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 the market growth in Latin America. Furthermore, rise in number of surgical procedures and rise in healthcare expenditure are expected to fuel growth of the 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 based on drug class, indication, and region. Based on drug class, the market is categorized into nonsteroidal anti-inflammatory drugs (NSAIDs), anesthetics, anticonvulsants, antimigraine agents, antidepressants, opioids, and nonnarcotic analgesics.
Based on 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.