LATAM Pain Management Drugs Market

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 distressing sensory and emotional sensation, which is caused by tissue injury or disease. Moreover, different disorders may cause discomfort, such as multiple sclerosis, osteoarthritis, stomach ulcer, chronic arthritis, fibromyalgia, diabetic neuropathy, and cancer. 

The length of pain ranges from acute pain for short term to chronic pain for 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. 

Rise in geriatric population is the major factor that drives growth of the LATAM pain management market, as aged people are more prone to suffer from joint pain and other chronic conditions. Moreover, surge in prevalence of chronic diseases, such as cancer, diabetic neuropathy, and osteoarthritis propels market growth in Latin America. Furthermore, rise in number of surgical procedures and rise in healthcare expenditure are expected to fuel growth of the LATAM pain management drugs 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 highest growth rate during the forecast period.

Segment review

By indication, the neuropathic pain segment accounted for a majority of the LATAM pain management drugs market share in 2019, and is expected to exhibit a prominent growth rate during the forecast period. In addition, increase in presence of large patient population is the major factor that increases demand for drugs for this segment. Cancer pain and chronic back pain segments are expected to grow at the highest rate throughout the forecast period, owing to increase in number of surgeries in Latin America and rise in prevalence of chronic diseases that lead to back pain. 

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. 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.

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 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.

 LATAM Pain Management Drugs Market Report Highlights