Neuropathic Pain Market to Surpass US$ 10 Billion by 2028, Says The Brainy Insights
NEWARK, N.J., March 2, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global neuropathic pain market is expected to grow from USD 5.10 billion in 2020 to USD 10 billion by 2028, at a CAGR of 7.73% during the forecast period 2021-2028.
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Chronic neuropathic pain can come up any time without showing any sign before. There is a possibility of even acute neuropathic pain; however, its chances are less. Non-neuropathic pain happens due to some injury or illness. Neuropathic pain does not occur because of some event, activity, or injury. People suffering from neuropathic pain may feel burning and shooting pain. In such conditions, pain may be constant or occur at irregular time intervals. In such a condition, one can feel numbness or loss of sensation. Study shows that one in three Americans suffers from chronic pain, and one in five suffers from neuropathic pain. The increase in the population and people's unhealthy lifestyles are the major factors driving this market. The increasing number of senior people in the developed economies and the rise in awareness among people about neuropathic pain are more factors propelling this market. Also, the rising investment in R&D by big companies, improvement in the drugs with advancement in technologies, and rising pain management centers are some more factors propelling the neuropathic pain market. The approval of treatments such as Mirogabalinbesylate, a calcium channel blocker, has given a better solution for treating neuropathic disorders. Furthermore, pharmaceutical companies are concentrating on advancing improved drugs to cater to the unmet demand of patients suffering from neuropathic pain, which supplements the market growth. According to one of the reports, diabetes is responsible for 30% of neuropathic cases because it impacts the functioning of nerves. The overconsumption of alcohol for the long term can lead to chronic neuropathic disease.
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The severe side effects of opioids and steroids, such as increased heart rate, further chronic pain, nausea, vomiting, diarrhea, chronic depression, headache, and stroke, prevent the patients from using such prescriptions. These factors act as a restraint for the growth of this market, and also the high cost of branded drugs also restrain the neuropathic pain market.
The major players in the global neuropathic pain market include Eli Lilly and Company, Astellas Pharma Inc., Biogen Inc., Baxter Healthcare Corporation, Pfizer, Inc., Sanofi S.A, Abbott Laboratories, AstraZeneca, Johnson & Johnson Services Inc and GlaxoSmithKline Plc, among others.
- The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global neuropathic pain industry. In December 2017, Depomed Inc. announced the commercialization agreement with Collegium Pharmaceutical. This agreement helps, Collegium Pharmaceutical in commercialize the NUCYNTA pain franchise, and Depomed, Inc. will earn on royalty rate.
- In January 2018, GSK Consumer Healthcare acquired Quell Wearable Pain Relief Technology of NeuropMetric Inc. for the sales in the global market except for the US. The acquisition expanded its product portfolio and is increasing the company's market share.
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Anticonvulsants drug is anticipated to be the market's largest segment, reflecting a CAGR of over 8.3% during the forecast period.
The drug class is divided into anticonvulsants, tricyclic antidepressants, opioids, capsaicin cream, steroids, and others. Anticonvulsants drug is accounted to have the highest market share in 2020, reflecting a CAGR of over 8.3% during the forecast period. This drug is favored due to the minimum risk of side effects.
The Diabetic Neuropathy segment dominated the market with the highest market value of USD 2.45 Billion in 2020.
The indication segment includes spinal stenosis, diabetic neuropathy, and chemotherapy-induced peripheral neuropathy. The diabetic neuropathy segment is accounted to have the most considerable market value of USD 2.45 Billion in 2020. The unhealthy lifestyle of the people has increased the cases of the diabetic population.
The hospitals' segment accounted for a market value of USD 3.21 Billion in 2020.
The distribution channel segment includes hospitals, clinics, and research organizations. The hospital segment accounts for the highest market value of USD 3.21 billion in 2020. This is because hospitals have better infrastructure, and a maximum number of patients prefer the hospital compared to a clinic.
Regional Segment Analysis of the Neuropathic Pain Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America is accounted to have the highest market share in 2020. This is because North America has a better infrastructure with high-end medical facilities. The government supports more investment in R&D and its strong distribution network. The European market is expected to have the second-highest CAGR rate in the forecasting period. The maximum number of cancer patients in the region prefer chemotherapy which increases the requirement for neuropathic pain products.
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About the report:
The global neuropathic pain market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key market insight. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply & demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. The company has a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. The Brainy Insights provide customized (clients' specific) and syndicate reports. The repository of syndicate reports is diverse across all the categories and sub-categories within several domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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