Neuropathic Pain Market
Global Market Study of Neuropathic Pain Management: Rise in Number of Pain Management Centers and Availability of Approved Drugs Shaping the Future
Neuropathic Pain Market Segmented By Tricyclic Anti-Depressants Anticonvulsants, Serotonin–Norepinephrine Reuptake Inhibitor, Capsaicin Cream, Local Anaesthesia, Opioids, Steroids Drug Class by Diabetic Neuropathy, Trigeminal Neuralgia, Post-Herpetic Neuralgia, Chemotherapy-induced Peripheral Neuropathy Indication
Over the last few decades, there has been a rise in prevalence of neuropathic pain-related disorders that has resulted increase in number of neuropathic pain management centers.
The growing awareness regarding neuropathic pain management, especially in fast developing countries such as India and China, has increased the number of pain management centers for treatment of neuropathic pain-related disorders.
There are several approved drugs available in the market for the treatment of neuropathic pain. These approved medications include pain relievers such as Lyrica by Pfizer, Topamax by Johnson and Johnson, and Lamotrigine by GSK. Besides these, several branded as well as generic over-the-counter drugs are easily available on market for the treatment of neuropathic pain.
Increasing availability of a large number of approved drugs for the treatment of neuropathic pain, at retail pharmacies, has created tremendous opportunities for growth of the neuropathic pain management market.
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- 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
Diabetic Neuropathy Bolstering Demand for Neuropathic Pain Management Medications
There are several indications of neuropathic pain but diabetic neuropathy is the most common indication. According to CDC, 60–70% of people suffering from diabetes is expected to have diabetic neuropathy. According to the International Diabetes Federation (IDF), in 2019, approximately 463 million adults (20-79 years) are living with diabetes and by 2045 this will rise to 700 million.
This increasing pool of diabetic patients is leading to rise in incidences of neuropathic pain throughout the globe, which will ultimately propel growth of the neuropathic pain management market.
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Opioids - Drug of Choice for Pain Management
Opioids are prescribed by physicians for treatment of neuropathic pain when antidepressant and anticonvulsants are non-responsive. Opioids are largely used in palliative care services for treating patients suffering from neuropathic pain. Increasing palliative care services in third world countries and reimbursements policies are expected to boost the consumption of opioids.
Moreover, various government initiatives to provide palliative care in low-/middle-income countries for effective treatment of patients suffering from debilitating cancer pain are increasing the demand for opioids as a pain medication in these countries. Thus, increasing adoption of opioids for neuropathic pain management is anticipated to boost market growth.
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Increasing Focus on Novel Drug Development
Pfizer Inc., Johnson & Johnson Services Inc., Sanofi S.A, GlaxoSmithKline Inc are the key players in the neuropathic pain management market. Leading pharmaceutical companies are focusing on development of improved drugs for neuropathic pain management.
Manufacturers are solely focusing on development of drugs with minimum side effects through collaborating with academic and research institutes. For instance, in 2019, Merck & Co. collaborated with FMedSci, of King’s College London to develop a new class of pain treatment.
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A comprehensive perspective of the neuropathic pain management market has led our analysts to infer that the market is growing at a remarkable rate, with North America leading the global neuropathic pain management market. Increasing prevalence of diabetes and cancer are anticipated to provide huge growth opportunities for key players in the neuropathic pain management market. Also, increasing number of approved pain management drugs are further supporting growth of the neuropathic pain management market.
Key Segments of Neuropathic Pain Management Market
PMR’s study on the neuropathic pain management market offers information divided into four important segments-drug class, indication, distribution channel and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in Report
- How much is the neuropathic pain market worth?
The global neuropathic pain is estimated to be worth US$ 6 Bn in the year 2021, thereby justifying the high value proposition.
- What will be the sales forecast of neuropathic pain market?
The neuropathic pain market is expected to grow to US$ 9.5 Bn between 2021 and 2031.
- What was the CAGR in the last 5 years?
The neuropathic pain market, in the last 5 years (2015 and 2020), witnessed a CAGR of 5.5%.
- What is the key trend of neuropathic pain market?
The ongoing trend is that of using opioids for managing pain. Methadone (strong) agonist therapy proves to be effective against addiction to the opioid drugs like heroin. So, it could be inferred that opioids, along with their antidotes are the talk of the neuropathic pain market.
- What is driving demand for neuropathic pain treatment?
Growing incidences of diabetes are driving the demand for neuropathic pain treatment.
- What is the market share of top 5 players
The top 5 players (Eli Lilly and Company, Grunenthal, Biogen Inc., Pfizer, Inc., and Mallinckrodt Pharmaceuticals) account for more than 70% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include the US, UK, Germany, India, and Australia.
- What is the Outlook for North America’s market?
North America, in terms of revenue generation, is expected to grow twice its current value with the US housing majority of key market participants.
- At what percentage XYZ is going to register growth in Europe?
Europe will register growth of 5% between 2021 and 2031.
- Which are the key exporters of neuropathic pain market?
The key exporters to neuropathic pain market include Pfizer Inc., GlaxoSmithKline Inc., Sanofi S.A., Johnson & Johnson Services Inc, and Biogen Inc. These players hold the export baton for neuropathic pain market.