Topical Pain Relief Market: Rise in prevalence of arthritis across major parts of the globe to drive the market - BioSpace

Global Topical Pain Relief Market: Snapshot

Increase in prevalence of arthritis and other bone-related diseases and diabetic neuropathy is estimated to fuel the sales prospects in the global topical pain relief market in the forecast period of 2021 to 2031. Some of the key formulation of the topical pain relief medications are gel, cream, patch, and spray.

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Upcoming research report by Transparency Market Research (TMR) offers exhaustive study of major factors influencing the growth trajectory of the global topical pain relief market. Hence, it delivers in-depth assessment of growth drivers, current and historical trends, restraints, R&D activities, and challenges in the market. Furthermore, this review document delivers dependable data on the production, sales, shares, volume, and revenues of the market for topical pain relief.

The report on the global topical pain relief market is presented in the form of segments, which are based on many important parameters such as formulation, distribution channel, therapeutic, and region. In terms of distribution channel, the market is divided into e-commerce, retail & grocery stores, and pharmacies & drug stores.

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Key Drivers of Topical Pain Relief Market Growth

Rise in prevalence of arthritis across major parts of the globe has resulted into an increase in the demand for topical pain relief solutions. This factor is leading to revenue-generation opportunities for companies in the global topical pain relief market. Furthermore, the market is anticipated to gain promising avenues on the back of increase in number of people living with other joint problems.

Older population is at higher risk of different bone-related diseases. Hence, increase in the number of this populace around the world is expected to favor the growth of the topical pain relief market in the forecast period.

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In recent years, there is significant growth in awareness about adverse effects of non-opioids. Moreover, the number of people living with chronic pain is increasing. These factors are fueling the sales growth in the global topical pain relief market.

Amid the COVID-19 pandemic, people across the globe are inclining toward buying their medications including topical pain relief drugs using online platforms instead of conventional methods. Moreover, growth in understanding on online pharmacy and surge in the number of internet users across the globe are projected to play key role in the expansion of the global topical pain relief market.

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Competition Landscape of Topical Pain Relief Market

The topical pain relief market seems to be fairly fragmented with high level of the competition owing to presence of many well-entrenched players. Hence, companies in the market are discovering different strategies to stay ahead of the competition. Many enterprises are expanding their businesses in new regions through partnerships, collaborations, and mergers and acquisitions.

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Organizations operating in the global topical pain relief market are increasing focus on improving the quality of products they offer. Hence, they are increasing cash in-flow in R&D projects.

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