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Request InsightsThe global geniculate ganglionitis drugs market is estimated to grow at CAGR of ~5% over the forecast period, i.e., 2022 – 2030. Geniculate ganglionitis, also known as, Ramsay Hunt syndrome, or Hunt's neuralgia, is a neurological disorder caused by infection with the same virus which causes chickenpox. In this syndrome, the virus infects the facial nerve connected to the ear, which is why the syndrome is characterized by chronic pain in middle and inner ear. The growth of the market can be attributed to the rising cases of chickenpox and shingles, as this is the most common cause of geniculate ganglionitis. Before the mass vaccine drives for chickenpox were initiated, over 100 deaths and more than 4 million cases of chickenpox were reported every year. After the vaccine drives, since 1996, this has reduced significantly. As of 2019, less than 350,000 cases of chickenpox were reported worldwide. Moreover, the developing public healthcare infrastructure and high government expenditure for the development of new drugs is anticipated to significantly fuel the growth of the market.
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The global geniculate ganglionitis drugs market is segmented by drug type into anticonvulsant, anti-inflammatory drugs, antiviral drugs, tricyclics, pregabalin and others, out of which, the antiviral drugs segment is anticipated to hold notable share over the forecast period as antiviral drugs can suppress the infection and instantly reduce the damage to the nerve. However, there is no specific treatment for geniculate ganglionitis, and a combination of drugs is used to relieve the symptoms.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global geniculate ganglionitis drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness substantial growth over the forecast period on the back of higher cases of chickenpox and other viral infections due to lack of health awareness and poor healthcare system in developing nations, such as, India, Vietnam, Bangladesh, and Indonesia. Similarly, the market in Latin America is estimated to provide significant opportunities for the market to grow by the end of 2030, owing to absence of proper vaccine drives to protect for VZV virus, and lack of proper treatment facilities in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of presence of major pharmaceutical companies manufacturing drugs, and increasing research activities for the developing new drugs.
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The global geniculate ganglionitis drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the global geniculate ganglionitis drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing cases of chickenpox and severe symptoms of the disorder to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Lack of health awareness in low-income countries is estimated to hamper the market growth.
The market in the Asia Pacific is estimated to witness growth with highest CAGR over the forecast period, owing to the increasing infection of virus, and developing healthcare system.
The major players in the market are Pfizer Inc., Novartis AG, Sanofi-aventis Groupe, Abbott Laboratories, Merck & Co., Inc., Boehringer Ingelheim International GmbH, Daiichi Sankyo Company, Limited, and Janssen Pharmaceuticals, Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by treatment, drug type, distribution channel, and by region.
The drugs segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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