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The neuropathy pain treatment market size is forecast to increase by USD 5.84 billion at a CAGR of 10.96% between 2023 and 2028.
The neuropathy pain treatment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Neuropathic pain, a type of chronic pain caused by damage or dysfunction to the somatosensory nervous system, affects an estimated 10 million people worldwide, with a significant number being diabetic patients. Diabetic neuropathy, a common complication of diabetes, is characterized by aetiologies such as axonal damage, hyperalgesia, allodynia, and anatomic localization. Neuropathic pain can be caused by various conditions, including autoimmune diseases, virally-induced neuropathy, and oncology medications like chemotherapy. The pain management market for neuropathic pain is projected to experience significant growth due to the rising prevalence of diabetes and the increasing number of approved drugs for its treatment.
Furthermore, neuropathic pain medications include tricyclic anti-depressants, anticonvulsants such as Lyrica, Topamax, and Lamotrigine, and prescription opioids. However, these medications come with severe adverse effects and high costs, limiting their widespread use. The pain management market covers both pharmaceutical companies and pain management centres. Leading pharmaceutical companies are investing in research and development to bring new treatments to market. Guidelines recommend early diagnosis and treatment of neuropathic pain to prevent further nerve damage and provide symptomatic relief. Despite advancements in treatment, challenges remain, including the need for more effective and affordable options for the general population.
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The diabetic neuropathy segment was valued at USD 2.96 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Neuropathic Pain, a debilitating condition affecting the somatosensory nervous system, is projected to witness significant growth In the global market. The aetiology of Neuropathic Pain can be attributed to various factors, including autoimmune diseases, virally-induced neuropathy, and chemotherapy. The International Diabetes Federation reports that approximately 10 million people In the US alone suffer from Diabetic Neuropathy, a common complication of diabetes. Diabetic patients, particularly those with type 2 diabetes, are at an increased risk due to the rising prevalence of diabetes. The pain management market is witnessing a shift towards Neuropathic Pain medications such as Tricyclic anti-depressants, Anticonvulsants like Lyrica, Topamax, and Lamotrigine, and prescription opioids.
Furthermore, the sales analysis reveals that leading pharmaceutical companies like GSK have gained approval for these drugs, leading to a rise in prescriptions. However, the high cost and severe adverse effects of prescription opioids limit their widespread use. Hyperalgesia and Allodynia, symptoms of Neuropathic Pain, can cause significant discomfort, leading to a need for effective treatment. The growing older population and the increasing adoption of these approved drugs will further fuel market growth. The market is expected to expand, with pain management centres playing a crucial role in providing specialized care for Neuropathic Pain patients.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The presence of a large patient pool of neuropathy pain is the key driver of the market.
The development of topical patches for neuropathy pain treatment changing market dynamics is the upcoming market trend.
What challenges does the Neuropathy Pain Treatment Industry face during its growth?
The high cost of neuropathy pain treatment is a key challenge affecting the industry growth.
Exclusive Customer Landscape
The market forecasting 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 market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, neuropathy pain treatment market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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 industry 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.
The market is witnessing significant growth due to the increasing prevalence of various conditions causing neuropathic pain, such as diabetic neuropathy, spinal stenosis, HIV, cancer, and Alzheimer's disease. Algiax Pharmaceuticals is currently conducting a phase study for a new drug In the anticonvulsant segment for the indication of neuropathic pain. The study is being monitored by a Data Monitoring Committee. The market is segmented into the anticonvulsant, antidepressant, and opioid drug classes. The antidepressant segment, which includes tricyclic antidepressants and selective serotonin and norepinephrine reuptake inhibitors, holds a significant market share. Neuropathic pain drugs are available in various channels such as drug stores, retail pharmacies, hospital pharmacies, and online platforms.
Moreover, the symptoms of neuropathic pain include burning, pricking, shooting pain, numbness, and sensitivity to touch. Investigational drugs target various mechanisms such as synaptotagmin and are in different stages of clinical trials and product approval. The neuropathy pain market is affected by factors such as the geriatric population's growing prevalence, the recession's impact on healthcare spending, and the World Health Organization's efforts to increase awareness and access to therapeutic drugs.
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Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.96% |
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Market Growth 2024-2028 |
USD 5.84 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
10.11 |
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Key countries |
US, Canada, Germany, UK, and China |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this neuropathy pain treatment market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Indication
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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