Market value of LATAM pain management drugs $3,383.20 million, globally, by 2027 at a CAGR of 3.5%
Rising number of surgical procedures and rising healthcare costs are expected to grow the market for LATAM pain management drugs.
PORTLAND, OREGON, USA, July 14, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, the Pain Management Drugs Market LATAM was valued at USD 2,683.82 million in 2019 and is projected to reach USD 3,383.20 million by 2027, registering a CAGR of 3.5% from 2020 to 2027. Growth in the geriatric population is a key driver of the growth of the LATAM pain management market, as older people are more likely to suffer from joint pain and other chronic diseases. Additionally, the growth of the market in Latin America is fueled by the rise in chronic diseases such as cancer, diabetic nephropathy, and osteoarthritis.
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Rising number of surgical procedures and rising healthcare costs are expected to grow the market for LATAM pain management drugs. However, prescription mining, patent expiration of prescription painkillers, and availability of alternatives such as analgesics have hampered the growth of the Latin American market. Pain is a disturbing sensation and an emotional sensation, caused by injury or tissue disease. Additionally, various disorders can cause discomfort, such as multiple sclerosis, osteoarthritis, stomach ulcers, acute arthritis, fibromyalgia, diabetic neuropathy, and cancer.
The LATAM pain management drug 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), anesthetics, anticonvulsants, migraine medications, antidepressants, opioids, and non-narcotic analgesics.
Main market players
• Abbott Laboratories
• Axon Pharma
• Eli Lily and company
• Glaxosmithkline Plc (Gsk)
• Johnson & Johnson
• Merck & Co., Inc.
• Mylan SA
• Novartis International AG
• Pfizer Inc.
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The duration of pain varies from short-term acute pain to chronic pain. Acute pain is pain that begins suddenly while chronic pain is caused by enlarged bones and joints, nerve damage or injury. Pain management is the reduction or treatment of pain using a particular class of medication. There are many drugs available that reduce pain through various physiological mechanisms such as targeted interceptors.
• In-depth analysis of the LATAM Pain Management Drugs market along with current trends and future estimations to elucidate impending investment pockets.
• A comprehensive analysis of factors driving and restraining market growth is provided in the report.
• 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 stakeholders to capitalize on existing market opportunities.
• In-depth analysis of key industry segments helps in understanding the application and pain management products used worldwide.
• Major market players and their strategies were analyzed to understand the competitive outlook of the LATAM Pain Management Drugs market.
Brazil accounted for the 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 the large number of aging people and favorable regulatory conditions. The increase in the number of drug abuse cases and the addictive nature of opioids has reduced the use of opioid prescriptions in the region, leading to a decline in the use of opioids for pain management. On the other hand, Argentina is expected to witness the highest growth rate during the forecast period, mainly due to the presence of a larger patient pool and increased healthcare expenditure in the region. region.
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We also offer regional and national reports:
• North American pain management drugs market
• Japanese pain management drugs market
• South Korean pain management drug market
• Pain management drugs market in Singapore
• Australian pain management drugs market
• European pain management drug market
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