Neuropathic pain occurs due to damage or disease directly affecting the somatosensory nervous system. It often manifests as sensations such as burning, stabbing pain, or pins and needles, and can be difficult to treat effectively. Neuropathic pain can occur as a result of diabetes, shingles, surgery, spinal cord injury, cancer, alcoholism, and HIV/AIDS. The rising incidence of nerve debilitating diseases and injuries are key factors driving the demand for neuropathic pain therapeutics.
The Global Neuropathic Pain Market is estimated to be valued at US$ 7.56 Billion in 2023 and is expected to exhibit a CAGR of 6.2% during the forecast period (2023-2030).
Key Takeaways
Key players operating in the neuropathic pain market are copyright, Eli Lily, Astellas, and Biogen. These players are involved in the development and marketing of drugs for neuropathic pain treatment such as pregabalin, duloxetine, and gabapentin.
There is high unmet need for pain management in developing countries which opens lucrative Neuropathic Pain Market opportunities for market players. Furthermore, drug makers are investing in R&D of novel therapies such as gene therapies and stem cell therapies to treat chronic neuropathic pain more effectively.
Global expansion remains an important strategy for key players. Companies like copyright have increased their international footprint through acquisitions in emerging Latin American and Asian markets with large patient bases. This allows them to gain greater market share and profit from high population growth in these regions.
Market Drivers
Increasing prevalence of diabetes is a major factor fueling neuropathic pain market growth. Over 30 million Americans have diabetes with diabetic neuropathy being one of the most common and debilitating complications affecting nearly 50% of all patients. Rising geriatric population also drives market growth as neuropathic pain is more common in the elderly. Advanced age increases the risks of diabetes, cancers, and spinal injuries which can potentially damage nerves.
Market Restraints
Side effects of existing drugs hamper medication adherence and long-term treatment success rates. For instance, antidepressants used for neuropathic pain management have adverse effects like nausea, weight gain, and sexual dysfunction. Gabapentinoids also cause dizziness and sleepiness. Development of safer and more effective therapies remains a challenge restricting market potential. Stringent regulations for new drug approvals also act as a deterrent for market growth.
Segment Analysis
The global neuropathic pain market can be segmented into peripheral neuropathic pain and central neuropathic pain. Peripheral neuropathic pain is estimated to be the dominating sub-segment during the forecast period. This is due to the high prevalence of conditions causing peripheral neuropathic pain such as diabetes, chemotherapy-induced neuropathy and postherpetic neuralgia. As per existing research studies, it is projected that nearly 50% of diabetic patients suffer from peripheral neuropathic pain due to nerve damage caused by diabetes. Hence, increasing incidences of diabetes worldwide is expected to drive the growth of peripheral neuropathic pain sub-segment during the forecast period.
Global Analysis
North America is projected to remain the dominant as well as the fastest growing region in the global neuropathic pain market during the forecast period. This is attributed to the growing elderly population in the region which are more prone to develop neuropathic disorders. In addition, the region has presence of highly advanced healthcare infrastructure and growing adoption of innovative pain therapies are contributing to the large market share of North America. Asia Pacific region is anticipated to exhibit the highest growth rate over the forecast period owing to rising healthcare expenditure, large patient pool suffering from neuropathic pain and increasing awareness about pain management therapies.
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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
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