Topical Pain Relief Market size is forecast to reach $11.78 billion by 2025, growing at a CAGR of 6.25% during the forecast period 2020-2025. Topical Pain Relief is designed to relieve pain that is sprayed on, rubbed in, or applied as patches onto the skin over painful muscles or joints. An increase in the prevalence of arthritis and other bone-related conditions are the major factors driving the growth of the market. Rising geriatric population and the increase in the adoption of topical pain relief by sports players is set to further enhance the overall market demand for topical pain relief during the forecast period 2020-2025.
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ICE Vehicle Type – Segment Analysis
Commercial vehicle segment is estimated to witness the highest growth rate of 6.2% in the forecast period, owing to increase in the sales of light commercial vehicles across the globe. The growing competition in the e-commerce sector is resulting in an increase in emphasis towards quicker delivery and support services for the products to improve customer experience. Owing to this, the inbound and outbound logistics companies are growing their fleet size of light commercial vehicles. Apart from this, these companies are also spending significantly to maintain their fleet vehicles in proper condition by regular maintenance and repair, for expanding their reach and reduce the delivery times otherwise impeded due to breakdown of old vehicles. This is analyzed to drive the commercial vehicle timing belt market from 2020 to 2025
Hybrid Vehicle Type – Segment Analysis
Plug-in Hybrid vehicles segment is analyzed to hold the largest share of the hybrid electric vehicle timing belt market and it is also estimated to experience the highest growth of CAGR 9.9% during 2020-2025 owing to the growing establishments of the charging stations where these vehicles can be charged for extended mileage. As per recent International Energy Association research findings, CO2 emissions savings are prominently higher for pure battery electric vehicles where the power generation mix is dominated by low carbon sources. For countries dominated by fossil based power generation sources, hybrid vehicles exhibit lower emission than pure battery electric. This is set to drive the hybrid vehicle market is countries such as in India, the U.S., China, Australia and so on, thereby driving the demand for timing belt market as well Unlike vehicles with diesel or petrol engine, full Electric Vehicles have no need for a conventional starter motor or alternator. Battery Electric vehicle engines are equipped with a maintenance-free timing chain and no drive belts whatsoever
Geography – Segment Analysis
APAC acquired the major market share of 42.2% of the timing belt market in 2019 and it is also estimated to witness the highest growth rate during 2020-2025, owing to growing demand of automobiles in the South East Asian region along with India and China. As per The Organization International des Constructers d’Automobiles (OICA), the production of vehicles in South East Asian countries including Indonesia, Malaysia, and Thailand increased by 10%, 12.6% and 9% respectively in 2018 as compared to that of 2017. However the turmoil of the auto industry caused timing belt demand to dip slightly in 2019. Various Japanese automakers have sought to open new assembling plants in Thailand to avoid growing labor pay in the domestic market. Mahindra and Mahindra, the Indian auto giant is planning to set up additional plants in North Africa, South East Asia to grow its footprint across these regions. Hence these benefits are analyzed to drive the market in the forecast period 2020-2025.
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Drivers – Topical Pain Relief Market
An increase in the prevalence of arthritis and other bone-related conditions is increasing the growth of the topical pain relief market owing to the development of an online platform for the topical therapeutics and high potential in untapped markets in the emerging economies. The rise in prevalence of chronic diseases including cancer, arthritis, diabetes, growing demand in sports and athletic player, growing awareness of online pharmacy and others along with an increase in investments by various multinational companies and high demand for topical pain relievers among athletes and lesser side effects as compared to conventional oral medicines. Thus, increasing the growth of the topical pain relief market during the forecast period 2020-2025.
Increase in geriatric population and the increase in the adoption of topical pain relief by sports players are increasing the growth of the topical pain relief market owing to the rise in adoption of topical pain relief products as they cause lesser side effects as compared to oral pain relief, upsurge in geriatric population across the world, increase in disposable income, and improvement in patient awareness about topical pain relief products and increase in demand for topical pain relief by sports players. Thus, increasing the growth of the topical pain relief market during the forecast period 2020-2025.
Challenges – Topical Pain Relief Market
Some of the factors which can impede the growth of the topical pain relief market are it causes irritated skin and they have a strong odor or unpleasant smell.
Topical Pain Relief Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the topical pain relief market. In 2019, Topical Pain Relief Market share is consolidated by the top ten players present in the market. Topical Pain Relief, top 10 companies are Advacare Pharma, Glaxosmithkline Plc, Johnson Johnson, Nestl S A, Pfizer Inc., Reckitt Benckiser Group Plc, Sanofi, Sun Pharmaceutical Industry Ltd and Topical Biomedics Inc among others.
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