Neuropathic Pain Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Neuropathic Pain Therapeutics Market: Introduction
According to the report, the global neuropathic pain therapeutics market was valued at US$ 5.8 Bn in 2019 and is projected to expand at a CAGR of ~5% from 2020 to 2030. Neuropathic pain can occur in different indications including diabetic neuropathy, post-herpetic neuralgia, cancer-related pain, spinal cord injury, and others. Drug classes used to treat neuropathic pain are anticonvulsants, antidepressants, NSAIDs, opioids, steroids, and others. Moreover, rise in prevalence of neuropathic pain and increase in geriatric population leading to surge in cases of nerve pain among the population across the globe are boosting the growth of the global market. North America dominated the global neuropathic pain therapeutics market in 2019 and the trend is anticipated to continue during the forecast period. Rise in adoption of neuropathic pain therapeutics for treatment and increase in number of clinical trials for the development of these products for different disorders fuel the growth of the market in the region.
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Asia Pacific is expected to be a highly lucrative market for neuropathic pain treatments during the forecast period, owing to the increase in geriatric population, rise in awareness about neuropathic conditions, and surge in focus of leading players toward targeting developing countries such as India and China.
Rise in Geriatric Population and Prevalence of Diabetic Neuropathy to Drive Market
Diabetes mellitus (DM) is a major health problem globally. According to IDF 2019 data, global prevalence of diabetes mellitus was 8.8% among adults, with the number expected to rise to 10.4% by 2040. The prevalence of peripheral neuropathy is estimated to be between 6% and 51% among adults with diabetes depending on age, duration of diabetes, glucose control, and type 1 or type 2 diabetes. An article published in the International Journal of Endocrinology in 2019 stated that nearly 50% of diabetics suffer from diabetic polyneuropathy. The increase in incidence of neuropathic pain continues to encourage the use of pain management drugs, thereby driving the global market.
The geriatric population is at a high risk of neuropathic pain, as the incidence of several diseases that cause neuropathic pain increases with age. Depending on their underlying health, older adults with neuropathic pain could have to cope with multiple coexisting diseases, polypharmacy, and impaired functional ability.
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An article published in NCBI in 2019 stated that prevalence of chronic pain among the geriatric population is high (estimated at 25% to 85%) and could adversely affect their everyday functioning. According to population surveys in France, Morocco, and the U.K. and a recent systematic review of epidemiological studies, 6% to 10% prevalence of neuropathic pain was reported in these countries. Hence, increase in geriatric population is expected to augment the global neuropathic pain therapeutics market.
Anticonvulsants to Dominate Market
In terms of drug class, the global neuropathic pain therapeutics market has been divided into anticonvulsants, antidepressants, NSAIDs, opioids, steroids, and others. The antidepressants segment has been bifurcated into tricyclic antidepressants and serotonin-norepinephrine reuptake inhibitors (SNRIs). The anticonvulsants segment dominated the global neuropathic pain therapeutics market in 2019 and the trend is likely to continue during the forecast period, owing to the increase in cases of nerve pain and launch of new drugs. Lyrica is a major brand that dominates the anticonvulsants market. Pfizer obtained market exclusivity for the drug in 2018.
Diabetic Neuropathy to be Promising Segment
Based on indication, the global neuropathic pain therapeutics market has been classified into diabetic neuropathy, post-herpetic neuralgia, cancer-related pain, spinal cord injury, and others. The diabetic neuropathy segment is expected to expand at the highest CAGR during the forecast period. An article published in NCBI in 2019 indicated that prevalence of neuropathic pain in the general population varies from as little as 1% to as much as 7% to 8%. This includes maximum incidence in diabetic patients (26%).
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Competition Landscape
Pfizer, Novartis AG, and GlaxoSmithKline are leading players in the global neuropathic pain therapeutics market and hold majority market share. The global neuropathic pain therapeutics market is fragmented in terms of number of players. Key players in the global market include Pfizer, Novartis AG, AstraZeneca, GlaxoSmithKline, Eli Lilly and Company, Mallinckrodt Pharmaceuticals, Johnson & Johnson, Abbott, Endo Pharmaceuticals, Inc., Teva Pharmaceutical Industries Limited, and Merck & Co., Inc. New product development through robust R&D activities and mergers & acquisitions are the key strategies adopted by these players to operate their business in the global neuropathic pain therapeutics market.
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This report on the Global Neuropathic Pain Market provides a global 360-degree perspective of the industry while taking into consideration historical data as well as providing accurate estimations of the future scope of the market.
This make it easier for the stakeholders of the report to utilize this information and incorporate changes in their business policies and be well informed about the market dynamics.
It also provides an insight into the competitive landscape of the market highlighting key competitors, major manufacturers dominating the Neuropathic Pain Market, while also providing an analysis of the market share and revenue generation figures.Ask for report free sample with complete TOC and list of tables/figures @ https://www.datalibraryresearch.com/sample-request/neuropathic-pain-market-2178Global Neuropathic Pain Market Competitive Analysis:Eli Lilly and CompanyAstellas Pharma Inc.Biogen Inc.Baxter Healthcare CorporationPfizer, Inc.Sanofi S.AAbbott LaboratoriesAstraZenecaJohnson & Johnson Services Inc.GlaxoSmithKline Plc.
Additionally, the report also calls out regions that have showed maximum growth in the past as well as regions that emerged as leaders of the market in historic years.
It utilizes this information to make predictions for regions which are expected to show rapid market growth, backing the predictions with solid analysis reasons.
Moreover, the report also lists out regions that are expected to show maximum potential for market growth in the years to come.
