Non-opioid Pain Patch Market Expected to Behold a CAGR of 3.3% through 2016 – 2024

The global non-opioid pain patch market is anticipated to witness a surge owing to rise in epidemic of opioid misuse which has called for a non-addicting and a safer analgesic drug to reduce pain. The non-opioid pain patch market is likely to experience a moderate competition in coming years. The market seems to be pretty consolidated with a few players reigning in it. Owing to well-known brand names, these organizations have a better market presence and they operate on global scale. ALLERGAN, Acorda Therapeutics Inc., GlaxoSmithKline plc, Pfizer Inc., TEH SENG Pharmaceutical Mfg Co. Ltd, IBSA Institut Biochimque SA, Teikoku seiyaku Co. Ltd., Hisamitsu Pharmaceutical Co. Inc., and Endo International plc, Mylan N.V. are among the leading players in global non-opioid pain patch market.

According to Transparency Market Research, the global non-opioid pain patch market is prognosticated to flourish decently with a steady CAGR of 3.3% within the forecast period from 2016 to 2024. In 2015, the overall market was valued around worth of US$3,750 mn. This figure is likely to reach near US$4,983.3 mn by the end of year 2024. On the basis of patch type, the non-opioid pain patch market is classified into methyl salicylate patches, lidocaine patches, ketoprofen patches, capsaicin patches, diclofenac patches, and so forth. Among these, the lidocaine patches segment led the global market in 2015.

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Nevertheless, owing to availability of generic alternatives and expiration of these patch the segment is likely to face a decline in its growth. However, the methyl salicylate segment is picking up pace in the market with significant CAGR. On the basis of geography, North America region led the market race in 2015. This region is anticipated to flourish by taking over around 51.5% of global market by the end of forecast period, 2024.

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