According to theVision Research Reports, the global neuropathic pain therapeutics market size surpassed US$ 5.7 Bn in 2019 and to reach US$ 10.1 billion by 2027 witha CAGR of 5% from 2020 to 2027.
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.
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.
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%).
Market Participants Focus on Launch of New Drugs, Pipeline Therapeutics, and FDA Approval
Due to the exponential rise in the number of individuals suffering from neuropathic pain, research and development activities have accelerated at a rapid pace. Market participants are increasingly focusing on launching new medication to address neuropathic pain by investing in research and collaborating with other stakeholders in the supply chain. In addition, gaining approval from the FDA in a relatively short period of time continues to remain a major challenge for players operating in the current neuropathic pain therapeutics market.
Oral to be Preferred Route of Administration
Based on route of administration, the global neuropathic pain therapeutics market has been segregated into oral, topical, and others. The oral segment dominated the market in 2019. Commonly used painkillers such as ibuprofen (NSAIDs) are not usually considered effective in treating neuropathic pain. However, in some parts of the world, these are commonly prescribed for neuropathic pain conditions. Surveys found that between 18% and 47% of affected people reported using NSAIDs specifically for neuropathic pain.
Retail Pharmacies to be Major Distribution Channel
In terms of distribution channel, the global neuropathic pain therapeutics market has been categorized into retail pharmacies, hospital pharmacies, and online pharmacies. The retail pharmacies segment dominated the global neuropathic pain therapeutics market in terms of revenue in 2019 and the trend is projected to continue during the forecast period. Increase in the number of neuropathic pain drugs being dispensed through retail pharmacies and rise in number of retail pharmacies in developing countries make these pharmacies a major channel of distribution.
North America to Dominate Global Market
The global neuropathic pain therapeutics market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2019, followed by Europe. North America accounted for a major share of the global neuropathic pain therapeutics market in 2019, owing to the introduction of new drugs and high prevalence of targeted diseases in developing countries such as the U.S. The neuropathic pain therapeutics market in Asia Pacific is anticipated to expand at a higher CAGR from 2020 to 2030. The growth of the neuropathic pain therapeutics market in the region can be attributed to rise in prevalence of disorders and increase in awareness about the treatment in the region.
Market Segmentation
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.
Global Neuropathic Pain Therapeutics Market: Segmentation
Scope of the Report
VRR’s report on the global neuropathic pain therapeutics market studies the past as well as the current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2027. The report provides the revenue of the global neuropathic pain therapeutics market for the period 2020–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global neuropathic pain therapeutics market from 2020 to 2027.
The report has been prepared after extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global neuropathic pain therapeutics market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various attributes of the global neuropathic pain therapeutics market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the global neuropathic pain therapeutics market. These serve as valuable tools for existing market players as well as for entities interested in participating in the global neuropathic pain therapeutics market.
The report also delves into the competition landscape of the global neuropathic pain therapeutics market. Key players operating in the global neuropathic pain therapeutics market have been identified and each one of these has been profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are attributes of players in the global neuropathic pain therapeutics market that have been profiled in this report.
Key Questions Answered in Neuropathic Pain Therapeutics Market Report
Research Objectives and Research Approach
The comprehensive report on the global neuropathic pain therapeutics market begins with an overview, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of products.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller sections. The report comprises an exhaustive collection of graphs and tables that have been appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global neuropathic pain therapeutics market in terms of drug class, disease type, distribution channel, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. Such valuable insights enable market stakeholders to make informed business decisions for investment in the global neuropathic pain therapeutics market.
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