Growth in the geriatric population is a key factor driving the growth of the LATAM pain management market, as older people are more likely to suffer from joint pain and other chronic conditions. Furthermore, the growth of the market in Latin America is fueled by the rise in chronic diseases such as cancer, diabetic nephropathy, and osteoarthritis. As per the report published by Allied Market Research, titled, 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.
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The increase in the number of surgical procedures and the increase in healthcare costs are expected to increase the market for LATAM pain management drugs. However, the exploitation of prescriptions, the patent expiration of prescription pain medications, and the availability of alternatives such as painkillers have hindered the growth of the Latin American market. Pain is a disturbing sensation and emotional sensation, caused by tissue injury or disease. Furthermore, various disorders can cause discomfort, such as multiple sclerosis, osteoarthritis, stomach ulcers, acute arthritis, fibromyalgia, diabetic neuropathy, and cancer.
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 segmented into nonsteroidal anti-inflammatory drugs (NSAIDs), anaesthetics, anticonvulsants, antimigraine agents, antidepressants, opioids, and non-narcotic analgesics.
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Pain management involves reducing or treating pain using a given class of medications. There are many medications available that reduce pain through various physiological mechanisms such as targeted interceptors. The duration of pain ranges from short-term acute pain to chronic pain. Acute pain is pain that starts suddenly while chronic pain is caused by bone and joint enlargement, nerve damage or injury.
Key Advantages:
• 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 the market growth is provided in the report.
• The LATAM pain management drugs 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 LATAM pain management drugs market.
Rise in number of drug abuse cases and addictive nature of opioids has decreased 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 highest growth rate during the forecast period, mainly attributable to presence of larger patient pool and increase in healthcare expenditure in the region. Brazil accounted for majority of the LATAM pain management drugs 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.
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Key Market Players
• Abbott Laboratories
• Axon Pharma
• Eli Lily And Company
• Grünenthal
• Glaxosmithkline Plc (Gsk)
• Johnson & Johnson
• Merck & Co., Inc.
• Mylan N.V.
• Novartis International Ag
• Pfizer Inc.
• Sanofi
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