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The Neuropathy Pain Treatment Market size is estimated to grow by USD 5.84 billion at a CAGR of 10.96% between 2023 and 2028.
There is a growing focus on the development of drugs for the treatment of diabetic neuropathy pain. Several market players are increasingly focusing on the development of drugs for the treatment of diabetic neuropathy to increase their market presence. In addition, diabetic neuropathy is a nerve disorder caused by diabetes. Moreover, diabetic neuropathy is associated with high unmet medical needs, such as complications that are characterized by loss of nervous sensation, which can further result in foot ulcers and major amputations. Therefore, such drug developments are positively impacting the market.
Technavio has segmented the market into Indication, Distribution Channel, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The diabetic neuropathy segment is estimated to witness significant growth during the forecast period. Diabetic neuropathy can be referred to as a nerve disorder associated with diabetes. In addition, due to diabetic neuropathy, axonal damage decreases nerve action potential, thereby inhibiting neuronal signal transmission. Moreover, diabetic neuropathy is characterized by progressive damage to the myelin sheath, which slows down nerve conduction velocity.
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The diabetic neuropathy segment was the largest segment and was valued at USD 2.96 billion in 2018. Moreover, about 60%-70% of diabetic patients develop neuropathy, with a considerable number of patients remaining undiagnosed during the initial years of progression. In addition, some of the companies that offer drugs for the treatment of diabetic neuropathy include Eli Lilly, Pfizer, and Assertio Therapeutics. Furthermore, pain management therapies for diabetic neuropathy are less effective or have undesirable side effects; therefore, the demand for more effective drugs is increasing which is fuelling the growth of this segment. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
Retail pharmacists segment sell medicine and medical-related products, as well as other goods such as toiletries, cosmetics, and veterinary products, to the general public and medical practitioners. In addition, retail pharmacies are independent pharmacy, or chain pharmacy, that is licensed as a pharmacy by the state and dispenses medications to the general public at retail prices. Moreover, these pharmacies are typically located across areas for ease of access. In addition, in comparison with wholesale pharmacies, retail pharmacies have a low market share owing to reliability and convenience. Hence, the increasing demand for neuropathy pain treatment therapeutics from retail pharmacies is fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
This segment mainly sells drugs and other pharmaceutical-related products from different pharmaceutical companies and is used for the treatment of either outpatients or inpatients. In addition, the drugs that are found in hospital pharmacies include therapeutic and critical care drugs. Moreover, the primary aim of hospital pharmacies is to procure, store, and sell medications to patients in hospitals. Furthermore, hospital pharmacies have rapidly emerged as the preferred distribution channel for compounded drugs. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. North America dominated the global neuropathy pain treatment market with the US being the largest revenue contributor to the market growth. In addition, the growing prevalence of diabetes has led to an increase in the prevalence of diabetic neuropathy.
Moreover, in 2023, approximately 30.3 million people in the US of all ages have diabetes. Thus, these individuals have a higher risk of developing diabetic neuropathy, a nerve disorder that causes pain. Furthermore, factors such as the increase in the older population, coupled with the established adoption of LYRICA and Cymbalta in new indications and the introduction of new drugs for the treatment of neuropathy pain, will further drive market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global neuropathy pain treatment market witnessed a significant slowdown due to the major focus on treating patients with COVID-19, healthcare treatments for other diseases, including neurologic disorders, are reduced in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of healthcare facilities and the manufacturing of neuropathy pain drugs. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers neuropathy pain treatment such as the Proclaim XR spinal cord stimulation system, which provides patients with painful diabetic peripheral neuropathy.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the neuropathy pain treatment market growth is the rising penetration of generic drugs. The presence of generic drugs significantly impacts the market as the price of generic drugs is almost half the price of branded drugs. In addition, with an increase in the number of ANDA approvals, more generic drug manufacturers have entered the market, which is intensifying the competition in the market.
Moreover, the competition among generic drug makers is based on the low prices of generic drugs. For instance, as per the US FDA, with a single generic drugs manufacturer in the market, the average manufacturer price (AMP) for generics is 39% lower than the AMP for branded drugs before the entry of generics into the market. Furthermore, with two competitors, the AMP data shows that the prices of generics are 54% lower than the prices of branded drugs before the entry of generics into the market. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the neuropathy pain treatment market growth is the growing focus on emerging economies. The growing focus of research institutes and market players to tap the potential treatments in emerging economies will likely bring substantial growth opportunities. In addition, the increasing incidence of individuals with pain has fueled the demand in regions such as China, India, and Brazil.
Moreover, the research institutes have issued guidelines to address the unmet needs in the treatment of pain. For example, a group of pain specialists from across APAC stated to have tailored guidelines for each region for the treatment of neuropathic pain. Furthermore, they also started to put greater effort into communicating about neuropathy pain treatments with general physicians which will increase the accessibility of drugs in emerging and low- and middle-income regions of APAC. Hence, such factors drive the market growth during the forecast period.
High unmet needs in the treatment of neuropathy pain affecting adoption rates are one of the key challenges hindering market growth. The high unmet medical requirements in the diagnosis and treatment of neuropathy pain may negatively impact the growth prospects. In addition, the currently approved therapies for diabetic neuropathy are associated with high systematic toxicity and have failed to eradicate neuropathy completely. Furthermore, neuropathy pain fails to respond adequately to conventional analgesics.
Moreover, the existing treatment for diabetic neuropathy is associated with high systematic toxicity and is not effective in eradicating neuropathy completely. In addition, these drugs are usually associated with side effects such as dizziness, somnolence, nausea, and constipation. As a result, these factors have decreased the levels of patient compliance with diabetic neuropathy drugs. Hence, such factors are hindering the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Neuropathy Pain Treatment Market Customer Landscape
The neuropathy pain treatment market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Neuropathy Pain Treatment Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.96% |
Market Growth 2024-2028 |
USD 5.84 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.11 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 33% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Alfasigma Spa, Astellas Pharma Inc., AstraZeneca Plc, Baxter International Inc., Biogen Inc., Bristol Myers Squibb Co., Daiichi Sankyo Co. Ltd., Dr Reddys Laboratories Ltd., Eli Lilly and Co., Endo International Plc, GlaxoSmithKline Plc, Johnson and Johnson, Mallinckrodt Plc, Neuracle Lifesciences Pvt. Ltd., Pfizer Inc., Sanofi, Sun Pharmaceutical Industries Ltd., Vertex Pharmaceuticals Inc., and VistaGen Therapeutics Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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