As per the research report, the size of the Latin American Migraine Drug Market has been calculated at USD 0.59 billion in 2023. It is further estimated to be growing at a CAGR of 4.98% and worth USD 0.76 billion by 2028.
Migraines are becoming increasingly common in the rising female population. Hormonal changes in women are one of the migraine triggers. Hormone fluctuations, such as before or during menstrual cycles, pregnancy, and menopause, appear to cause headaches in many women. In addition, hormonal drugs, such as oral contraceptives, might also aggravate migraines.
Migraine is typically diagnosed by reviewing the patient's medical history and symptoms and performing blood tests, magnetic resonance imaging (MRI), and computed tomography (CT) scans. In addition, over-the-counter (OTC) medications and prescription injections are currently available to ease symptoms and reduce the frequency and intensity of migraine attacks. These medications are taken regularly or only when there is a flare-up or exacerbation of chronic pain.
The prevalence of migraine is significantly growing in Latin American countries, which is primarily expected to accelerate the growth rate of the migraine drugs market in the Latin American region. Also, increasing awareness among the patients about the prevention and treatment of migraine and the rising demand for precision medicines are fuelling the market growth. On the other hand, rising demand for electrical nerve stimulation devices to treat migraines, as well as the expected approval of new classes of drugs with higher clinical efficacy in the late-stage pipeline, such as the introduction of calcitonin gene-related peptide (CGRP) monoclonal antibodies, are propelling the market growth.
Other factors such as increasing alcohol consumption, work pressure, growing population, and rising demand for quality drugs influence market growth. Increasing investment and funding by the government and key market players in research and development activities and migraine drug development is expected to provide lucrative growth opportunities for the market growth.
However, side effects associated with migraine usage are expected to restrain the growth of the Latin American migraine drugs market. In addition, stringent regulations by the government on migraine drugs and the availability of alternative therapies are further limit the market growth. Furthermore, a lack of awareness regarding the proper treatment is expected to restrict the market growth.
This research report on the Latin American migraine drugs market has been segmented and sub-segmented into the following categories:
By Therapeutic Class:
Geographically, Latin America is projected to grow significantly during the forecast period. The factors such as improvements in the healthcare sector, increasing demand for better healthcare services, and favorable reimbursement policies are expected to fuel the market growth. In addition, emerging countries such as Argentina, Brazil, and Mexico are contributing to the regional market growth with a significant market share.
Brazil held the largest market share in 2022, and it is anticipated to register a prominent share during the forecast period. The increasing migraine, high research, and development activities, and growing healthcare expenditure are expected to fuel the market growth.
Mexico is anticipated to witness a significant share in the market during the forecast period. The factors such as the growing population, increasing adoption of sedentary lifestyles, and the high prevalence of neurological disorders are boosting the market growth.
On the other hand, Argentina is one of the fastest-growing countries in Latin America. The growing female population, rising awareness, growing demand for better healthcare facilities, and supportive government policies promote the market growth.
KEY MARKET PLAYERS:
Companies playing a leading role in the Latin American migraine drug market profiled in the report are Allergan, GlaxoSmithKline, Pfizer, Endo, Impax Laboratories. The other prominent vendors in the market include AbbottAeriel BioPharma, Alder Biopharmaceuticals, Amgen, Astellas, Bayer, CoLucid, Eli Lilly, IntelGenx, Ethypharm, Johnson & Johnson, Kowa Pharmaceuticals America, Klaria, Luitpold Pharmaceuticals, AstraZeneca, Meda, Dr. Reddy's Laboratories, OptiNose, Pfizer, Pozen, Eisai, Raptor, RedHill, SUDA, Teva, Aegis Therapeutics, Merck, TG Therapeutics, NValeant, Winston Pharmaceuticals, Allergan, and Zogenix.
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