The topical analgesic market is poised to grow at a CAGR of 7.43% during the forecast period. The COVID-19 pandemic is expected to have a significant effect on the market. In recent times, countries have faced a huge threat of COVID-19. As per the World Health Organization (WHO), COVID-19 is an infectious disease, and most people infected with the SARS-CoV-2 virus may experience mild to moderate respiratory illnesses. Owing to the situation, most pharmaceutical and biotechnological companies are focusing their R&D departments on identifying new molecules or leads for the treatment of this disease. Many countries have already approved a vaccine for COVID-19. For instance, in December 2020, the World Health Organization (WHO) issued the emergency use validation of Pfizer/BioNTech COVID-19 mRNA vaccine, globally. Globally, the COVID-19 pandemic showed many negative effects across the medical spectrum, which include a decrease in face-to-face appointments and an increase in telehealth visits. The COVID-19 pandemic has also resulted in a period of isolation, to maintain sufficient capacity in hospitals and reduce the spread of the virus. Additionally, chronic pain was one of the hardest-hit areas affected by the COVID-19 pandemic, leaving many patients overburdened with their chronic pain and delays in their ongoing treatments. For instance, according to a research article by Rajendra K Sahoo et al., published in the Indian Journal of Anesthesia 2020, it was found that 63.16% of pain physicians had a fear of spreading or contracting the disease to patient’s family members, 26.79% had impaired sleep, 1.43% physicians were feeling depressed, and 8.14% had feelings of anxiety.
However, the demand for pain medications, such as topical analgesics, greatly increased over the pandemic. According to a study titled, ‘The effect of SARS-CoV-2 on the prescribing of antimicrobials and analgesics by NHS general dental practitioners in England’, published in January 2021, opioids drugs demand during April 2020 was about 28,563, while in April 2019, it was 15,507, increase by approximately 84%. This indicates that the rising demand for pain medications is further expected to strain the supply scale, leading to shortages of these medications
Certain factors that are driving the market growth include increasing prevalence of arthritis, rising cases of sports-related injuries, and growing geriatric population. Osteoarthritis (OA) is not only the most common joint disease but also one of the major causes of disability in people aged 65 years and above. The disease is accompanied by comorbid conditions, increased mortality, and decreased quality of life. Increasing geriatric population is one of the important drivers propelling the growth of the topical analgesic market. Age is associated with a progressive decline of the functional reserve of multiple organ systems. The elderly patients are likely to utilize a disproportionate share of healthcare resources, as about 92% of older adults have at least one chronic disease, and 77% have at least two. According to the World Ageing Population report 2019, the majority share of the older population is contributed by East and Southeast Asia, followed by Europe and North America. East and Southeast Asia are also expected to observe the largest increase by about 312 million in the coming years than any other region. Furthermore, according to the same source, in 2019, about 200 million people were 65 years and older in North America and Europe. According to a recent survey, the most rapidly aging countries are in Southeast Asia. The population of people aged 65 years or above in Singapore is expected to reach 26.6% in 2035, whereas the aging population in Thailand is expected to reach 22.8%. Thailand has 8.6 million people aged 65 or above, and this is expected to increase by 2021. As per the Centers for Disease Control and Prevention in 2019, osteoarthritis affects over 32.5 million US adults. It is one of the most common causes of pain and disability in the elderly population. These factors are expected to drive the growth of the market.
The global increase in the number of geriatrics is expected to lead to consequences, such as greater incidences of chronic and life-threatening diseases. Consequently, the geriatric population is at a higher risk of musculoskeletal disorders. Thus, the rise in geriatric population is acting as a major driver for the growth of the topical analgesic market.
