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.
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.
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.
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.
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.
Neuropathic Pain Management Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global market for neuropathic pain management. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the neuropathic pain management market structure. The market study presents exclusive information about how the neuropathic pain management market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, and compounded annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the neuropathic pain management market during the forecast period.
The study is relevant for stakeholders in the neuropathic pain management market, including neuropathic pain management therapy manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the neuropathic pain management market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the neuropathic pain management market. Furthermore, small businesses and new entrants in the neuropathic pain management market too can make use of the information presented in this study, based on which, they can make appropriate business decisions to gain momentum in the 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 PMR’s Neuropathic Pain Management Market Report
Neuropathic Pain Management Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the neuropathic pain management market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.
Secondary resources referred to analysts during the production of the neuropathic pain management market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the neuropathic pain management market, and makes PMR’s projection on the growth prospects of the neuropathic pain management market more accurate and reliable.