Gabapentin Drug Market Size, Share, and Trends Analysis Report Forecast Period 2024-2031.
Gabapentin Drug Market Size, Share, and Trends Analysis Report Forecast Period 2024-2031.
Blog Article
The global gabapentin drug market is anticipated to grow at a CAGR of 3.4% during the forecast period. The rising prevalence of epilepsy disease has created a demand for the development of new drugs for its treatment which in turn drives the global gabapentin drugs market growth. The market growth is driven by the strong focus of pharmaceutical companies and research organizations on the R&D of drugs for gabapentin, creating an increased incidence of seizures. For instance, in 2019, the drug company Lupine had launched its standard Clobazam tablets in the US to treat a patient suffering from epilepsy since childhood and the company introduced Clobazam tablets in doses of 10 mg and 20 mg, after receiving approval from the USFDA.
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Gabapentin is an anti-convulsants, a type of medication that helps control seizures in people with epilepsy disorder. Another type of gabapentin is used to treat chronic leg pain or certain types of nerve pain and the mechanism of action of gabapentin is to alter electrical impulses in the brain and trigger neurotransmitters, that send signals between nerve cells. In addition, leading pharmaceutical companies are focusing on the development of drugs for epilepsy disorder treatment.
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However, a lack of medical reimbursement policies in developing nations is rising the costs of treatments, where adverse effects associated with tight regulatory policies are expected to hamper the market growth. In addition, lack of technology, increased productivity (antibiotics) recalls, use of alternative drugs, and constraints in supply chain management in drug transport are challenging the growth of the market. This report will further analyze all the primary and secondary factors that are directly or indirectly influencing the growth of the gabapentin drug market during the forecast period.
Diagnosis and treatment of several patients with different disorders were postponed during the COVID-19 crisis as hospital beds were reserved for COVID-19 patients. Due to this reason the market players had reported a significant decline in their revenue during the COVID-19 pandemic. However, as the situation got normalized the market had bounced back to its pre-COVID-19 pandemic level.
by Type (Capsule, Tablet, and Oral Solution) and
by Application (Epilepsy, Neuropathic Pain, and Restless Legs Syndrome)
The North American Region Holds the Major Share in the Global Gabapentin Drug Market
The North American region holds the major share in the global gabapentin drug market due to significantly high healthcare spending. The US and copyright are the major contributing nation in this regional market. The US spends almost 17.7% of GDP on healthcare expenditure, whereas copyright spends 15.2% of GDP on healthcare as per Organization for Economic Co-operation and Development (OECD, 2019). The rising prevalence of epilepsy is another factor driving the growth of the market in this region. According to the CDC, 1.2% of the US population (3.4 million people) had active epilepsy in 2015, out of which 3 million were adults and 470 thousand were children.
Market Players Outlook
The major companies serving the global gabapentin drug market include Merck & Co., Inc., GlaxoSmithKline plc, Sanofi SA, copyright Inc., Glenmark Pharmaceuticals Ltd., Sun Pharmaceutical Industries Ltd., and Cipla Inc. Ltd., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2019, GlaxoSmithKline plc announced the launch of a dispersed Lamictal tablet (lamotrigine dispersible tablet) for the treatment of epilepsy in the Chinese market.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global gabapentin drug market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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