Global Migraine Drugs Market: Snapshot
The global market for migraine drugs has been growing at a healthy pace and is likely to exhibit a promising growth rate in the coming few years. The rising cases of migraine and the rapid development of the healthcare infrastructure in emerging economies are estimated to support the overall growth of the global migraine drugs market in the next few years.
As per the market research study by Transparency Market Research, in 2016, the global market for migraine drugs stood at US$2.72 bn and is projected to reach US$3.72 bn by 2025. The market is expected to register a healthy 3.50% CAGR between 2017 and 2025.
Development of New Drugs to Enhance Growth of Migraine Drugs Market
In the last few years, the unhealthy food habits and hectic lifestyle of consumers resulting in migraine and other disorders are projected to encourage the development of the global migraine drugs market in the coming few years. The rising population and the increasing awareness among consumers concerning migraine are further predicted to ensure the overall growth of the market in the coming few years. In addition to this, the development of new drugs is anticipated to accelerate the market development in the coming years.
On the contrary, the high consumption of migraine drugs resulting in several side effects are anticipated to curtail the growth of the migraine drugs market in the coming few years. Moreover, the lack of awareness among people related to migraine and its drugs, particularly in under developed regions is estimated to curb the overall growth of the market in the next few years. Nevertheless, the rising number of initiatives that are being taken by private as well as public healthcare organization and market players to create consumer awareness and enhance the distribution network are predicted to accelerate the development of the market in the near future.
North America and Europe to Witness High Growth in Migraine Drugs Market
Presently, North America is expected to account for a huge share of the global migraine drugs market over the next few years. This region is anticipated to register a healthy 3.40% CAGR between 2017 and 2025, thanks to the rising healthcare expenditure. In addition to this, the easy availability of specialty migraine drugs and the increasing cases of migraine are projected to support the development of this region in the coming years. Furthermore, Europe is estimated to attain the second position in the coming years. The rising awareness among people concerning the availability of drugs and therapeutics for migraine is projected to ensure the market growth in the near future. Asia Pacific, on the other hand, is likely to observe a substantial growth in the near future with the growing demand and contribution from China and India.
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The competition among the key players in the migraine drugs market is expected to get intense over the coming few years. The presence of a strong drugs pipeline and the development of new products are anticipated to ensure the growth of the overall market in the next few years. In addition, the growing research activities, which is predicted to create several opportunities is likely to support market growth in the coming few years. The key players in the migraine drugs market across the globe are Novartis AG, Allergan Plc., Alder BioPharmaceuticals Inc., Avanir Pharmaceuticals, Inc., Eisai Co., Ltd., Janssen Pharmaceutical Company, Eli Lilly & Co., Zosano Pharma Corporation, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc, Endo Pharmaceuticals Inc., AstraZeneca Plc., Merck & Co., Inc., and Pfizer, Inc.