Market Synopsis:
As per Market Research Future (MRFR)’s latest analysis, the global neuropathic pain market is set to proliferate at a CAGR of 6.06% during the forecast period. The value of the market is poised to grow from USD 5,676.16 Mn in 2017 to USD 8,017.43 Mn in 2023. The rising prevalence of chronic diseases such as diabetes and cancer that triggers neuropathic pain is a major factor responsible for driving the growth of the market.
The developments in the healthcare sector coupled with rising disposable income has led to an unprecedented growth of the healthcare expenditure over the years. This, in turn, is prognosticated to catalyze the expansion of the global neuropathic pain market size over the assessment period.
The development of pain management centers is another major factor responsible for the proliferation of the neuropathic pain market through the projection period. The fast-developing economies resonate strong growth opportunities for the market players. Additionally, favorable reimbursement policies are likely to accelerate revenue creation for the players of the market across the assessment period. However, lack of awareness and increase in the dealings of counterfeit drugs are expected to hold the growth of the neuropathic pain market in the coming years.
Market Segmentation:
By type, the neuropathic pain market is segmented into peripheral neuropathy, entrapment neuropathy, post-traumatic neuropathy, phantom limb pain, post-herpetic neuralgia (PHN), and trigeminal neuralgia.
By indication, the market is segmented into spinal stenosis, diabetic neuropathy, and chemotherapy-induced peripheral neuropathy treatment.
By diagnosis, the global neuropathic pain market has been segmented into imaging, blood tests, and physical examination.
By treatment, the market is segmented into multimodal therapy and medication type. The medication type segment is further sub-segmented into anticonvulsants, nephrogenic syndrome of inappropriate antidiuresis (NSAIDs) type, nerve blocks type, and antidepressant drugs type.
By distribution channel, the neuropathic pain market has been segmented into retail pharmacies drug stores, and online pharmacies.
By end user, the global neuropathic pain market is segmented into hospitals, clinics, and research organizations.
Regional Analysis:
By region, the global neuropathic pain market size has been segmented into Americas, Europe, Asia Pacific, and the Middle East Africa. Americas is poised to dominate the global market towards the end of the forecast period registering a CAGR of 5.36% over 2023. The factors responsible for favoring the growth of the market include developed healthcare infrastructure, rising healthcare expenditure, and increasing initiatives undertaken by the governments. Meanwhile, Europe is closely competing with Americas and is estimated to reach a valuation of USD 2,844.49 Mn over 2023.
Asia Pacific is set to register a relatively higher CAGR of 6.76% during the forecast period. The revamping of the healthcare sector in the region is projected to augment the neuropathic pain market in the foreseeable future. Meanwhile, the Middle East Africa resonates strong opportunities for growth and is prognosticated to expand at 6.45% CAGR in the forthcoming years.
Competitive Dashboard:
Some of the key players profiled in the report are Eli Lilly and Company (U.S.), Biogen Inc. (U.S.), Baxter Healthcare Corporation (U.S.), Johnson Johnson Services Inc. (U.S.), Astellas Pharma Inc. (Tokyo), Pfizer, Inc. (U.S.), Abbott Laboratories (U.S.), Sanofi S.A. (France), AstraZeneca (U.K.), GlaxoSmithKline plc (U.K.), and Depomed Inc. (U.S.).
Industry Developments:
In October 2018, New Jersey Health Foundation (NJHF)’s HealthStartNJ invested USD 50,000in Paracelsus Neuroscience, a startup that focuses on the study and therapeutics of neuropathic pain.
In October 2018, Selexis, a global leader in mammalian cell line development, and Hoba Therapeutics, for advancing the development of Hoba’s clinical candidate HB-086 (rhMeteorin) for the effective treatment of peripheral neuropathic pain.
In October 2018, scientists at Scripps Research have identified a molecular target in neurons, PIEZO2, for neuropathic pain.
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