New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The gabapentin market size is poised to grow at a CAGR of over ~ 5 % from 2023 to 2035. The market is anticipated to garner a revenue of USD 6 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022. The growth of the market is set to be encouraged by growth in number of children. For instance, there are about 2 billion children between the age of 0 to 14 all across the world. Hence, the demand for gabapentin is growing. The major reasons for giving children this drug is to alleviate neuropathic pain, which is pain caused by nerve damage, as well as to lessen overall muscle tension, twisting motions, or abnormal postures brought on by dystonia.
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Moreover, even with the rise in geriatric population the market is set to flourish. According to the World Health Organization, one in six individuals on the planet will be 60 or older by 2030. By this point, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. The number of individuals in the world who are 60 or older will double (to 2.1 billion) by 2050. Even though the high amount of dose could risk the elderly patient's life, doctors prescribe gabapentin in a prescribed amount for a shorter duration especially after surgery to these patients in order to reduce pain. Therefore, this factor could also lead to the market expansion.
Gabapentin Market: Key Takeaways
- Market in North America region to propel the highest growth
- The Hospital pharmacy segment to garner the highest growth.
- Market in Asia Pacific region’s region to have significant growth.
Surge in Prevalence of Diabetes to Boost the Growth of Global Gabapentin Market
In 2021, there were about 536 million diabetic adults (aged 20 to 79) in the world. By 2030, this figure is expected to reach approximately 642 million, and by 2045, it will reach close to 782 million. However, these diabetes patients could severely suffer from neuropathic pain which could further affect their quality of life and hinder them from various physical activities. Hence, the use of gabapentin is often recommended for diabetes patients. As a consequence, the market revenue is set to grow owing to this element.
Gabapentin Market: Regional Overview
The global gabapentin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Healthcare Spending to Drive the Market Growth in North America
The North America gabapentin market would be growing at a share of 35% in the coming years and this could be encouraged by growing healthcare spending in this region. The expense of healthcare is among the highest in the world in the US. Spending on healthcare in the United States amounted to about USD 3 trillion in 2021, or roughly USD 12,800 per person on average. People in North America always look forward to the best medication and the willingness of people to spend more on healthcare is growing which is why the market is also set to grow in this region.
Growing Prevalence of Chronic Pain to Influence the Expansion of Market in Asia Pacific
The market for gabapentin in Asia Pacific is also projected to have notable growth by the end of 2035. This growth of the market in this region could be owing to rising chronic pain among people. The incidence of chronic pain among adults in Asian nations ranges from 7.1% to 90.8% depending on the different methodologies used to evaluate pain. Additionally, youth in East Asia and the Pacific region experience substantial mental health issues, which have only grown worse since the COVID-19 pandemic. This has further given rise to panic attacks and other mental issues.
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Gabapentin, Segmentation by Distribution Channel
- Retail Pharmacy
- Hospital Pharmacy
- Online Pharmacy
The hospital pharmacy segment is expected to capture the share of 45% by the end of 2035. The growth of the segment could be encouraged by growing number of hospitals further backed by a surging population. From an estimated 2.5 billion people in 1950, the world's population reached 8.0 billion in mid-November 2022, having increased by 1 billion since 2010 and 2 billion since 1998. Hence, when the population grows the construction of hospitals also rises in order to aid people with medical treatment. As a consequence, the market is set to rise.
Gabapentin, Segmentation by Application
- Neuropathic Pain
- Epilepsy
- Restless Legs
- Syndrome
The epilepsy segment is anticipated to have significant growth in the market over the forecast period. This could be owing to the rising prevalence of epilepsy. According to the World Health Organization, epilepsy constitutes one of the most prevalent neurological conditions globally, affecting over 50 million people. In conjunction with various other medications, gabapentin oral solution, pills, and capsules are employed to help persons with epilepsy manage some types of seizures.
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Gabapentin, Segmentation by Dosage Form
- Tablet
- Capsule
- Oral Solutions
Gabapentin, Segmentation by Type
- Generic
- Branded
A few of the well-known market leaders in the gabapentin market that are profiled by Research Nester are Sun Pharmaceutical Industries Ltd., Ascend Laboratories, LLC Apotex Inc., Teva Pharmaceutical Industries Ltd., Aurobindo Pharma., Amneal Pharmaceuticals LLC., Cipla USA, Inc., BP Pharmaceuticals Laboratories Company, Assertio Holdings, Inc., Arbor Pharmaceuticals, Inc., Pfizer Inc., and others.
Recent Development in the Market
- The availability of RUXIENCE, a rheumatoid arthritis biosimilar, was announced by Pfizer Inc. for July 2021.
- Amplyx Pharmaceuticals, a privately held company that specializes in developing drugs for life-threatening infections, was acquired by Pfizer Inc. in September 2021, according to a statement made at the time.
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