Albany, New York, July 05, 2019 (GLOBE NEWSWIRE) -- The analysts at Transparency Market Research have compiled a new report that speaks about the global non-opioid pain patch market. The report gives detailed information and meaningful insights about the global non-opioid pain patch market. As per the report, the global non-opioid pain patch market is projected to reach an overall market valuation of US$4,983.3 mn by the fall of 2024. This is a considerable growth from the initial market valuation of US$3,750 reported in 2015. The global non-opioid pain patch market is expected to grow with a steady CAGR of 3.3% over the course of the given forecast period of 2016 to 2024.
Depending upon the type of product, the global non-opioid pain patch market is segmented into ketoprofen patches, methyl salicylate patches, lidocaine patches, diclofenac patches, and capsaicin patches among others. Of these, the market was dominated by lidocaine patches in 2015. However, the methyl salicylate patch segment is projected to witness considerable growth over the course of the given forecast period. On the geographical front, the global non-opioid pain patch market is dominated by North America, which is expected to continue its dominance in the coming years.
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Some of the key players in the global non-opioid pain patch market include names such as Endo International Plc., Hisamitsu Pharmaceuticals Co. Inc., IBSA Institute Biochimique SA, TEH SENG Pharmaceutical Mfg Co Ltd, and GlaxoSmithKline Plc., among others.
Declining Opioid Prescriptions Fuelling Market Growth
Prolonged consumption of opioids generally leads to its abuse along with serious after-effects and addiction. Such events have led to a decline in prescribing medicinal opioids. This decline in the medicinal opioids is projected to increase the adoption of non-opioid medications for treating pain and other related disorders. This is projected to fuel of the growth of the global non-opioid pain patch market.
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Increasing occurrence of pain disorders and improving treatment methods and the ability to spend is also expected to drive the growth of the global non-opioid pain patch market in the coming years of the forecast period. This is mainly due to the increase in the number of people experiencing chronic and acute pain that are using non-opioid therapeutics to treat such pain disorders.
Another important factor responsible for the growth of the global non-opioid pain patch is that it does not attract any sort of addiction without compromising its pain-relieving properties.
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Additionally, non-opioid pain patches are easily accessible in multiple varieties and have become successful over orally directed pain-killing drugs. Furthermore, the use of non-opioid pain patch provides an economic advantage for the healthcare sector as it is an efficient drug delivery system.
Low Adoption Rate of Non-opioids Hampering Development of Market
The above-mentioned growth of the global non-opioid pain patch market is not without some challenges in its path. One of the key restraining factors for the growth of the global non-opioid pain patch market is its slow adoption rate. This low adoption rate is mainly attributed to the fast reaction of orally directed drugs to relieve pain. Additionally, the growing success of implants to relieve pain in the long term is also hampering the growth of the global non-opioid pain patch market.
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However, several key players are now concentrating on developing a new line of products to manage intense and ceaseless pain, neurological illness, and numerous similar disorders. This is expected to propel the growth of the market in the coming years of the forecast period.
This review of the global dental laboratories market is based on a recent market research report by “Non-opioid Pain Patch Market (Patch Type - Lidocaine Patches, Diclofenac Patches, Methyl Salicylate Patches, Capsaicin Patches, Ketoprofen Patches; Distribution Channel - Hospital Pharmacies, Online Pharmacies, and Independent Pharmacies and Drug Stores) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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