LATAM Pain Management Drugs Market Expected to Reach $3,383.20 million by 2027—Allied Market Research

According to a new report published by Allied Market Research, titled, “LATAM Pain management drug market by drug class and indication: regional opportunity analysis and industry forecast, 2019–2027,” 

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. 

Pain is a complex medical condition, which not only affects physical but also mental well-being of an individual. It is caused due to trauma or tissue damage, and its intensity varies from person to person. On the basis of cause of pain, the treatment provided can be simple or complex. Pain can be managed using a variety of pharmacological and non-pharmacological therapies.

Availability of sophisticated treatment options and advancements in technologies have increased life expectancy rates in Latin America, which has resulted in increase of geriatric population. In addition, elderly people are more prone to suffer from pain, owing to various reasons such as rise in incidences and prevalence of chronic diseases such as heart diseases, stroke, type II diabetes, and cancer, which drives the LATAM pain management drugs market growth. According to the WHO, geriatric population was approximately 56.4 million in 2019 in Latin America. Moreover, increase in R&D investments and rise in outsourcing of pharmaceuticals are expected to fuel the market growth in Latin America. However, availability of alternative therapies and patent expiration of prescription drugs for treatment of pain hamper growth of the LATAM pain management drugs market.

The opioids segment was the largest contributor to the LATAM pain management drugs market growth in 2019, owing to high efficiency of opioids to relieve pain in major chronic conditions. The anti-migraine agents segment is anticipated to possess highest growth rate during the forecast period.

Neuropathic pain and chronic back pain were among the largest revenue contributors in 2019, owing to increase in number of surgeries in Latin America and rise in prevalence of chronic diseases that lead to back pain. Furthermore, the cancer pain segment is expected to grow at the highest rate throughout the forecast period, owing to rise in prevalence of cancer in the region.

Brazil is expected to generate highest revenue during the forecast period. However, Argentina is projected to grow at the highest CAGR during the forecast period, owing to increase in government initiatives to improve healthcare infrastructure and improved regulatory framework.

As per the industry experts, long term effect of COVID-19 outbreak is expected to be witnessed over the coming years. This pandemic has disrupted growth in many economies across various domains. The COVID-19 outbreak will impact the pain management drugs market in the initial phase of the forecast period. The COVID-19 pandemic has stressed healthcare systems worldwide, so that many clinics, pain services are no longer open for public services because of safety. Moreover, throughout the latter half of the forecast period, the demand for pain management drugs is expected to rise. Owing to the factors such as telemedicine, physicians are able to provide guidance to patients for physical exercises at-home for pain relief. This is anticipated to increase the market growth in near future.

The report provides some of the key players operating in the LATAM pain management drugs market include Abbott Laboratories 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, Sorrento Therapeutics, WEX Pharmaceuticals, and Zynerba Pharmaceuticals. 

Key Findings Of The Study

• By drug class, the opioids segment generated $683 million of the LATAM pain management drug market in 2019.
• By indication, the cancer pain segment is anticipated to grow with the highest CAGR throughout the forecast period. 
• By country, Brazil is accounted for the largest market in LATAM during the forecast period.