Key Market Trends
Non-opioids are Expected to Hold Significant Market Share in the Drug Type
Topical non-opioids are found to be more effective in treating acute pain from strains, sprains, contusions, or overuse injuries in superficial locations. Non-steroidal Anti-inflammatory Drugs (NSAIDs) have been an important treatment for the symptoms of arthritis and osteoarthritis for a very long time. NSAIDs impart their anti-inflammatory and analgesic effects via the admission of the prostaglandin-generating enzyme, cyclooxygenase (COX). Nonsteroidal anti-inflammatory drugs (NSAIDs) are commonly used agents for backache and various joint pains. Examples of NSAIDs include ibuprofen (Advil, Motrin), naproxen (Aleve), celecoxib (Celebrex), diclofenac (Cataflam and Voltaren), indomethacin (Indocin), oxaprozin (Daypro), and piroxicam (Feldene). NSAIDs help reduce swelling (or inflammation) while relieving pain. This is how NSAIDs differ from other drug classes, such as acetaminophen. NSAIDs work by blocking two forms of an enzyme called cyclooxygenase (COX). COX-1 protects the stomach lining from digestive acids and helps maintain kidney function. COX-2 is produced when joints are injured or inflamed. Blocking both forms of this enzyme reduces inflammation, pain, and fever. However, the geriatric population is at a higher risk of these side effects. The other risk factors for NSAID-induced GI bleeding include prior peptic ulcer disease and concomitant steroid use. Potential renal toxicities of NSAIDs include azotemia, proteinuria, and renal failure requiring hospitalization. NSAIDs are easily available, and when used in controlled amounts, have beneficial effects in most of the patients. These are the first line of treatment for pain and inflammation. Therefore, owing to these factors, the market is expected to grow during the forecast period.
The Market is Dominated by North America and is Expected to do Same in the Forecasted Period
North America topical analgesics is estimated to dominate the industry, owing to well-established healthcare facilities, rising geriatric population, and growing prevalence of chronic pain. The Centers for Disease Control and Prevention (CDC) states that by 2040, an estimated 78.4 million (25.9% of the projected total adult population) adults aged 18 years and older will have doctor-diagnosed arthritis in the United States. The aging of the population and the increasing rate of obesity in all age groups are the major causes of increase in pain-related disorders in the country. As per Population Reference Bureau Fact sheet, the number of Americans above 65 years of age is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16% to 23%. Due to the rising number of geriatric population in the United States, this population is prone to pain conditions in the coming years, which shows a positive impact on topical analgesics market. Associations such as Arthritis Foundation and Osteoarthritis Centers of America are continuously making efforts to eliminate the causes of OA in the population by increasing awareness. Moreover, easy access to quality healthcare and favourable reimbursement policies are projected to promote the growth of the market in the region. For instance, knee replacement surgery is covered under the under Medicare Part A or B depending on the service and the attending specialist. This factor is likely to boost the rate of treatment among Americans.
The topical analgesic market is highly competitive and consists of a number of major players. Companies like GlaxoSmithKline plc., Johnson & Johnson, Pfizer Inc., Sun Pharmaceutical Industries Ltd, and AdvaCare Pharma among others, hold the substantial market share in the topical analgesic market.
Various developments have recently been taking place in the market, such as in March 2019, Teva Pharmaceutical Industries Ltd, announced the launch of an authorized generic of Flector 1 Patch, in the United States. It is Diclofenac Epolamine Topical Patch, a nonsteroidal anti-inflammatory drug (NSAID) indicated for the topical treatment of acute pain arising from minor strains, sprains, and contusions.
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Prevalence of Arthritis
4.2.2 Rising Cases of Sports related Injuries
4.2.3 Growing Geriatric Population
4.3 Market Restraints
4.3.1 Side Effects Related to Topical Analgesics
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Non Opioids
18.104.22.168 Nonsteroidal anti-inflammatory drugs (NSAIDS)
22.214.171.124 Methyl salicylates
126.96.36.199 Other Drug Types
5.2.5 Other Formulations
5.3.1 Over the Counter (OTC) Analgesic
5.3.2 Prescription Analgesic
5.4.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Middle East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East and Africa
5.4.5 South America
184.108.40.206 Rest of South America
6.1.1 AdvaCare Pharma
6.1.2 GlaxoSmithKline plc.
6.1.3 Johnson & Johnson
6.1.4 Pfizer Inc.
6.1.5 Hisamitsu Pharmaceutical co.,inc.
6.1.7 Sun Pharmaceutical Industries Ltd
6.1.8 Topical BioMedics, Inc.
6.1.9 Teva Pharmaceutical Industries Ltd
6.1.10 Bayer AG
6.1.11 Reckitt Benckiser Group PLC
6.1.12 Takeda Pharmaceutical Company Limited
A selection of companies mentioned in this report includes:
- AdvaCare Pharma
- GlaxoSmithKline plc.
- Johnson & Johnson
- Pfizer Inc.
- Hisamitsu Pharmaceutical co.,inc.
- Sun Pharmaceutical Industries Ltd
- Topical BioMedics, Inc.
- Teva Pharmaceutical Industries Ltd
- Bayer AG
- Reckitt Benckiser Group PLC
- Takeda Pharmaceutical Company Limited