sports-related trauma injuries, such as sprains, strains, fractures, tendinitis, and back injuries, is anticipated to spur market expansion. There is an increase in the occurrence of low back pain cases in adults, which further fuels market expansion.
Israel's population is aging more quickly than average. The number of persons 65 and older has increased 18-fold since 1950. The overall population of Israel is projected to reach 12.1 million by 2035, with seniors making up about 14% of that total population or 1.9 million people. Ages 65 and older made up just 4% of the population in 1948, the year the State of Israel was founded. Throughout the years, this population has grown steadily. Given an increasing life expectancy, it has climbed by 1% annually since 1995 and is predicted to continue to rise. The demand for pain patches is expected to surge with the growing number of older age population in the region.
The Brazil market dominated the LAMEA Pain Patch Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $135.6 million by 2029. The Argentina market is exhibiting a CAGR of 7.4% during (2023 - 2029). Additionally, The UAE market would showcase a CAGR of 6.6% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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