Neuropathic Pain Therapeutics Market
Number of pages: 100 | Report Format: PDF | Published date: December 01, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 6 billion |
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Revenue forecast in 2030 |
US$ 9.22 billion |
|
Growth Rate |
CAGR of 4.9% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
|
Segments covered |
drug class, application, distribution channel, and region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global neuropathic pain therapeutics market was pegged at US$ 6 billion in 2021 and is expected to witness a CAGR of 4.9% during the forecast period.
Market Fundamentals
When a medical problem affects the nerves that transmit sensation to the brain, it results in nerve pain, also known as neuralgia or neuropathic pain. It is a specific form of pain that differs from other pains in how it feels. A blazing sensation is frequently used to describe the discomfort, and the affected areas are frequently sensitive to touch. Symptoms of neuropathic pain may also include excruciating pain, pins and needles, difficulty correctly sensing temperatures and numbness.
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Market Dynamic
Over the course of the projected period, the high incidence of cancer is anticipated to boost market expansion for neuropathic pain products worldwide. Additionally, the market is anticipated to develop as the senior population rises. Additionally, the market is expanding because of the regulatory authorities in various locations approving the drugs.
The global neuropathic pain therapeutics market's expansion is anticipated to be hampered by incomplete pain relief. As an illustration, the use of potent opioids like oxycodone to treat neuropathic pain frequently results in a minimal reduction in discomfort. Additionally, it is anticipated that the adverse effects of drugs may restrain market expansion. Opioid and steroid use has been linked to problems like heart attack, kidney failure, and lung damage.
Market Ecosystem
The global neuropathic pain therapeutics market has been analyzed from four perspectives: drug class, application, distribution channel, and region.
Neuropathic pain therapeutics Market by Drug Class
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Based on drug class, the global neuropathic pain therapeutics market has been subdivided into, antidepressants, anticonvulsants, local anesthesia, opioids, steroids, and others. The opioid drug segment dominates the market. When antidepressants and anticonvulsants are ineffective at treating neuropathic pain, doctors will prescribe opioids. Opioids are frequently utilized to treat patients with neuropathic pain in palliative care programs. Opioid consumption is anticipated to increase when palliative care services are expanded, and reimbursement rules are implemented in third-world nations. The demand for opioids as a pain reliever is also rising in low- and middle-income nations because of numerous government initiatives to provide palliative care for people with crippling cancer pain. So, it is projected that rising opioid use for neuropathic pain therapy will promote market expansion.
Neuropathic pain therapeutics Market by Application
Based on application, the global neuropathic pain therapeutics market has been divided into, diabetic neuropathy, spinal stenosis, chemotherapy-induced peripheral neuropathy, trigeminal neuralgia, and others. Over the course of the projected period, the market segment for diabetic neuropathy is anticipated to increase significantly. The high prevalence of diabetes worldwide is mostly attributed to sedentary and unhealthy lifestyle choices. The increasing prevalence of targeted disorders and the introduction of goods for their treatment are the main drivers fueling the segment's rise.
Neuropathic pain therapeutics Market by Distribution Channel
Based on distribution channel, the global neuropathic pain therapeutics market has been divided into, hospital pharmacy, retail pharmacy, and others. Currently, the hospital sector holds most of the share of the neuropathic pain drugs market. This is because many patients visit hospitals for proper diagnosis and care and tend to but the prescribed medicines from the hospital pharmacy itself.
Neuropathic pain therapeutics Market by Region
Based on region, the global neuropathic pain therapeutics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Increased disease incidence and treatment need, together with rising disease diagnosis and uptake of novel medicines, are factors that are driving the market expansion in North America. Due to these factors, the patient population's rising healthcare spending on novel treatment options, the existence of important enterprises with their pipeline candidates, and anticipated releases, the region occupies a sizable portion of the global market.
Competitive Landscape
Some of the prominent players operating in the global neuropathic pain therapeutics market are: -
Strategic Developments
The global neuropathic pain therapeutics market is expected to grow at a CAGR of % in the forecast period.
Pfizer Inc., Eli Lilly & Company, AstraZeneca, etc. are a few key players in the global neuropathic pain therapeutics market.
The opioid drug segment dominates the global neuropathic pain therapeutics market.
Asia Pacific region is expected to witness the highest global neuropathic pain therapeutics market growth in the forecast period.
*Insights on financial permanence are subject to the availability of information in the public domain