Neuropathic Pain Market to Garner a Valuation of US$ 9,862.3 Million by 2027, at CAGR of 6.4%, Global Industry Analysis by Type, Diagnosis, Treatment, Size, Growth, Top Company Profile, Regional Revenue
Neuropathic pain may be caused by thyroid problems, syphilis, spine surgery, shingles, nerve or spinal cord compression from herniated discs or from arthritis in the spine, multiple sclerosis, multiple myeloma, HIV infection or AIDS, facial nerve problems, diabetes, chemotherapy, amputation, or alcoholism. Tricyclic Antidepressants (TCA), anticonvulsants, local anesthetics such as Lidocaine, Arnica and Capsaicin, opioids, and steroids are used in the treatment of neuropathic pain.
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The global neuropathic pain market is estimated to account for US$ 6,313.4 Mn in terms of value in 2019 and is expected to reach US$ 9,862.3 Mn by the end of 2027.
Global Neuropathic Pain Market: Drivers
Development of new drugs for the treatment of neuropathic pain is expected to propel growth of the global neuropathic pain market over the forecast period. For instance, in March 2020, Kannalife, Inc., a biopharmaceutical med-chem company, received European patent for novel functionalized 1,3-benzene diols and their method of use for the treatment of hepatic encephalopathy, epilepsy, neuropathic pain, traumatic head injury, and stroke.
Global Neuropathic Pain Market: Opportunities
Development of therapeutic agents that target peripherally restricted cannabinoid receptor (CB) is expected to offer lucrative growth opportunities for players in the market. For instance, in February 2020, researchers from Matsumoto Dental University, Japan, concluded that CB2 receptors, peripherally restricted CB1 receptors, and endocannabinoid degrading enzymes is a potentially effective strategy to reduce neuropathic pain symptoms with limited side effects.
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Global Neuropathic Pain Market: Restraints
High cost of drugs is expected to hamper growth of the global neuropathic pain market. For instance, the average annual healthcare cost for painful neuropathic disorder is US$ 17,355.
Anticonvulsants segment in the global neuropathic pain market was valued at US$ 2,548.1 Mn in 2019 and is expected to reach US$ 4,310.3 Mn by 2027 at a CAGR of 6.4% during the forecast period. Anticonvulsants also known as antiepileptic or antiseizure drugs are used in the treatment of epileptic seizure. Anticonvulsant are also used in the treatment of neuropathic pain management and bipolar disorder. Lyrica (Pregabalin), a product of Pfizer Inc., is an anticonvulsant drug used for the treatment of neuropathic pain.
The diabetic neuropathy segment held dominant position in the global neuropathic pain market in 2019, accounting for 46.4% share in terms of value, followed by Chemotherapy-induced peripheral neuropathy and others, respectively. India has one of the highest rates of diabetes type 2 in the world and according to an independent research, by year 2030, an estimated 80 million people will be affected with diabetes type 2 in India. Additionally, the study concluded that the prevalence rate for diabetic neuropathy was 29% in the entire patient population.
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The retail pharmacies segment held dominant position in the global neuropathic pain market in 2019, accounting for 49.9% share in terms of value, followed by drug store and online pharmacies, respectively. Retail pharmacies offer direct access to a range of neuropathic pain management drugs including prescription and generic formulations. Retail pharmacies associated with a particular physician are likely to store brand-specific medication depending on the physician’s preference.
Use of snake venom is emerging as a new trend in the treatment of neuropathic pain. For instance, in November 2019, researchers from Butantan Institute, Brazil, reported that crotoxin, a neurotoxin found in venom of the South American rattlesnake, can be effective in the treatment of neuropathic pain.
The adoption of neuromodulation in the treatment of neuropathic pain is increasing. In neuromodulation, an electrical impulse is delivered to the nerves. This impulse changes the signal, which is currently being processed by the brain and replaces it with other amenable sensations.
Global Neuropathic Pain Market: Competitive Landscape
Major players operating in the global neuropathic pain market include Pfizer, Inc., Johnson & Johnson Services, Inc., Sanofi S.A., Eliy Lily and Company, GlaxoSmithKline PLC, Biogen Idec., Bristol-Myers Sqibb, Baxter Healthcare Corporation, and Depomed, Inc.
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Global Neuropathic Pain Market: Key Developments
February 2020: Collegium Pharmaceutical, Inc., a specialty pharmaceutical company, entered into a definitive agreement to acquire the U.S. rights to the Nucynta Franchise, which includes Nucynta ER –an extended-release formulation of tapentadol for the treatment of neuropathic pain associated with diabetic peripheral neuropathy— from Assertio Therapeutics, Inc.
February 2020: CODA Biotherapeutics, Inc., a preclinical-stage biopharmaceutical company focused on developing therapies for the treatment of neuropathic pain, focal epilepsy, and other neurologic diseases and disorders, acquired Attenua, Inc., a virtual biotech company
- By Drug Class
- Tricyclic Anti-Depressant
- Local Anesthesia
- By Indication
- Diabetic neuropathy
- Chemotherapy-induced Peripheral neuropathy
- By Distribution Channel
- Retail Pharmacies
- Drug Store
- Online Pharmacies
- By Region
- North America
- Latin America
- Asia Pacific
- Middle East
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