Globally, consumers are seeking convenient, effective, and safe Analgesic products, capable of alleviating a wide variety of joint and muscular pain, as a result of intensive work outs, menstrual cramps, arthritis, and sedentary lifestyles, among others. Topical Analgesics, such as patches, creams, and gels, are becoming a popular alternative to traditional oral consumable Analgesics, by offering quick and effective relief for these aches and pains, thereby helping to drive demand in the Analgesics market.
Insight Survey’s latest South African Analgesics Industry Landscape Report 2024 carefully uncovers the global and South African analgesics market, based on the latest intelligence and research. It describes the latest global and local market trends, innovation and technology, drivers, and challenges, to present an objective insight into the South African Analgesics market environment and its future.
In 2024, the global analgesics market is expected to reach a total $33.8bn, in terms of revenue. Furthermore, the global analgesics market is forecast to increase at a robust compound annual growth rate (CAGR) of 6.6%, to reach approximately $42.5bn by 2027, as illustrated in the graph below.
Source: Statista Graphics by Insight Survey
In terms of the South African market, the local Analgesics market achieved robust growth of 7.2% year-on-year, at current prices, between 2022 and 2023. Moreover, the market is expected to continue to experience solid growth, with a CAGR of 7.7% over the 2024* to 2028* forecast period.
A significant driver of this growth in both the global and local Analgesics markets can be attributed to the increased demand for, and release of, innovative topical analgesics products, designed to provide safe and effective pain relief. A variety of global players are leveraging this demand by releasing new and innovative Topical Analgesics products that cater to the unique demands of different consumer segments.
For example, BluHeat, a renowned Indian Analgesics brand, recently introduced a ‘breakthrough’ female-focused pain-relief product, namely BluHeatCramp Care patches, that offers heat therapy for pain relief for menstrual cramps.
In terms of sports-related pain relief, Kenvue launched Tylenol precise pain-relieving cream, a pain relief cream formulated to fit active lifestyles, offering rapid absorption, a fragrance-free scent, and an invigorating cooling sensation. Additionally, world-famous tennis player, Serena Williams, also launched her ‘Will Perform’ range of topical analgesics products that are formulated to alleviate aches and pains associated with exercise-related muscle recovery.
This focus on topical pain relief has extended to the South African market, with leading local brands introducing new topical Analgesic products aimed at addressing a range of pain relief needs. This includes not only sports and exercise-related pain, but also pain from arthritis, as well as sedentary lifestyles amongst local consumers.
As an example, Arnica Ice, a Kyron Laboratories brand, launched its new Arnica Ice Cooling Patches. These gel cooling patches are an extension of the brand’s existing Arnica Ice range and offer both pre-and post-workout relief from stiffness, soreness, and pain in muscles, tendons, and joints.
Furthermore, Adcock Ingram introduced ActiPatch® Pain Relieving Device to the South African market. This device offers a musculoskeletal pain-relieving treatment that utilises pulsed short-wave therapy (PSWT) and is indicated to be effective for the treatment of chronic pain in conditions such as rheumatoid arthritis, osteoarthritis, and fibromyalgia, as well as for sports injuries, tendonitis, back, knee, neck, and shoulder pain.
Moreover, iNova Pharmaceuticals also recently launched a new joint health supplement, namely Posteon, that is specifically aimed at reducing joint pain associated with osteoarthritis. This new product has been indicated to reduce pain and stiffness in the joints, a symptom commonly associated with osteoarthritis.
Additionally, sedentary lifestyles are becoming a concerning trend, which is resulting in significant rates of back pain. As a result, Topical Analgesic products including Voltaren Emulgel, Nurofen, Deep Freeze Gel, Moov Rapid Relief, and My02 continue to grow in popularity as a means of treating back-related pain.
The South African Analgesics Industry Landscape Report 2024 (100 pages) provides a dynamic synthesis of industry research, examining the local and global probiotics industry from a uniquely holistic perspective, with detailed insights into the entire value chain – market sizes and forecasts, industry trends, latest innovation and technology, key drivers and challenges; as well as manufacturing, distribution, retailer, and pricing analysis.
Some key questions the report will help you to answer:
What are the key market dynamics of the global and South African Analgesics industry (including Systemic Analgesics and Topical Analgesics)?
What are the latest global and South African Analgesic industry trends, innovations and technology, drivers, and challenges?
What are the market size value and volume trends in the South African Analgesics market (2018-2023) and forecasts (2024-2028), as well as channel distribution?
Which are the key manufacturers, distributors, and retail players in the South African Analgesics industry?
What is the latest company news for key players in terms of products, new launches, and marketing initiatives?
What are the prices of popular Analgesic brands and products across South African pharmacies and retail outlets?
Please note that the 100-page report is available for purchase for R37,500.00 (excluding VAT). Alternatively, individual sections can be purchased for R17,500.00 (excluding VAT).
For more information, please email az.oc.yevrusthgisni@ofni, call our Cape Town office at (021) 045-0202 or Johannesburg office on (010) 140- 5756.
For information and a brochure: South African Analgesics Industry Landscape Report 2024.
About Insight Survey:
Insight Survey is a South African B2B market research company with more than 15 years of heritage, focusing on business-to-business (B2B) and industry research to ensure smarter, more-profitable business decisions are made with reduced investment risk.
We offer market research solutions to help you to successfully improve or expand your business, enter new markets, launch new products or better understand your internal or external environment.
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For more information, go to www.insightsurvey.co.za.
Source link : https://www.bizcommunity.com/article/are-topical-products-helping-to-boost-south-africas-analgesics-market-892583a
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Publish date : 2024-06-19 12:07:08
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