Global Topical Analgesic Market Size

Topical Analgesic Market Analysis

The topical analgesic market is poised to grow at a CAGR of 7.43% during the forecast period (2022-2027).

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. In order to keep hospitals operating at capacity and stop the virus from spreading, the COVID-19 pandemic has also led to a period of isolation. Additionally, one of the areas most severely impacted by the COVID-19 pandemic was chronic pain, which resulted in many patients having too much discomfort and experiencing delays in their continued therapies. 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 doctors were concerned about infecting or spreading the illness to the patient's family, 26.79% had trouble sleeping, 1.43% felt depressed, and 8.14% were anxious.

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 the increasing prevalence of arthritis, rising cases of sports-related injuries, and the 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. The 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. 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. For instance, according to data from World Population Prospects 2022, in 2022, there were 771 million people aged 65 years or over globally, 3 times more than the size in 1980 (258 million). The older population is projected to reach 994 million by 2030 and 1.6 billion by 2050. The share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. Moreover, according to the Centers for Disease Control and Prevention (CDC) statistics updated in 2021, an estimated 63 million Americans have been diagnosed with arthritis in 2020, and this number is estimated to reach 78 million by 2040. 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 the geriatric population is acting as a major driver for the growth of the topical analgesic market.

However, side effects related to topical analgesics are expected to hinder the growth of the market over the forecast period.