The global topical pain relief market is witnessing significant growth, driven by factors such as the rise in the prevalence of arthritis, diabetic neuropathy, and other bone-related diseases. The market is expected to experience substantial sales prospects from 2021 to 2031, with key formulations including gel, cream, patch, and spray.
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A forthcoming research report by Transparency Market Research (TMR) provides an in-depth analysis of the major factors influencing the growth trajectory of the global topical pain relief market. The report offers insights into growth drivers, current and historical trends, restraints, R&D activities, and challenges in the market, along with data on production, sales, shares, volume, and revenues.
The market is segmented based on formulation, distribution channel, therapeutic, and region. In terms of distribution channel, the market is divided into e-commerce, retail & grocery stores, and pharmacies & drug stores.
Key Drivers of Market Growth The increase in the prevalence of arthritis and other joint problems globally has led to a surge in the demand for topical pain relief solutions. Additionally, the growing elderly population, who are at a higher risk of bone-related diseases, is expected to drive market growth. Moreover, the rise in awareness about the adverse effects of non-opioids and the increasing number of people living with chronic pain are contributing to the sales growth in the global topical pain relief market.
The COVID-19 pandemic has also influenced market dynamics, with a shift towards online platforms for purchasing medications, including topical pain relief drugs. The growth in online pharmacy awareness and the increasing number of internet users globally are projected to play a significant role in the expansion of the market.
Competition Landscape The topical pain relief market is characterized by a high level of competition, with the presence of many well-established players. Companies are adopting various strategies to stay ahead, including expanding their businesses in new regions through partnerships, collaborations, and mergers and acquisitions. Additionally, organizations are focusing on improving the quality of their products by investing in R&D projects.
Key Players Some of the key players in the global topical pain relief market include Glaxosmithkline Plc (GSK), Advacare Pharma, Nestlé S.A., Johnson & Johnson, Pfizer Inc., Novartis AG, Sanofi, Reckitt Benckiser Group Plc., Topical Biomedics, Inc., and Sun Pharmaceutical Industries Ltd.
Leading Region: North America North America stands out as a dominant region in the topical pain relief market, attributed to factors such as the increased use of over-the-counter pain relief products and the early approval of topical pain relief medications in the region.