New York, March 09, 2023 (GLOBE NEWSWIRE) -- The global Neuropathic Pain Market is currently valued at US$ 7.62 Billion in 2022 with the global market expected to grow at a CAGR of 5.9% to reach a revenue of about US$ 14.34 Billion by the end of 2033.
Neuropathic pain is a chronic, debilitating condition that affects millions of people worldwide. It is caused by damage to the peripheral or central nervous system and is characterized by burning, numbness, tingling, and muscle weakness. Neuropathic pain has been estimated to cost patients more than $2 billion each year in direct costs associated with medical bills, lost wages due to disability and reduced productivity.
Factors such as an increase in the prevalence of chronic diseases such as diabetes, cancer & fibromyalgia resulting in nerve damage are driving market growth for Neuropathic Pain Market. In addition, rising awareness about Neuropathic Pain due to increased marketing activities from reigning market players has added fuel to the Neuropathic Pain Market growth. Although Neuropathic Pain treatments have improved drastically over time, a lack of standardized treatment protocols as well as inadequate reimbursement policies restrict Neuropathic Pain Market growth opportunities somewhat further.
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Market Drivers:
The growing prevalence of neuropathic pain is a key driver of the neuropathic pain market. According to the International Association for the Study of Pain, neuropathic pain affects between 7% and 10% of the general population worldwide. The increasing incidence of chronic diseases such as diabetes and cancer is also driving the market, as these conditions are associated with an increased risk of neuropathic pain.
The lack of effective treatment options is another driver of the neuropathic pain market. There are limited treatment options available for patients suffering from neuropathic pain, and existing treatments often have significant side effects. This has led to a significant unmet need in the market, creating opportunities for new treatment modalities.
Market Challenges:
The complexity of neuropathic pain is a significant challenge for the market. Neuropathic pain is a multifactorial condition that can arise from a variety of causes. This makes it difficult to develop effective treatments that target the underlying pathology of neuropathic pain.
The high cost of treatment is another challenge for the neuropathic pain market. Many of the existing treatments for neuropathic pain are expensive, which can limit access for patients.
Competition Landscape
- 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
Some key instances of development include:
- Pfizer announced the acquisition of Array Pharma on March 7, 2019. On July 1, 2019, the organization finalized the acquisition of Therachon, a private biotech company limited at the clinical stage. For Lyrica, the business was granted six months of pediatric exclusivity (pregabalin).
- Johnson and Johnson announced the complete merger of Auris Health, Inc. on April 1, 2019. The business inaugurated a new Asia Pacific headquarters in Singapore on May 10, 2018.
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Market Segmentation:
The neuropathic pain market can be segmented based on the type of neuropathic pain, the cause of neuropathic pain, and the treatment modality.
- Based on the type of neuropathic pain, the market can be segmented into peripheral neuropathic pain and central neuropathic pain. Peripheral neuropathic pain is caused by damage to the nerves outside the spinal cord, while central neuropathic pain is caused by damage to the nerves within the spinal cord or brain.
- Based on the cause of neuropathic pain, the market can be segmented into diabetes, cancer, shingles, nerve trauma, and others.
- Based on the treatment modality, the market can be segmented into pharmaceuticals, medical devices, and others. The pharmaceutical segment includes analgesics, antidepressants, anticonvulsants, and others. The medical devices segment includes spinal cord stimulators, transcutaneous electrical nerve stimulators, and others.
Neuropathy continues to be one of the most costly conditions for both individuals and healthcare systems alike due to its prevalence across all age cohorts around the world . A comprehensive approach towards treatment involving both medications and lifestyle changes along with proper supervision from trained professionals should help contain costs while improving patient outcomes in this field . The Neuropathy market will continue its strong growth over coming years driven by factors such as introduction new drug developments , device innovations , technological advancements ,developments healthcare infrastructure coupled with increase awareness about Neuropathy among public . With numerous potential growth opportunities arising out of increasing demand for better treatments options across globe , it can be said that future looks promising for Neuropathy market .
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Opportunities in Neuropathic Pain Market:
- Development of Novel Treatment Modalities: The lack of effective treatment options for neuropathic pain provides a significant opportunity for the development of novel treatment modalities. The development of new pharmacological and non-pharmacological treatments could help address the unmet needs of patients suffering from neuropathic pain.
- Growing Demand for Non-Opioid Pain Management: The opioid epidemic has highlighted the need for non-opioid pain management options. Neuropathic pain is a condition that often requires long-term pain management, making it an ideal target for non-opioid pain management options such as medical devices and non-pharmacological therapies.
- Increasing Research and Development Activities: The increasing prevalence of neuropathic pain and the unmet need for effective treatments have led to a significant increase in research and development activities in the field. This has resulted in the development of new drugs and medical devices, which could provide significant opportunities for companies operating in the neuropathic pain market.
- Technological Advancements in Medical Devices: The advancements in medical devices, such as spinal cord stimulators and transcutaneous electrical nerve stimulators, have provided new opportunities for the treatment of neuropathic pain. The development of new and improved medical devices could help address the limitations of existing treatments and provide more effective pain management options for patients.
- Expansion into Emerging Markets: The growing prevalence of neuropathic pain in emerging markets provides significant opportunities for companies to expand their operations in these regions. Emerging markets such as Asia Pacific and Latin America have a large population suffering from neuropathic pain, creating significant growth opportunities for companies operating in the market.
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