Global Neuralgia Treatment Market Size to Reach US$ 2.5 Billion by 2025 at a CAGR of 6.2%
Noida, Uttar Pradesh, India, February 19 2021 (Wiredrelease) Report Ocean Pvt Ltd –:The increasing diabetes cases and the high trigeminal neuralgia incidence rate are the main driving factors for the growing demand for neuralgia treatment. However, the post neuralgia treatment market’s consolidated nature fails to increase business profitability due to patent loss and low efficacy with the treatment’s efficiency. Driven by these promising developments, the Global Neuralgia Treatment Market is estimated to see healthy growth, pegged at a CAGR of ~6.2% during the forecast period 2020-2025.
North America anticipated creating lucrative opportunities worldwide
North America led the growth of the neuralgia treatment market and is anticipated to witness the fastest growth during the forecast period. Rising cases of people struggling with nerve pain, growing awareness among people about neuralgia treatment, and increasing market players’ penetration drive significant growth for the regional market. Simultaneously, the Asia Pacific is expected to witness substantial growth owing to the growing prevalence of neuralgia disorder and diabetes followed by the increasing aging population in the central Asian economies, such as India and China.
According to the UK Multiple Sclerosis Trust report 2020, about 2.5 million people worldwide have multiple sclerosis. In 2018, As per Public Health England, the numerous sclerosis prevalence rate in England, Wales, Northern Ireland, and Scotland was almost 190, 179, 258, and 290 per 100,000 population, respectively. Due to better diagnostic criteria and better neurology services access, multiple sclerosis incidence rates would also increase during the coming period. Such increasing numerous sclerosis cases are anticipated to boost the market for neuralgia treatment.
The rising prevalence of diabetes is one of the major factors for increasing the prevalence rate of neuralgia, which drives the market. As per the American Diabetes Association, 34.2 million Americans had diabetes in 2018, 10.5% of the entire population. It also reported that about 1.6 million in the US have Type I diabetes, including 187,000 adolescents and children. The diabetes prevalence is highest in the geriatric population aged 65 and above. Such factors are expected to anticipated to fuel the neuralgia treatment market growth over the forecast period.
Segmentation Overview of the Global Neuralgia Treatment Market
The neuralgia treatment market is segmented based on Treatment, Distribution Channel, and End-use. These major market segments are further categorized into various sub-segments to study the market in detail.
By Treatment Outlook
Drug Based (Anticonvulsant Medicines, Tricyclic Antidepressants)
Surgery (Radiofrequency Thermal Lesioning, Stereotactic Radiosurgery, Microvascular Decompression, Others)
By Distribution Channel Outlook (Hospital Pharmacies, Retail Pharmacies, Drug Stores, Online Pharmacies, Others)
By End-use Outlook (Hospital & Clinics, Ambulatory Surgery Centers, Others)
Key Players Insights
Pfizer Inc., Endo Pharmaceuticals Inc., Mylan N.V., Acorda Therapeutics, Daiichi Sankyo, Purdue Pharma L.P, Teva Pharmaceutical Industries Ltd., Teikoku Pharma USA, Inc., and Janssen Pharmaceuticals, Inc., among others, are some significant players included in the research study of the global neuralgia treatment market. For instance, in February 2019, Zydus Cadila received FDA approval to commercialize Carbamazepine, which is prescribed to treat neuralgia. Furthermore, crucial market companies are engaging in mergers, acquisitions, and partnerships aiming to strengthen their manufacturing capacities, product portfolio, and provide competitive differentiation.
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