U.S. External Analgesics Market Size, Share & Trends Analysis Report By Product (Hot/Cold Products, Kinesiology Tape, TENS Devices, Red Light Therapy/ Infrared Therapy Products), By Distribution Channel, And Segment Forecasts, 2023-2030

The U.S. external analgesics market size is expected to reach USD 6.7 billion by 2030, exhibiting a CAGR of 13.3% during the forecast period according to this report. Increasing incidence of chronic illness, increased demand for reduced hospital stays, and rising technological advancement in the country are driving the growth of external analgesics market in U.S.

The demand for reduced hospital stays is increasing in the U.S. due to various factors shaping the healthcare industry. One significant driver is the growing emphasis on cost containment, which is compelling hospitals and healthcare providers to optimize resource utilization and reduce expenses. Prolonged hospital stays not only increase healthcare costs but also expose patients to a higher risk of complications and infections. Consequently, there is a growing focus on shifting certain treatments and services from inpatient to outpatient settings whenever possible.

This growing demand for shorter hospital stays is expected to drive the market for pain management devices over the forecast period. The average length of stay in U.S. hospitals is approximately 4.6 days, with each day costing an average of USD 2,873, as per a 2022 article published by ValuePenguin. The high costs of hospitalization have amplified the need for shorter stays and a shift toward more cost-effective care settings, leading to an increased demand for pain management devices.

Technological advancements have significantly influenced the landscape of the U.S. external analgesics market, bringing about new and innovative solutions for pain management. These advancements have revolutionized the way external analgesics are developed, formulated, and administered, leading to improved effectiveness, convenience, and patient outcomes.

The COVID-19 pandemic has had a significant impact on various industries, including the U.S. external analgesics market. Here are some key points regarding the influence of the pandemic on the market: The COVID-19 pandemic has led to a surge in demand for external analgesics in the U.S. This can be attributed to factors such as the rise in the adoption of home-based remedies and self-care practices during lockdowns and restrictions.

U.S. External Analgesics Market Report Highlights

• Based on product, the hot/cold products segment accounted for the largest revenue share in 2022 owing to growing demand for natural and self-directed pain management solutions.
• On the basis of distribution channel, retail/brick-and-mortar dominated the market in 2022, because consumers typically prefer to browse and purchase these products in stores physically. Further, e-commerce is expected to grow at the fastest CAGR of during the forecast period.
• In January 2021, Pfizer joined forces with Premier to provide healthcare providers with five crucial medications to meet the immediate need for medication necessary for patient care.
• In May 2023, Baxter has recently disclosed the execution of a binding contract to divest its BioPharma Solutions business to Warburg Pincus and Advent International, recognized private equity investment firms. The agreement stipulates that Baxter will be entitled to a cash payment of USD 4.25 billion, subject to customary closing adjustments.

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