Medicated Pain Relieving Plasters Market Segment Analysis By Type:
Based on Type, Buprenorphine Segment accounted for the largest revenue market share in 2020 and is projected to grow with the fastest CAGR of 6.3% in the forecast period 2021-2026. Buprenorphine patches with adhesive coating are used to treat severe pain in persons who are likely to require pain medication 24 hours a day for an extended period and cannot be treated with other drugs. It belongs to the opiate (narcotic) analgesics class of drugs. It works by altering the brains and nervous systems responses to pain. Transdermal buprenorphine is given to the skin as plaster and is normally applied once every seven days. Buprenorphine is a strong analgesic and a partial agonist of the mu-opioid receptor with a unique delivery method. Patients apply the patch to the buccal mucosa, the inside lining of their cheek, which delivers the medicine in a long-acting manner, driving the segment growth. The integrated Anesthesia Workstations segment is anticipated to grow with the second-fastest CAGR in the forecast period 2021-2026. Ketoplast Plaster is an analgesic that relieves pain. Its used to treat rheumatoid arthritis, osteoarthritis, and acute musculoskeletal injuries, as well as discomfort, edoema, stiffness, and joint soreness. It works by preventing the release of chemical signals that produce fever, discomfort, and inflammation in the body. At therapeutic levels, ketoprofen is more effective in controlling RA pain, bolstering its use in clinical practise, and propelling the segment forward.
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Medicated Pain Relieving Plasters Market Segment Analysis By End Use:
Based on End Use, Hospital/Clinics Segment accounted for the largest revenue market share in 2020. This is owing to the ease of availability of experienced healthcare workers, increased government funding, and increased private sector investment in the healthcare industry. Road traffic accidents (RTAs) have arisen as a major public health concern that requires a multidisciplinary strategy to address. In countries like India, the rise in RTA injuries and deaths is frightening. The number of deadly and disabling road accidents is increasing every day, posing a serious public health issue for all authorities involved in their prevention. The use of Medicated Pain Relieving Plasters owing to the properties of adhesive coating for the reduction of severe pain in emergency cases is driving the segment growth. The ambulatory Surgical Centers segment is anticipated to grow with the fastest CAGR of 6.4% in the forecast period 2021-2026, owing to the advancements in acute care treatment.
Medicated Pain Relieving Plasters Market Segment Analysis By Geography:
Based on Geography, North America Medicated Pain Relieving Plasters Market accounted for the 37% revenue share in 2020. The rising occurrences of diseases such as arthritis, osteoporosis, and others in North America are driving the market for medicated pain-reducing plasters. Furthermore, the leading companys ongoing attempts to extend its market presence in North America will fuel the medicated pain-relieving demand with adhesive coating. The number of ailments, such as obesity, cardiovascular problems, and various types of malignancies, is expected to climb in the region. Asia-Pacific is predicted to be the fastest-growing region during the forecast period 2021- 2026, owing to well-developed health care settings and increasing health awareness levels amongst the people. For instance, In India, the prevalence of chronic diseases such as cardiovascular disease, respiratory disease, mental illness, diabetes, and cancer has increased, resulting in an increase in ICU admissions. According to Globocan India, there were 11,57,294 new cancer cases in India in 2018 and roughly 7,84,821 cancer-related deaths, contributing to an increase in the number of open and minimally invasive procedures which propel the Medicated Pain Relieving Plasters Market. In addition, rising rates of arthritis and back pain in Asia-Pacific would boost market growth even more.
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Medicated Pain Relieving Plasters Market Drivers
Growing Geriatric Population Coupled With Increasing Disease Prevalence Is Fuelling The Demand For Medicated Pain Relieving Plasters:
The global demand for medicated pain relieving plasters like fentanyl citrate and others is boosted by an aging population, as well as an increase in the prevalence of arthritis, musculoskeletal pain, and other conditions. In 2019, the worlds population of 65 and up totaled 703 million as per WHO. In 2050, the number of elderly people is expected to increase to 1.5 billion. The proportion of people aged 65 and up in the global population climbed from 6% in 1990 to 9% in 2019. Furthermore, due to the sticky covering, the market will profit from several advantages of medicated pain alleviating plasters over oral pain-killing medicines fuelling the demand for Medicated Pain Relieving Plasters.
Rising Incidence Of Accidents Accelerate Product Expansion:
The market is expected to be driven by an increase in the number of car accidents, burns, and trauma events occurring around the world. According to the World Health Organization (WHO), over 1,000,000 individuals are severely or moderately burned in India each year. Furthermore, according to the National Center for Biotechnology Information (NCBI), nations like Bulgaria, Finland, the Netherlands, China, Australia, and the United Kingdom reported an increase in burn wounds in 2017.
Medicated Pain Relieving Plasters Market Challenges
Increasing Pricing Pressure To Limit Markets Development:
The high cost of medicated pain alleviating plasters with adhesive coating, on the other hand, will limit market expansion. For instance, a five-pack of Salonpas arthritis pain patches costs roughly USD 9, yet a patient may get nearly 100 Advil pills for the same amount of money. Several healthcare providers have associated themselves with group-buying organisations (GPOs) and integrated health networks in response to increased government pressure to reduce healthcare costs (IHNs). Furthermore, depending on the patients skin condition, medicated pain relieving plasters have only administration site-related side effects such as skin irritation, burning sensation, rash, pruritus, and dermatitis, whereas oral painkillers have a risk of damaging the liver, intestines, or stomach, as well as other systemic effects limiting the markets growth.
Medicated Pain Relieving Plasters Market – Landscape:
The Medicated Pain Relieving Plasters Markets main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Medicated Pain Relieving Plasters Market top 10 companies are:
Zhejiang Dingtai Pharmaceutical Co., Ltd.
Hisamitsu America, Inc.
DSE Healthcare Solution LLC
Zhejiang Bangli Medical Products Co., Ltd.
Anhui Dejitang Pharmaceutical Co., Ltd.
Medtronic
Danaher Corporation
3M
BEIERSDORF AG
Urgo Medical
Dynarex Corporation
Acquisitions/Product Launches:
In June 2021, Danaher Corporation has signed a formal agreement to acquire privately-held Aldevron for $9.6 billion in cash. Danaher plans to fund the transaction with cash on hand and/or proceeds from the commercial paper issue. Aldevron has made significant contributions to developing innovative medicines and vaccines based on cells, genes, and other technologies. This purchase will broaden the companys capabilities in the crucial field of genomic medicine, assisting clients in their drive to bring more life-saving treatments and vaccines to market more quickly.
Key Takeaways
The rapidly rising health consciousness of people around the globe continues to fuel the Medicated Pain Relieving Plasters industrys expansion.
Geographically, North America Medicated Pain Relieving Plasters Market held the largest revenue share of 37% in 2020, owing to the presence of key players in the region. The scope of the Medicated Pain Relieving Plasters Market for various regions will be provided in the final report.
The Medicated Pain Relieving Plasters Industry is expanding owing to an increase in geriatric population growth.
The markets growth will also be fuelled by ongoing research, and advancements in the adhesive coating are pushing the Medicated Pain Relieving Plasters industry forward during the forecast period 2021-2026.
High cost of medicated pain relieving plasters is poised to create hurdles for the Medicated Pain Relieving Plasters Market.
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