Global Meperidine (Demerol) Market, By Form (Tablet, Injection, and Syrup), By Application (Anesthesia, Cough Treatment, and Diarrhea Treatment), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) is estimated to be valued at US$ 480.4 Mn in 2021 and is expected to exhibit a CAGR of 1.5% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Major companies in the market are adopting strategies such as agreements to enhance its geographical presence in the market, which is expected to drive the growth of the segment over the forecast period. For instance, in July 2019, Pfizer Inc. and Mylan N.V. announced a definitive agreement to combine Mylan with Upjohn, Pfizer’s off-patent branded and generic established medicines business, creating a new global pharmaceutical company which will enhance Pfizer’s product portfolio.
Global Meperidine (Demerol) Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic caused major disruptions to clinical trial execution in the U.S., impacting key stakeholders across the industry. Investigative site capabilities experienced upheaval, driven by staff furloughs, social-distancing protocols, financial losses, and concerns over patient safety. Sponsors, CROs, and other organizations that support drug development shifted to remote working environments. An estimated 80% of non-COVID-19 trials were stopped or interrupted as a result of the COVID-19 pandemic. An April 2020 study suggests that investigative sites demonstrated flexibility and ingenuity in adopting new approaches in order to cope with challenges presented by the COVID, with over half of investigative sites transitioning to virtual approaches to interact with patients. More recently, follow-up studies performed in August 2020 identified persistent impact of COVID, with over 60% reporting an 'average' or greater level of impact on ongoing trials and initiation of new trials. Respondents specifically highlighted challenges in patient enrollment and recruitment. There are total 6,114 clinical trials suspended/withdrawn or terminated from September 1, 2019 till October 13, 2020. Out of which, 1,008 clinical trials were suspended due to COVID-19 pandemic which accounted for 16% of total trials suspended/withdrawn or terminated and 84% of trials because of other reasons. Among 1,008 trials, 77% trials were suspended, 16% of trials were terminated, and 7% of trials were withdrawn. Trials which are in Phase 2 are mostly affected by this pandemic situation. This has potentially extended or pushed the completion date ahead and thus, the launch of new products. Moreover, according to a survey conducted by Medidata Solutions, Inc. (an American technology company, which develops and markets software as a service for clinical trials) on April 23, 2020, 63% of survey respondents reported that they stopped recruiting new patients for ongoing clinical trials and 43% of the respondents have postponed their studies.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Meperidine (Demerol) Market”- Forecast to 2028, Global Meperidine (Demerol) Market, By Form (Tablet, Injection, and Syrup), By Application (Anesthesia, Cough Treatment, and Diarrhea Treatment), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
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Moreover, increasing prevalence of pain causing conditions such as osteoarthritis is expected to aid in growth of the global Meperidine (Demerol) market over the forecast period. For instance, according to the Centers for Disease Control and Prevention’s (CDC) report, osteoarthritis affected more than 30 million U.S adults in 2018, and it has been estimated that 70 million people are likely to suffer from osteoarthritis by 2040.
Key Takeaways of the Global Meperidine (Demerol) Market:
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