The global pregabalin market is projected to grow with a CAGR of nearly 3% over the forecast period. The market is primarily driven by the growing prevalence of epilepsy, neuropathic pain, and related disorders globally. In addition, the growing geriatric population, coupled with the increasing prevalence of diabetes, neuropathic pain, fibromyalgia, and others, is anticipated to fuel the market growth over the forecast period. According to the International Diabetes Federation, 463 million people were diabetic worldwide as of 2019. This number expected to grow to 700 million by 2045.
Moreover, the company’s efforts to broaden the applications of pregabalin through R & D are expected to boost the market growth. However, the availability of alternatives, adverse effects, and stringent regulatory policies are expected to hamper the growth of pregabalin.
Key Market Trends
Neuropathic Pain Application Segment is Anticipated to Grow at Significant Rates
Neuropathic pain often refers to burning or shooting pain. The damage of nerves usually causes it. Pregabalin used to reduce neuropathic pain by blocking the pain signals. The increasing cases of neuropathic pain and growing risk factors such as diabetes and HIV anticipated fueling market growth. According to the International Study of Neuropathic Pain (2014-2015), about 7-8% of the global population live with chronic pain with neuropathic characters.
In addition, Pfizer's Lyrica (pregabalin) patent expiry in 2019 has increased the market share for generic drug manufacturers in the market. Also, continuous R&D in widening the applications of pregabalin in different disease interventions coupled with recent product launches anticipated to boost the market growth.
Due to the success of Pfizer's Lyrica, many of the manufacturers have applied for pregabalin production worldwide. Moreover, the increasing number of geriatric populations with neurological disorders is anticipated to fuel the pregabalin market's growth over the forecast period.
North America is Expected to Register Significant Market Growth
Among the regional segment, North America is expected to have significant market growth over the forecast period. This growth is attributed to the growing prevalence of chronic diseases, well-established healthcare infrastructure, and the high adoption of advanced technologies and government initiatives to mandate the maintenance of health records.
However, the Asia Pacific region is projected to have lucrative market growth opportunities owing to the presence of a large pool of patient population, increasing need for better risk management solutions, adoption and maintenance of health records, and growing prevalence of chronic diseases.
The global pregabalin market is moderately consolidated with a limited number of market players. However, the market is anticipated to be intense due to the recent approvals of generic manufacturers. Market players are focusing on new product launches and geographical expansions to increase the market share. The key market players operating in the market include Pfizer Inc., Mylan N.V., Teva Pharmaceuticals, Cipla Limited, and Medley Pharmaceuticals Limited, among others.
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