Migraine Drugs Market Highlights
The availability of various innovative, effective treatments is a key driving force influencing market growth significantly. According to Market Research Future (MRFR), the Migraine Market is projected to reach USD 2.2 billion by 2030 at CAGR of 3.10% during the forecast period 2022-2030. In its recently published market forecast, MRFR also asserts that the market would grow at a moderate CAGR throughout the forecast period (2022– 2030). The availability of therapeutic medicines is fuelling market growth, providing growth opportunities to the market.
The global migraine market trends witnesses rising growth. The continual growth attributes to the increasing prevalence of the condition worldwide. The pain and symptoms associated with this debilitating and recurrent, chronic neurologic disease severely impact the quality of life of sufferers. Chronic migraine disorder can result in extruding pain and sleep-less nights, further leading to various health complications. The migraine market is a well-developed space with the availability of many novel medicines and therapies to treat symptoms of the condition.
Substantial investments made in the R&D for the development of breakthrough drugs and therapeutics are influencing the market growth. Additionally, spreading awareness about the availability of migraine treatments, changing lifestyles, and increasing occurrences of the condition among the growing population substantiates the market growth. Simultaneously, improving economic conditions provides impetus to market growth, enabling access to quality care worldwide.
Moreover, technological advancements transpired in medical science led by substantial investments foster the growth of the market excellently, bringing about innovative medical devices, therapeutics, and medicines. On the other hand, large unmet medical needs and drug resistance cases hamper market growth.
Also, high costs associated with the treatments are anticipated to impede market growth. Nevertheless, technological advancements transpired in health care would support the growth of the market, presenting more advanced and cost-effective treatments.
Global Migraine Market - Regional Analysis
North America heads the global Migraine market with the largest market share. Favorable reimbursement scenarios and high healthcare expenditures are key driving forces behind the regional market growth. Also, the wide uptake of new technologies in the treatment of migraines drives the growth of the market substantially. The US, heading with its well-developed Migraine treatment market, accounts for the largest share in the regional market.
Europe stands the second-leading position in the global Migraine market. The increasing prevalence of the condition drives market growth. Besides, the resurging economy acts as a tailwind to the regional market growth, availing many novel treatments and drugs. The European Migraine treatment market is expected to grow at a considerable CAGR.
The Asia Pacific Migraine market is estimated to emerge as the fastest-growing market from 2018 to 2023. China and India predominantly lead the APAC migraine market, heading with the vast population and the availability of cost-competitive therapeutics.
Moreover, the proliferating healthcare sector, coupled with large unmet needs in the region, would provide impetus to the regional market over the assessment period. Besides, Vietnam, Thailand, and Malaysia, among other Southeast Asian countries, are projected to contribute significantly to the regional market growth.
Global Migraine Market – Segmentations
The global migraine market outlook is segmented into four market dynamics to widen the scope of understanding,
By Types : Episodic and Chronic.
By Treatment Type : Preventive and Abortive.
By Drug Class : Triptans and Ergots, among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Migraine Market - Competitive Analysis
The Migraine market appears to be fiercely competitive and fragmented due to the presence of several well-established players. They alongside, the new entrants, form a completive landscape in the market. They incorporate strategic initiatives such as collaboration, mergers & acquisitions, expansion, and technology launch. Substantial investments are transpired in clinical trials and the development of effective drugs.
Major Players:
The Migraine market Players are Impax Laboratories, Allergan, Abbott Laboratories, Inc., Eli Lilly and Company, Eisai Inc., Pfizer, Inc., Klaria, Johnson & Johnson, Kowa Pharmaceuticals America, Meda, Merck, Luitpold Pharmaceuticals, OptiNose, GlaxoSmithKline plc, and AstraZeneca plc, among others.
Industry/Innovation/ Related News:
June 01, 2020 ---- Theranica Bio-Electronics (Israel), a prescribed digital therapeutics company, announced its Migraine & Headache Awareness Month USD 50 rebate for its FDA-authorized prescription wearable Nerivio® prescriptions dispensed during June 2020. Migraine is expected to be very challenging during the COVID-19 pandemic. Patients are a greater incidence of stress-related migraines amid the epidemic. Hence, the company has decided to leverage its expertise for the treatment of acute migraine.
In Feb 2020, Theranica expanded accessibility of Nerivio wearable device to US migraine patients, partnering with the Telemedicine Platform. This has helped to provide rapid consultation with a licensed physician, and home delivery of the novel FDA-authorized prescribed wearable medical device during the coronavirus crises.
May 21, 2020 ---- Cipla Ltd. (India), a leading multinational pharmaceutical & Biotechnology Company, announced receiving final approval from the USFDA for its Abbreviated New Drug Application (ANDA) for new nasal spray - Dihydroergotamine Mesylate, indicated for the treatment of migraine headaches. This is Cipla's first ANDA approval for a nasal spray, which is indicated in the treatment of acute attacks of migraine headaches with/without aura.
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