The Neuropathic Pain Market is slated to grow on a stupendous note in the future. In the ongoing situation, virtual monitoring tools coupled with telehealth consultations could help in getting patients treatments at home instead of hospitals. There are pre-programmed mobile devices, pulse oximeters, blood pressure monitors, and various other devices that help the healthcare personnel in keeping up with basic information. This trend is bound to keep the healthcare vertical continuously on its toes in the years to come as well.
According to the latest market report published by Persistence Market Research titled ‘Global Market Study on Neuropathic Pain: Anticonvulsants Drug Class Segment Projected to Witness the Highest Growth Through 2024’, the global neuropathic pain market was valued at US$ 5.2 Bn in 2015 and is estimated to reach a market valuation of US$ 5.4 Bn by 2016. The market is projected to expand at a CAGR of 5.6% during an eight-year forecast period 2016–2024 and reach US$ 8.3 Bn by the end of 2024.
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Market dynamics
Rising occurrence of diabetes and cancer, new treatment options to treat neuropathic pain, growth in the number of pain management centers, and increasing demand for neuropathic pain treatment are major factors driving revenue growth of the global neuropathic pain market currently. Other factors driving market growth include rapid product launches for the treatment of neuropathic pain, a growing awareness among patients for the treatment of neuropathic pain, and an increasing demand for generic drugs.
Pharmaceutical companies are focusing on developing new and improved drugs to fulfil unmet needs of patients suffering from neuropathic pain. However, challenges such as severe side effects of opioids and steroids and rising costs of branded drugs are likely to restrain the growth of the global neuropathic pain market in the next eight years.
Company Profiles:
- 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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Market forecast
The global neuropathic pain market is segmented on the basis of drug class, indication, and distribution channel. On the basis of drug class, the market has been segmented into Tricyclic Antidepressant, Anticonvulsants, Local Anaesthesia, Opioids, Steroids, and Others. The Anticonvulsants drug class segment is expected to remain the largest segment in the global neuropathic pain market, registering a CAGR of 6.4% in terms of value over the forecast period. The less side effects of this drug is expected to contribute to its growing popularity. The Anticonvulsants segment is projected to reach a market valuation of US$ 3.3 Bn by 2024 end. The Tricyclic Antidepressant segment is also likely to emerge as the most preferred drug class type for both patients and physicians globally over the forecast period.
On the basis of indication, the market has been segmented into Diabetic Neuropathy, Chemotherapy Induced Peripheral Neuropathy, and Others. The highest market share is held by the Diabetic Neuropathy segment, followed by the Chemotherapy Induced Peripheral Neuropathy segment. The Diabetic Neuropathy segment is estimated to account for the highest value share of 46.7% of the global neuropathic pain market by 2016 end. The Chemotherapy Induced Peripheral Neuropathy segment is estimated to account for 42.4% revenue share in the global neuropathic pain market by 2016 end.
On the basis of region, the market has been segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. This report assesses trends driving each market segment and offers analysis and insights into the potential of neuropathic pain in specific regions. North America is estimated to dominate the global neuropathic pain market with maximum value share of the overall market by the end of 2016. The North America neuropathic pain market is estimated to increase at a CAGR of 5.8% through 2024. Emergence of several regional market players, a robust distribution network, and well-developed healthcare infrastructure support in North America are some of the key factors driving revenue growth of the neuropathic pain market in North America.
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