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Migraine Treatment Market Analysis, Trends, Growth, Research And Forecast 2033
Migraine Treatment Market Analysis
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According to The Business Research Company's, The migraine treatment market size has grown strongly in recent years. It will grow from $2.94 billion in 2023 to $3.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to increased prevalence of migraines, increased healthcare expenditure, improved formulations of existing drugs, expansion of clinical research, development of novel therapies.
The migraine treatment market size is expected to see rapid growth in the next few years. It will grow to $4.78 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to growing awareness and education, emergence of monoclonal antibodies, increasing focus on pediatric migraines, expansion of non-pharmacological interventions, global initiatives for migraine research. Major trends in the forecast period include advancements in therapeutic approaches, wearable devices and digital therapeutics, telemedicine and remote consultations, patient-centric care models, generic drug market growth, oral cgrp inhibitors.
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Market Drivers and Trends:
The increasing number of clinical trials is expected to propel the growth of the migraine treatment market going forward. Clinical trials are research studies that involve human participants to evaluate the safety and efficacy of new medical treatments, interventions, or procedures. Clinical trials often involve testing new and potentially more effective treatments for migraines, personalized or targeted treatment strategies, contributing valuable data, early access to promising therapies, and contributing to the advancement of scientific research. For instance, in May 2023, according to Xtalks, a Canada-based company specializing in providing life science webinars and virtual events, 452,604 clinical studies have been registered on ClinicalTrials.gov as of May 17, 2023. 64,838 studies out of the total number that have been registered are actively seeking participants which is an increase of 365,000 registered trials in 2021. Therefore, the increasing number of clinical trials is driving the growth of the migraine treatment market .
Technological innovations are the key trend gaining popularity in the migraine treatment market. Major companies operating in the market are introducing technological innovations to sustain their position in the market. For instance, in March 2021, Neurolief, an Israel-based company that develops proprietary digital therapeutics neuromodulation technology, launched 'Brain Neuromodulation Technology,' used for migraine treatment. It is the first non-invasive neuromodulation system used to treat acute migraine at home.
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Major Key Players of the Market:
Pfizer Inc., Eli Lilly and Company, Amgen Inc., GlaxoSmithKline plc, Novartis AG, Bayer AG, Allergan plc, Abbott Laboratories, Allodynic Therapeutics LLC, AOBiome LLC, AstraZeneca plc, Bausch Health Companies Inc., Boehringer Ingelheim International GmbH, Catalent Inc., Dr. Reddy's Laboratories Limited, Impel Pharmaceuticals Inc., AbbVie Inc., Alder BioPharmaceuticals Inc., Astellas Pharma Inc., Biohaven Pharmaceutical Holding Company Ltd., Bristol-Myers Squibb Company, CoLucid Pharmaceuticals Inc., Daiichi Sankyo Company Limited, Eisai Co. Ltd., Endo International plc, Impax Laboratories Inc., Johnson & Johnson Inc., Lannett Company Inc., Lupin Limited, Merck & Co. Inc., Mylan N.V., Novo Nordisk A/S
Migraine Treatment Market 2024 Key Insights:
• The migraine treatment market size is expected to see rapid growth in the next few years. It will grow to $4.78 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Rising Global Migraine Prevalence Sparks Momentum In Migraine Treatment Market
• Revolutionizing Migraine Treatment Is Cutting-Edge Technological Innovations In The Market
• North America was the largest region in the migraine treatment market in 2023
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