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Topical Pain Relief Global Market 2022 – Latest Research Report, Expected Demand and Growth Rate, Revenue, Recent Development, Future Prospect and Forecast to 2031

Kenneth Research, in its repository of market research reports, has recently added a report titled Topical Pain Relief Global Market market, that emphasizes on the recent market trends and opportunities available for the growth of the market for the forecast period 2022-2031. The growth of the Topical Pain Relief Global Market market can be attributed to the increasing health spending by nations across the globe, and for the rapid innovations observed in the medical sector. According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Topical Pain Relief Global Market products.

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Global Topical Pain Relief Market Analysis 2020-2028

Topical pain relief market comprises of opioid and non-opioid analgesics that are offered as creams, foams, gels, lotions, ointments and others. These analgesics are applied to body surfaces such as the skin or mucous membranes to treat painful ailments. Topical pain relief offers high concentrations of drug in peripheral effector sites, as opposed to the low serum levels of those sites on the back of which undesirable side effects are much lower on topical analgesic application. The global topical pain relief market is anticipated to achieve a CAGR of 4.31% over the forecast period, i.e. 2021-2028.

Factors such as increasing investments from leading pharmaceutical companies as well as government organizations for R&D activities, increasing elderly population, growing prevalence of musculoskeletal disorders, such as osteoarthritis and autoimmune arthritis along with the growing technological advancements pertaining to the development of transdermal patches for pain management are anticipated to contribute significantly towards the growth of the global topical pain relief market. Additionally, growing popularity of topical as well as transdermal creams and patches among the sportspersons and the growing concern for arthritis, especially osteoarthritis are some of the factors anticipated to drive the growth of the global topical pain relief market.

The global topical pain relief market consists of various segments that are segmented by therapeutic class, formulation, distribution channel and by region. The formulation segment is further sub-divided into cream & rubs, patch, spray, gel and others. Out of these, the cream & rubs segment held a value of USD 2521.95 million in the year 2019 and is anticipated to reach a value of USD 3581.22 million by the end of 2028 by growing at a CAGR of 4.10% over the forecast period.

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Based on region, the global topical pain relief market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific, which had accounted for 20.21% share in the year 2019, is estimated to witness the highest CAGR of 5.02% over the forecast period and cross a value of USD 2392.52 by the end of 2028.

Some of the affluent industry leaders in the global topical pain relief market are Reckitt Benckiser Group plc, Teikoku Pharma USA, Inc., Topical BioMedics, Inc., Sun Pharmaceutical Industries Ltd., AdvaCare Pharma®, Sanofi, Johnson & Johnson Services, Inc., Novartis AG, Pfizer Inc. and GlaxoSmithKline plc.

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