The growing incidence of chronic conditions like diabetes, cancer, HIV/AIDS, and others, which all are key contributors to neuropathic pain, is the key driving factor for the neuropathic pain market growth. The World Health Organization (WHO) projects that by 2030, chronic diseases will account for 75% of worldwide deaths if current trends continue. Additionally, the absence of a sufficient number of treatment options for neuropathic pain provides opportunity for further market growth.
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Market Trends:
The increasing number of R&D activities to develop new drugs: Scarcity of effective treatment options for neuropathic pain increases focus for the study and development of new treatment options. This is likely to provide huge growth prospects to the market players.
Increase in the use of devices intended for the management of neuropathic pain: The use of device based techniques like spinal cord stimulation devices and Transcutaneous Electrical Nerve Stimulation (TENS) devices is on the rise for the treatment of neuropathic pain. This is another significant trend witnessed in the market.
Neuropathic Pain Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$7.56 billion |
|
Estimated Value by 2030 |
$11.53 billion |
|
Growth Rate |
Poised to grow at a CAGR of 6.2% |
|
Historical Data |
2018–2021 |
|
Forecast Period |
2020–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Drug Class, By Indication, By Distribution Channel |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Launch of new products by key market players to expand product portfolio |
|
Restraints & Challenges |
• Side-effects associated with medications is one of the major factors to hamper growth of the market over the forecast period |
Market Opportunity:
Tricyclic Anti-Depressants Segment: The tricyclic anti-depressants segment is expected to register the highest revenue share during the forecast period. Some of the tricyclic anti-depressants that are commonly used for neuropathic pain include amitriptyline, nortriptyline, and imipramine as they work on the neurotransmitters in the brain, such as serotonin and norepinephrine. They are very effective for multiple neuropathic pain conditions such as diabetic peripheral neuropathy, post herpetic neuralgia, and fibromyalgia.
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Anticonvulsants Segment: This anticonvulsants segment is expected to grow at a steady rate over the forecast period. Commonly prescribed drugs of this class such as pregabalin, gabapentin, and carbamazepine find application in the treatment of neuropathic pain. They work by reducing the spontaneous nerve impulses that cause pain. Pregabalin works particularly for symptoms of diabetic peripheral neuropathy, postherpetic neuralgia, and fibromyalgia. It has been able to acquire significant market share owing to its patented formula and protection.
Key Market Takeaways:
It is estimated that the neuropathic pain market will grow at a rate of 6.2% during the forecast period 2023 to 2030
In terms of drug type, the market for tricyclic antidepressants is expected to remain strong in critical areas due to their effectiveness in treating various types of neuropathic pain and their established history of clinical use.
Among indication, diabetic neuropathy is expected to be dominant throughout the forecast period with the increasing incidence rates of diabetes globally.
By region, North America is expected to hold the largest share. This is due to developed healthcare systems and greater patient awareness of treatment options in the region.
Competitors Insights:
- Pfizer Inc.
- Johnson and Johnson Services Inc.
- Sanofi S.A.
- Eily Lily and Company
- GlaxoSmithKline PLC.
- Biogen Idec.
- Bristol-Myers Squibb
- Baxter Healthcare Corporation
- Depomed Inc.
Recent Developments:
In May 2023, Pfizer Inc. announced positive results from a clinical trial for its new neuropathic pain medication, demonstrating significant pain relief in patients with diabetic neuropathy
In April 2023, Johnson and Johnson Services Inc. launched an innovative pain management device designed to enhance the delivery of analgesics for neuropathic pain patients
In March 2023, Sanofi S.A. reported advancements in its pipeline for neuropathic pain treatments, focusing on biologic therapies that target specific pain pathways
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Detailed Segmentation:
By Drug Class:
- Tricyclic Anti-Depressant
- Anticonvulsant
- Local Anaesthesia
- Opioids
- Steroids
- Others
By Indication:
- Diabetic neuropathy
- Chemotherapy-induced Peripheral neuropathy
- Other
By Distribution Channel:
- Retail Pharmacies
- Drug Store
- Online Pharmacies
By Geography:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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The global diabetic foot ulcers treatment market is estimated to be valued at US$ 7.72 Bn in 2023 and is expected to exhibit a CAGR of 10.2% during the forecast period (2023-2030).
Global anticonvulsant drugs market is estimated to be valued at US$ 6,757.8 million in 2022 and is expected to reach US$ 8,030.4 million by 2030, witnessing a CAGR of 2.2% over the forecast period (2022-2030).
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expected to exhibit a CAGR of 5.6% during the forecast period (2023-2030)
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