Pain Management Drugs Market in LATAM to Garner $3.38 Billion by 2027
Pune, Maharashtra, India, March 1 2021 (Wiredrelease) Allied Analytics –:Increase in incidences of chronic diseases, favorable regulatory scenario, and surge in the geriatric population drive the growth of the LATAM pain management drugs market. However, availability of alternative therapies, drug exploitation, and patent expiration of prescription drugs hamper the market growth. On the contrary, advancements in drug development and untapped market in developing countries are expected to open new opportunities for the market growth in the future.
As per the report published by Allied Market Research, the LATAM Pain Management Drugs Market was pegged at $2.68 billion in 2019, and is projected to reach $3.38 billion by 2027, growing at a CAGR of 3.5% from 2020 to 2027.
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As cough is a major symptom of Covid-19 infection, the demand for opioids has increased during the pandemic.However, the increasing number of Covid-19 patients and shortage of pain management drugs due to a ban on international trade and prolonged lockdown resulted in a huge demand-supply gap.Since the Covid-19 outbreak, the adoption of telemedicine has increased. This enabled patients to consult the doctor from home. This has increased the demand for pain management drugs significantly.
The LATAM pain management drugs market is divided on the basis of drug class, indication, and region. Based on drug class, the market is segmented into NSAIDs, anesthetics, anticonvulsants, anti-migraine drugs, antidepressant drugs, opioids, non-narcotics, and analgesics. The opioids segment dominated the market in 2019, accounting for around one-fourth of the market. However, the anti-migraine agents segment is expected to manifest the highest CAGR of 4.4% during the forecast period.
On the basis of indication, the market is classified into arthritic pain, neuropathic pain, cancer pain, chronic pain, post-operative pain, migraine, fibromyalgia, bone fracture, muscle sprain/strain, acute appendicitis, and other indications. The neuropathic pain segment held the largest share in 2019, contributing to nearly one-fifth of the market. However, the cancer pain segment is estimated to portray the highest CAGR of 4.6% during the forecast period.
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The LATAM pain management drugs market is analyzed across several regions such as Brazil, Argentina, Colombia, Peru, Chile, Ecuador, Panama, and Rest of Latin America. The market across Brazil held the lion’s share in 2019, accounting for nearly half of the market. However, the market across Argentina is expected to register the highest CAGR of 4.3% from 2020 to 2027.
The LATAM pain management drugs market report includes an in-depth analysis of the major market players such as Novartis AG, Eli Lilly & Company, Abbott Laboratories, Pfizer, Inc., Mylan NV., Merck & Co. Inc., Johnson & Johnson, and GlaxoSmithKline Plc.
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