What is the global market size of Topical Pain Relief Market?

Topical Pain Relief Market size was valued at USD 24 billion in 2021 and is poised to grow from USD 43 billion in 2022 to USD 8530 billion by 2030, growing at a CAGR of 80% in the forecast period (2023-2030).

Topical Pain Relief Market Size, Share, Growth Analysis, By Type(Prescription Pain Relief, Over-the-counter (OTC) Pain Relief), By Therapeutic Class(Non-opioids, Nonsteroidal anti-inflammatory drug (NSAIDS), Methyl Salicylate, Capsaicin), By Distribution Channel(Pharmacy & Drug Store, e-Commerce, Retail & Grocery Store), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Topical Pain Relief Market?

The competitive landscape of the global topical pain relief market is characterized by the presence of several key players vying for market share and innovation. Established pharmaceutical giants like Johnson & Johnson, GlaxoSmithKline, Novartis, Pfizer, and Reckitt Benckiser bring decades of industry experience and substantial resources to the forefront. Their extensive research and development capabilities enable them to offer a wide range of advanced topical pain relief products that cater to diverse pain management needs. 'Johnson & Johnson - USA', 'GlaxoSmithKline plc - United Kingdom', 'Novartis AG - Switzerland', 'Pfizer Inc. - USA', 'Reckitt Benckiser Group plc - United Kingdom', 'Sun Pharmaceutical Industries Ltd. - India', 'Endo International plc - Ireland', 'Teva Pharmaceutical Industries Ltd. - Israel', 'Sanofi S.A. - France', 'Mylan N.V. (now part of Viatris Inc.) - USA'.

Report ID: SQMIG35I2258 | Region: Global | Published Date: March, 2024
Pages: 219 | Tables: 95 | Figures: 66

Topical Pain Relief Market News

In September 2023, NBA Star Giannis Antetokounmpo invested in Flexpower. Thousands of professional athletes in the NBA, NFL, U.S. Women’s Soccer, U.S. Olympics and more purportedly rely on Flexpower topical lotions to get warmed up before games to ease muscle pain, and to speed recovery after tough workouts.
In June 2023, Silo Pharma announced a new research and development agreement to create a time-release ketamine implant to treat fibromyalgia and other chronic pain conditions. The development-stage biopharma company has a portfolio of therapies in its pipeline that merge traditional therapeutics with the latest psychedelic research in its pipeline.
In May 2023, ASX-listed Wellnex Life entered into a binding agreement to acquire topical pain relief brand Pain Away Australia for A$22 million. The company will undertake an equity raise to fund the deal, which includes $1.15 million of inventory at cost and is payable in cash, subject to satisfaction of certain customary conditions by no later than July 31.

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Topical Pain Relief Market size was valued at USD 10.46 billion in 2022 and is poised to grow from USD 11.10 billion in 2023 to USD 17.88 billion by 2031, growing at a CAGR of 6.14% in the forecast period (2024-2031).

The competitive landscape of the topical pain relief market is characterized by the presence of several key players vying for market share and innovation. Established pharmaceutical giants like Johnson & Johnson, GlaxoSmithKline, Novartis, Pfizer, and Reckitt Benckiser bring decades of industry experience and substantial resources to the forefront. Their extensive research and development capabilities enable them to offer a wide range of advanced topical pain relief products that cater to diverse pain management needs. 'Johnson & Johnson - USA', 'GlaxoSmithKline plc - United Kingdom', 'Novartis AG - Switzerland', 'Pfizer Inc. - USA', 'Reckitt Benckiser Group plc - United Kingdom', 'Sun Pharmaceutical Industries Ltd. - India', 'Endo International plc - Ireland', 'Teva Pharmaceutical Industries Ltd. - Israel', 'Sanofi S.A. - France', 'Mylan N.V. (now part of Viatris Inc.) - USA'

The escalating incidence of chronic pain conditions, such as arthritis, musculoskeletal disorders, and neuropathic pain, is a major driver for the topical pain relief market. Consumers are seeking localized pain management solutions that offer convenience and targeted relief.

Natural and Herbal Ingredients: The market is witnessing a shift towards natural and herbal ingredients in topical pain relief products. Consumers are increasingly seeking products with minimal synthetic components and perceived health benefits.

Notably, North America claimed a significant portion of the market share, with Asia-Pacific closely following suit. However, it is projected that Asia-Pacific will ascend to the forefront of market dominance during the analytical timeframe.

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