A new research report on the global non-opioid pain patch market expects that the market will achieve a stellar growth in the next few years of the mentioned forecast period of 2016 to 2024. The growth of the market is expected to grow at a great pace because of the increasing opioid misuse that has fueled the demand for a safer and non-addictive analgesic drug to treat pain.
The global non-opioid pain patch market has a highly consolidated vendor landscape with only a handful of notable names in operation. Some of the notable names in the global non-opioid pain patch market include names such as Mylan NV, Endo International Plc., Hisamitsu Pharmaceutical Co. Inc., Teikoku Seiyaku Co. Ltd., IBSA Institut Biochimque SA, TEH SENG Pharmaceutical Mfg. Co. Ltd., Pfizer Inc., GlaxoSmithKline Plc., Acorda Therapeutics Inc., and ALLERGEN among others.
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Product Development is Key Focus for Market Leaders
The leading players in the global market for non-opioid pain patch share a moderate rivalry. The competition in the market is modest because of the current nascent stage of the global market. Even though there are only a few market players, each of them have been successful in creating very strong brand identities. Hisamitsu Pharmaceutical Co., Endo International Plc., and Acorda Therapeutics Inc. cumulatively account for around 40% of the overall market share. These leading companies are using the aggressive approach of mergers and acquisitions in order to stay ahead of the competitive curve.
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The companies in the market are also concentrating on developing new and innovative drugs that will help in catering the demand of the end users. With this, there have been increasing focus on the research and development activities to bring out new products. For instance, in December 2016, Hisamitsu Pharmaceutical Co. Inc. announced that the company has filed an application for a transdermal therapeutic drug for treating allergic rhinitis. The company launched the drug in Japan.
As per the market research report published by Transparency Market Research, the global non-opioid pain patch market will exhibit a steady CAGR of 3.3% for the given projection period of 2016 to 2024. In 2015, the global market stood at a valuation of US$3,750 mn. With this rate of growth, the market is expected to jump to a new valuation of US$4,983.3 mn by the fall of 2024.
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North America to Emerge as Leading Segment
In terms of geographical segmentation, the global non-opioid pain patch market is divided into five main geographical segments. These regions are North America, Middle East and Africa, Europe, Latin America, and Asia Pacific. Among these key regions, the global market is expected to be dominated by the segment of North America. The region is expected to account for around 51.5% of the overall share of the global market by the end of the forecast period in 2024. Highly developed healthcare infrastructure coupled with growing support by the government is expected to help the development of the North America non-opioid pain patch market.
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