The Neuropathic Pain Market is bound to reach US$ 10,414.0 Million at a CAGR of 5.6% between 2024. The modern-day situation says that the healthcare sector is witnessing an optimization and reposition of the business models to obtain enhanced patient outcomes. With real-time analytics known to improve patient care and the fact that consumers are shifting towards the preventive model of care, the healthcare vertical is likely to witness greater strides in the forecast period.
Reaching the revenues of over US$ 6 Bn at the end of 2019, the global neuropathic pain management market is projected for a healthy CAGR during the forecast period (2019 – 2029). Increasing prevalence of neuropathic pain disorders and growing awareness about pain medication are boosting the demand for pain management drugs.
Pipeline strategies by manufacturers are focused on introducing advanced drugs with minimum side effects to increase market share. For instance, Pfizer sponsored drug Pregabalin, effective in treating neuropathic (nerve) pain resulting from peripheral nerve trauma that is in phase 3 clinical trials. Increasing research and development activities to develop medications for indications such as post-herpetic neuralgia are creating significant opportunities for manufactures to flourish in the market.
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- Pfizer Inc.
- Johnson & Johnson Services, Inc.
- Bristol-Myers Squibb Company
- Sanofi S.A
- GlaxoSmithKline plc
- Eli Lilly and Company
- Teva Pharmaceutical Industries Ltd
- Baxter International Inc
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Key Takeaways – Neuropathic Pain Management Market Study
- Attributed to less side effects, tricyclic antidepressant drugs are expected to be popular as compared to opioids and steroids during the forecast period.
- North America is expected to be significant revenue generator owing to emergence of several regional market players and well-developed healthcare infrastructure.
- Retail pharmacies are expected to be dominant distribution channels in the neuropathic pain management market.
Increasing prevalence of diabetic neuropathy and availability of approved neuropathy pain medications have significantly added to the opportunities for market growth, thereby fostering the rate of adoption of neuropathic pain management drugs.
Increasing R&D Spending by Pharmaceuticals Companies Shaping Future
One of the key factors observed to impact the neuropathic pain management market growth is the development of new drugs for treatment of neuropathic and chronic pains. Companies are focusing on clinical trials to develop drugs for efficient treatment of neuropathic pain. For instance, Eli Lilly and Company developed Duloxetine (LY248686) for Diabetic Peripheral Neuropathic Pain (DPNP) that is under phase 4 clinical trial.
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At the same time, companies are focused on expanding therapeutic applications of drugs such as opioids and steroids for neuropathic pain management without causing any serious side effects to patients. Currently, more than 100 clinical trials are been carried out for pain management. Among those clinical trials, nearly half of the clinical trials are for various indications of neuropathic pain such as diabetic neuropathy and post-herpetic neuralgia.
What Does the Report Cover?
The neuropathic pain management market, a new study from Persistence Market Research, provides unparalleled insights on evolution of the neuropathic pain management market during 2014 – 2018 and presents demand projections during 2019 – 2029 on the basis of drug class (tricyclic anti-depressants, anticonvulsants, SNRI’s, capsaicin cream, local anesthesia, opioids, steroids, and others), indication (diabetic neuropathy, trigeminal neuralgia, post-herpetic neuralgia, chemotherapy-induced peripheral neuropathy and others), distribution channel (retail pharmacies, hospital pharmacies, and online pharmacies) across prominent regions (North America, Latin America, Europe, Asia Pacific and MEA).
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