Topical Pain Relief Market Aims for US$ 17 Billion by 2034

The industry report conducted by Future Market Insights (FMI) estimates that the global topical pain relief market size will be valued US$ 10,720.8 million in 2024. Over the course of the forecast period, it is anticipated to show a CAGR of 5.3%, with an estimated valuation of US$ 17,115.4 million in 2034.

The rising prevalence of bone-related disorders, such as osteoarthritis and diabetic neuropathy, which cause pain, is a significant factor propelling the growth of the topical pain relief market. Additional factors contributing to the market’s expansion are the increasing use of topical pain relief products due to their lower side effect profile than oral pain relief.

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The growing demand for topical pain relief among athletes is further driving the market’s growth. The industry is anticipated to see significant expansion prospects, with topical pain relief being available on online platforms.

Pharmaceutical companies are trying to develop different formulations and drugs with combinatorial effects that claim to reduce pain rapidly and can be used in different kinds of injuries. They also emphasize the development of medication that facilitates treatment and decreases side effects.

For instance:

Amneal Pharmaceuticals, Inc. received approval from the United States Food and Drug Administration (FDA) in August 2022 for their Abbreviated New Drug Application (ANDA).

Key Takeaways from the Market Study:

Based on class, the non-opioid segment held around 71.9% market value share in 2023.
By formulation, creams are expected to surge with a CAGR of 5.9% by 2034.
By distribution channel, hospital pharmacies are expected to rise at a CAGR of 5.4% by 2034.
North America is expected to surge at a CAGR of 5.5% by 2034.
The topical pain relief market is projected to surge at a CAGR of 5.3% by 2034.

“Topical pain reliever sales via e-commerce platforms are rising as a result of the growing number of cancer patients. Moreover, renowned pharmaceutical companies are launching topical analgesics or medications to help cancer patients manage their pain” – opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape

The market for topical pain relief is fragmented, and well-established players exist within the market sphere. Key players have initiated launches with additional features, attained regulatory approvals, and increased manufacturing facilities.

For instance,

In March 2022, Hisamitsu Pharmaceutical Co., Inc. introduced Salonpas® Arthritis Pain Relief Gel, a topical solution containing diclofenac, a widely recognized nonsteroidal anti-inflammatory drug (NSAID).

Key Companies Profiled