NEWARK, Del, April 04, 2023 (GLOBE NEWSWIRE) -- The gabapentin market is capturing a valuation of US$ 2.11 billion in 2023 and is predicted to reach US$ 3.54 billion by 2033. The market is registering a CAGR of 5.3% during the forecast period.
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How are Manufacturers Developing Suitable Gabapentin Products for Patients?
Gabapentin is a medication used to treat seizures, neuropathic pain, and restless leg syndrome. Manufacturers are developing suitable gabapentin products for patients in several ways, including:
- Formulation development: Manufacturers are developing gabapentin formulations that are easy for patients to take, such as oral tablets, capsules, and liquid formulations. These formulations are designed to improve patient compliance and convenience.
- Dose optimization: Manufacturers are optimizing the dose of gabapentin to maximize efficacy while minimizing adverse effects. It involves conducting clinical trials to determine the optimal dose of gabapentin for different indications and patient populations.
- Extended-release formulations: Manufacturers are developing extended-release formulations of gabapentin that can sustain the medication's release over a longer period. It can improve patient compliance by reducing the frequency of dosing.
- Combination products: Manufacturers are developing combination products that contain gabapentin and other medications to improve efficacy or reduce adverse effects. For example, few manufacturers have developed combination products containing gabapentin and opioids to manage chronic pain.
- Patient education: Manufacturers are working with healthcare providers to educate patients on the appropriate use of gabapentin products, including dosing and side effects. It can help ensure that patients use gabapentin safely and effectively.
Key Takeaways:
- The gabapentin market is anticipated to secure a CAGR of 5.3% with a valuation of US$ 3.54 billion by 2033.
- Historically, the market captured a CAGR of 4.6% in 2020
- The United States dominates the global market by capturing a maximum share by 2033.
- The market is estimated to secure a valuation of US$ 2.11 billion in 2023.
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Strategic Methodologies Adopted by Key Marketers Uplifts the Market Revenue
Gabapentin is a medication used to treat several medical conditions, including seizures, neuropathic pain, and restless leg syndrome. The market has seen significant growth in recent years. The key players develop strategies that have helped uplift the gabapentin market revenue, including:
- Product differentiation: Key marketers have focused on developing gabapentin products that differ from their competitors. It includes developing products with unique features, such as extended-release formulations.
- Market expansion: Key marketers have expanded their reach to new markets by partnering with distributors to increase the availability of gabapentin products. It has helped increase the revenue generated from gabapentin sales.
- Promotions and marketing campaigns: Key marketers have invested in marketing and promotional campaigns to create awareness about their gabapentin products among patients. It includes participating in medical conferences, sponsoring medical research, and conducting educational programs.
- Pricing strategies: Key marketers have adopted competitive pricing strategies that offer customers value. It includes offering discounts and promotions, especially on bulk purchases, to encourage more customers to buy gabapentin products.
- Partnerships and collaborations: Key marketers have formed partnerships and collaborations with other companies in the healthcare industry to leverage their strengths in the market. For example, few companies have collaborated with healthcare providers to develop patient education programs and improve outcomes.
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Recent Developments in the Global Gabapentin Market are:
- Pfizer: In 2020, the company announced the launch of its extended-release gabapentin product, called Qutenza. Qutenza is indicated for managing postherpetic neuralgia. It is a type of neuropathic pain that can occur after a shingles infection. Qutenza is a patch applied to the skin, providing extended release of gabapentin for up to three months.
- Teva Pharmaceutical Industries Ltd.: In 2020, the company announced the launch of its generic version of gabapentin, called Gabapentin Tablets USP. The product is available in several strengths and is indicated for treating seizures and postherpetic neuralgia.
- Sun Pharmaceutical Industries Ltd.: Sun Pharma is a global pharmaceutical company that produces various generic and branded pharmaceutical products, including gabapentin. In 2020, the company received approval from the United States FDA for its generic version of gabapentin. Its product is available in several strengths and is indicated for treating seizures and neuropathic pain.
- Hikma Pharmaceuticals: Hikma is a multinational pharmaceutical company that produces a range of generic and branded pharmaceutical products. In 2021, the company received approval from the FDA for its generic version of gabapentin, called Gabapentin Oral Solution. Its product is indicated for treating seizures and neuropathic pain and is available in several strengths.
Other Essential Players in the Market are:
Pfizer Inc., Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Aurobindo Pharma Ltd., Mylan N.V., Hikma Pharmaceuticals PLC, Zydus Cadila Healthcare Ltd., Dr. Reddy's Laboratories Ltd., Lupin Ltd., Glenmark Pharmaceuticals Ltd., and Others
Gabapentin Market by Category
By Dosage Form:
- Gabapentin as Oral Solution
- Gabapentin as Tablet
- Gabapentin as Capsule
By Type:
- Gabapentin as Branded
- Gabapentin as Generic
Region:
- North America
- Europe
- Latin America
- Asia Pacific
- The Middle East Africa
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Table of Content
1. Executive Summary | Gabapentin Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
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