In a recent published report, Kenneth Research has updated the market report for Antiepileptic Drugs Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Antiepileptic Drugs Market products.
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Kenneth Research has recently added a report titled Antiepileptic Drugs Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2025. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Antiepileptic drugs refer to the anti-seizure drugs and are developed as a part of the idiopathic and asymptomatic treatment of problems related to epileptic. The problems of epileptic involves the repeating acts that normally happen because of wrong sign that are directed to the brain by the nerve cells. Such drugs are also used in the treatment of pain associated with neuropathic.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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In addition to this several antiepileptic drugs are also utilized as a part of different signs as neuropathic pain, psychiatry and migraine. There are several antiepileptic drugs currently present on the market, and it has helped to cure several patients. The new treatments that are discovered are usually accepted as adjunct therapies.
The rapid growth in the elderly population in many of the developed countries across the globe is driving the demand for antiepileptic drugs. The aging population is rising in the countries such as Italy, Germany, Greece and also in Japan. For instance Japan recorded elderly population who are aged 65 and above constitute 26% of the total population. However, expiration of the drug patents are likely to be the major restraint to the global antiepileptic drug market.
Pharmaceutical company invests huge amount of money in the development process of the drug but when the patents expire that results to the decrease in the pace of the drug flood in the market. For instance, Sabril which is antiepileptic drug expired in February 2017. The drug is used with combination of other medicines that are used to treat both adults and children.
The market has been segmented into different drug type, therapeutic uses and distribution channel. On the basis of different drug type the market has been segmented into Phenytoin, Oxycarbazepine Carbamazepine, Valproate, Topiramate, Ethosuximide, Primidone, Phenobarbital, Rufinamide, Levetiracetam, Ezogabine/retigabine among others. On the basis of therapeutic uses the market has been segmented into generalized and partial.
Diazem drug is used as a generalized uses and not on partial uses. The market has been further segmented on the basis of distribution channel such as retail pharmacies, hospital pharmacies, drug store and online channel among others. Retail pharmacies dominated the market as grabbed the maximum profit over the years. Revenue in retail pharmacies continues to recover from 2014 and it has been recorded with revenue rising to US$ 16.3 billion in the year to June 2017
In terms of region wise study the global antiepileptic drug market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. North America dominated the market owing to the rising expenditure on health care service in United States. For instance, epilepsy affected 2.5 million people in United States and that results to approximately US$ 15.5 billion in health care.
In addition to this new introduction of antiepileptic drugs has also boosted the growth of the market inrecent years. For instance, perampanel, ezogabine/retigabine and eslicarbazepine acetate are the new drugs that are introduced. Asia-Pacific witnessed the fastest growth during the forecast period owing to the high occurrence of epilepsy in China and India. In addition to this improved penetration due to better market access options present in China has also resulted to the rise in the growth of the Asia Pacific market.
The players associated with the antiepileptic drug market is expected to intensify over the years. Companies engage upon new product launch in order to grab a larger part of the market share compared to the competitors. For instance, Mylan launched innovative Version of Antiepileptic Drug Levetiracetam in 2012. Some of the major players of the market are Cephalon, Inc, Abbott Laboratories, Novartis AG, Pfizer, Inc, Sunovion Pharmaceuticals, Inc. GlaxoSmithKline plc, Valeant Pharmaceuticals International, Inc, Johnson & Johnson, among others.
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