About Topical Analgesics
Topical analgesics are known as a pain medication that can directly be applied on the skin instead of being swallowed/injected or anything else. Topical pain medications utilized in different forms for different situations, though they are commonly adopted for the treatment of musculoskeletal pain and some types of neuropathic pain.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | North America |
Unit | Value (USD Million) |
CAGR | 7.3% |
The global Topical Analgesics market is strongly competitive and having a few leading players. In concern of the market share, some of the leading players are highly dominating the whole market. These leading players are highly investing in strategic collaborative initiatives to enhance their market share and improve their profitability. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Topical Analgesics market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Johnson & Johnson (United States), Novartis AG (Switzerland), GlaxoSmithKline Plc. (United Kingdom), Pfizer Inc. (United States), Reckitt Benckiser Group Plc. (United Kingdom), Sanofi S.A. (France), Topical BioMedics, Inc. (United States) and AdvaCare Pharma (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Sun Pharmaceutical Industries Ltd. (India), Abacus Health Products, Inc. (Canada) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Topical Analgesics market by Type (Prescription Pain Relief and Over-The-Counter Pain Relief) and Region.
On the basis of geography, the market of Topical Analgesics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023. If we see Market by Distribution Channel, the sub-segment i.e. Pharmacies & Drug Stores will boost the Topical Analgesics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Formulation, the sub-segment i.e. Cream will boost the Topical Analgesics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Therapeutic Class, the sub-segment i.e. Non-Opioids will boost the Topical Analgesics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Online Purchasing Trends across the Globe
Market Growth Drivers:
Easy Availability of Customers, The rise in Cases of Arthritis and Many Other Bone-Related Conditions and High Adoption of Topical Pain Relief Products
Challenges:
Lack of Consumer Awareness
Restraints:
High Cost of Raw Materials
Opportunities:
Increasing Number of Manufacturers across the Globe
Market Leaders and their expansionary development strategies
In 2020, GlaxoSmithKline announced that the U.S. Food and Drug Administration (FDA) has approved Voltaren Arthritis Pain Gel as an over-the-counter (OTC) topical analgesic for temporary relief of arthritis pain in the hands, wrists, elbows, feet and ankles. did. or the knee of an adult (18+).
In 2021, Hisamitsu America, a division of Hisamitsu Pharmaceutical Co., Inc., has launched Salonpas Arthritis Pain Relief Gel, featuring the most prescribed topical analgesic clinically proven to relieve arthritis pain in the major joints. and In Mar 2019, Abacus Health Products, the company revealed its products known as CBDMEDIC. Basically, it is a topical medication by combining active pharmaceutical ingredients which include hemp extracts and other herbal moisturizers.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Topical Analgesics Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.