Surge in incidences of chronic diseases, supportive regulatory scenario, and rise in aging population drive the growth of the gulf pain management drugs market. However, availability of alternative therapies, drug exploitation, and patent expiration of prescription drugs hinder the market growth. On the other hand, advancements in drug development create new opportunities in the coming years.
According to the report published by Allied Market Research, the gulf pain management drugs industry generated $851.08 million in 2019, and is expected to reach $1.04 billion by 2027, witnessing a CAGR of 3.2% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Increase in prevalence of chronic diseases, favorable regulatory scenario, and surge in the number of geriatric population drive the growth of the global pain management drugs market. On the other hand, availability of alternative therapies, drug exploitation, and patent expiration of prescribed drugs impede the growth to some extent. However, advancements in drug development and untapped markets in developing economies are expected to create lucrative opportunities for the market players in the industry.
Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, “The growth of the Gulf pain management drugs market is attributed to increase in R&D investment and outsourcing of pharmaceutical companies due to strong need for better treatment lead to growth in pain management drugs market. Moreover, surge in prevalence of chronic diseases, such as cancer, diabetic neuropathy, and osteoarthritis propels the market growth.”
Covid-19 Scenario
- Pain management services in many clinics in the gulf countries stopped offering services to ensure safety and avoid cross-contamination. Only cases involving management of chronic pain were served in the clinics and hospitals.
- Telemedicine services became prominent during the pandemic and physicians and consultants began offering their consultation through video calling and phone calls to ensure safety.
- During the post-lockdown, clinics are expected to open up for physical visits of patients and the demand is expected to rise steadily.
Postoperative pain and chronic back pain were among the largest revenue contributors in 2019, owing to increase in number of surgeries in the Gulf countries such as Saudi Arabia, Oman 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.
Saudi Arabia to maintain its dominant share by 2027
Based on country, Saudi Arabia contributed to the highest share in terms of revenue in 2019, accounting for nearly three-fifths of the gulf pain management drugs market, and will maintain its dominant share by 2027. This is attributed to rise in healthcare expenditure and ease in availability of pain management products. The report also analyzes the segments including the United Arab Emirates, Oman, and the rest of the gulf countries.
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Leading market players
- Novartis AG
- Eli Lilly & Company
- Abbott Laboratories
- Purdue Pharma L.P.
- Pfizer, Inc.
- Mylan NV.
- Merck & Co. Inc.
- Johnson & Johnson
- Gulf Pharmaceutical Industries (Julphar)
- Oman pharmaceutical products Co. Llc
- GlaxoSmithKline Plc.
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