Pune, April 08, 2020 (GLOBE NEWSWIRE) -- The global antiepileptic drugs (AED) market is set to gain traction from the ever-increasing initiatives by manufacturers for producing novel and generic drugs for patients. Patents of numerous second generation drugs are on the verge of expiration. It is thus, opening door to new opportunities and upsurging competition amongst key players. It is likely to affect the market positively in the coming years. This information is provided by Fortune Business Insights™ in a recently published report, titled, “Antiepileptic Drugs (AED) Market Size, Share & Industry Analysis, By Drug Generation (First Generation, Second Generation, and Third Generation), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2019-2026.” The report further mentions that the AED market size stood at USD 16.56 billion in 2018 and is projected to reach USD 20.33 billion by 2026, exhibiting a CAGR of 2.4% during the forecast period.
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What Questions Does This Report Answers?
- What are the antiepilepsy drugs market trends and growth drivers?
- How will the market be affected in the coming years?
- Which is the dominant region in the market?
- What are the key strategies adopted by companies to augment sales?
- What are some of the opportunities and challenges that the market would come across?
- Which segment is set to lead in terms of share?
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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To get the short-term and long-term impact of COVID-19 on this Market.
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Drivers & Restraints-
Rising Government Funding on Development of New Drugs to Propel Growth
The incidence of epilepsy is high in the developing economies. As per a survey put forward by the World Health Organization (WHO) and the Epilepsy Foundation of America, in 2019, approximately 50 million populaces were living with the condition globally. Therefore, it is considered to be one of the most commonly occurring neurological disorders in worldwide. Out of these, around 80% of the masses resided in middle or low-income nations. Brazil, India, and China are the top three countries housing a large patient pool suffering from epilepsy.
Besides, three quarters of people living in low-income countries are devoid of medical treatment for epilepsy. Hence, the governments of many countries are taking initiatives to expedite the availability of better treatment options, as well as minimize the burden of this condition. The Morrison Government, for instance, invested USD 9.2 million in April 2019, to develop drugs for childhood epilepsy. However, shortage of such drugs across the globe may hinder the epilepsy drugs market growth during the forthcoming period.
Segment-
Second Generation Segment to Lead Stoked by Immense Popularity of Lyrica
In terms of drug generation, the market is grouped into first generation, second generation, and third generation. Out of these, the second generation segment is set to dominate the market. This includes prominent drugs, such as Banzel, Keppra, and Lyrica. Lyrica is one of the bestselling drugs provided by Pfizer Inc. and owns the maximum anticonvulsants drugs market share backed by its ability to control seizures and lower the impulses of the brain. However, its patient expired in 2019 and hence, other second generation drugs have been introduced in the market as they are also showcasing high potential in the treatment of epilepsy. The first generation segment held 31.5% market share in 2018. It is likely to experience slow growth because of reduction in sales.
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Regional Analysis-
North America to Remain at Forefront Fueled by Rising Awareness
Geographically, the market is categorized into the Middle East and Africa, Europe, North America, Latin America, and Asia Pacific. Out of these, in 2018, North America procured USD 7.96 billion AED market revenue. This region is set to remain in the leading position throughout the forecast period backed by the rising treatment and disease diagnosis rates of neurological conditions. Also, increasing number of awareness campaigns regarding the availability of unique drugs and treatment options, as well as presence of favourable reimbursement policies in this region would contribute to the growth.
Competitive Landscape-
Key Players Strive to Bag Fast Track Approvals for Strengthening Position
The market consists of various enterprises that are working efficiently to gain more market share. To do so, they are either collaborating with other companies or are gaining approval from the government agencies to distribute the newly developed drugs and broaden their geographic presence. Below are a couple of the latest industry developments:
- September 2019: GW Pharmaceuticals, plc, a biopharmaceutical company headquartered in the U.K., unveiled that it received approval from the European Commission (EC) for EPIDYOLEX®, an innovative drug that will be used for Dravet syndrome or Lennox‑Gastaut syndrome (LGS), as an adjunctive therapy of seizures. It is meant for patients who are 2 years of age and older. It will be launched across Europe.
- July 2018: UCB, a multinational biopharmaceutical company based in Belgium, joined hands with Dr. Reddy's Laboratories, a multinational pharmaceutical company headquartered in Hyderabad, to co-promote and distribute a brand of brivaracetam named Briviact®. The agreement provides Dr. Reddy’s exclusive rights to provide the drug in India.
List of the Key Companies operating in the Antiepileptic Drugs Market. They are as follows:
- Sanofi
- Pfizer Inc.
- GW Pharmaceuticals plc.
- UCB S.A.
- Eisai Co., Ltd.
- Sunovion Pharmaceuticals Inc.
- H. Lundbeck A/S
- GlaxoSmithKline plc.
- Other prominent players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- New Product Launch
- Pipeline Analysis
- Overview of Challenges Faced in the Antiepileptic Drugs Market
- Prevalence of Epilepsy - By Key Countries, 2018
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Antiepileptic Drugs Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Drug Generation
- First Generation
- Second Generation
- Third Generation
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
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