The LATAM pain management drugs market was valued at $2,683. 82 million in 2019, and is projected to reach $3,383. 20 million by 2027, registering a CAGR of 3. 5% from 2020 to 2027.
The length of pain ranges from acute pain for the short term to chronic pain for the long term. Acute pain is a sudden onset of pain while chronic pain is caused by aged bone & joint conditions, nerve damage, or injury. Pain management involves reducing or treating pain by using a given range of medications. There are several medicines available that provide pain relief through a variety of physiological mechanisms such as targeting nociceptors.
The rise in the geriatric population is the major factor that drives the growth of the LATAM pain management market, as aged people are more prone to suffer from joint pain and other chronic conditions. Moreover, the surge in the prevalence of chronic diseases, such as cancer, diabetic neuropathy, and osteoarthritis propels the market growth in Latin America. Furthermore, The rise in a number of surgical procedures and The rise in healthcare expenditure are expected to fuel the growth of the market. However, drug exploitation, patent expiration of prescription pain medication drugs, and availability of substitutes such as pain relief devices restrain the market growth in Latin America. The LATAM pain management drugs market is segmented on the basis of drug class, indication, and region. On the basis of drug class, the market is categorized into nonsteroidal anti-inflammatory drugs (NSAIDs), anesthetics, anticonvulsants, antimigraine agents, antidepressants, opioids, and nonnarcotic analgesics.
On the basis of indication, the market is divided into arthritic pain, neuropathic pain, cancer pain, chronic back pain, postoperative pain, migraine, fibromyalgia, bone fracture, muscle sprain, acute appendicitis, and others. By region, it is analyzed across Brazil, Argentina, Colombia, Peru, Chile, Ecuador, Panama, and rest of Latin America.
The key players operating in the LATAM pain management drugs market include Novartis AG, Eli Lilly & Company, Abbott Laboratories, Pfizer, Inc., Mylan NV., Merck & Co. Inc., Johnson & Johnson, and GlaxoSmithKline Plc. The other prominent players in the value chain include Allergen Inc., Bayer AG, Bristol-Myers Squibb, Valeant Pharmaceuticals International Inc., Boehringer Ingelheim, WEX Pharmaceuticals, and Zynerba Pharmaceuticals.
Drug class segment review
By drug class, the opioids segment was the largest contributor to the market in 2019, owing to high efficiency of opioids to relieve pain in major chronic conditions. The anesthetics segment is anticipated to possess the highest growth rate during the forecast period.
Segment review
By indication, the neuropathic pain segment accounted for a majority of the market share in 2019, and is expected to exhibit a prominent growth rate during the forecast period. In addition, increase in presence of a large patient population is the major factor that increases demand for drugs for the segment. Cancer pain and chronic back pain segments are expected to grow at the highest rate throughout the forecast period, owing to the increase in a number of surgeries in Latin America and The rise in prevalence of chronic diseases that lead to back pain.
Brazil accounted for the majority of the market share in 2019, and is expected to remain dominant throughout the forecast period. This was attributed to large number of aging population and favorable regulatory conditions. The rise in the number of drug abuse cases and the addictive nature of opioids has decreased the use of prescriptions for opioids in the region, leading to decline in opioid consumption for pain management. On the other hand, Argentina is expected to experience the highest growth rate during the forecast period, mainly attributable to the presence of larger patient pool and an increase in healthcare expenditure in the region.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the LATAM pain management drug market along with the current trends and future estimations to elucidate the imminent investment pockets.
- A comprehensive analysis of the factors that drive and restrict market growth is provided in the report.
- The market forecast is studied from 2020 to 2027
- Comprehensive quantitative analysis of the industry from 2019 to 2027 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the key segments of the industry helps to understand the application and products of pain management used across the globe.
- Key market players and their strategies have been analysed to understand the competitive outlook of the market.
KEY MARKET SEGMENTS
By Drug Class
- NSAIDs
- Anesthetics
- Anticonvulsants
- Anti-migraine Agents
- Antidepressants
- Opioids
- Nonnarcotic Analgesics
By Indication
- Arthritic Pain
- Neuropathic Pain
- Cancer Pain
- Chronic Back Pain
- Postoperative Pain
- Migraine
- Fibromyalgia
- Bone fracture
- Muscle sprain
- Acute appendicitis
- Others
By Region
- LATAM
- Brazil
- Argentina
- Colombia
- Ecuador
- Panama
- Chile
- Peru
- Rest of Latin America
KEY MARKET PLAYERS
- Abbott Laboratories
- Eli Lilly & Company
- GlaxoSmithKline Plc.
- Johnson & Johnson
- Merck & Co. Inc.
- Mylan NV.
- Novartis AG
- Pfizer, Inc.
- Axon
- Sanofi
- GRÜNENTHAL
OTHER PROMINENT MARKET PLAYERS
- Allergen Inc.
- Bayer AG
- Bristol-Myers Squibb
- Boehringer Ingelheim
- Sorrento Therapeutics
- Valeant Pharmaceuticals International Inc.
- WEX Pharmaceuticals
- Zynerba Pharmaceuticals.
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Latam Pain Management Drugs Market, by Drug Class
Chapter 5: Latam Pain Management Drugs Market, by Indication
Chapter 6: Latam Pain Management Drugs Market, by Country
Chapter 7: Company Profiles
List of Tables
List of Figures
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 235 |
| Published | October 2020 |
| Forecast Period | 2019 - 2027 |
| Estimated Market Value ( USD | $ 2683.82 million |
| Forecasted Market Value ( USD | $ 3383.2 million |
| Compound Annual Growth Rate | 2.9% |
| Regions Covered | Global |
