Global Neuropathic Pain Market Benefits, Business Opportunities and Future Scope Till 2027 | Coherent Market Insights
SEATTLE, May 04, (PHARMIWEB) —
Thyroid disorders, spine surgery, syphilis, nerve or spinal cord compression from herniated discs or inflammation of the spine, shingles, multiple sclerosis, HIV virus or AIDS, multiple myeloma, facial nerve problems, chemotherapy, asthma, amputation, or intoxication are some of the sources of neuropathic pain. In the treatment of neuropathic pain, tricyclic antidepressants (TCA), anticonvulsants, local anesthetics such as Lidocaine, Arnica, and Capsaicin, narcotics, and steroids are included.
The global neuropathic pain market is expected to account over US$ 6,313.4 Mn in terms of value in 2019 and is expected to reach around US$ 9,862.3 Mn by the end of 2027.
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Global Neuropathic Pain Market: Drivers
Rising development of novel drugs for the neuropathic pain treatment is expected to drive growth of the global neuropathic pain market during the forecast period. For instance, in March 2020, Kannalife, Inc., a biopharmaceutical med-chem firm, has been granted a European patent for novel functionalized 1, 3-benzene diols and their methods of use in the treatment of hepatic encephalopathy, seizures, neuropathic pain, traumatic brain injury, and stroke.
Global Neuropathic Pain Market: Opportunities
Therapeutic agents that target the peripherally limited cannabinoid receptor (CB) are expected to pose attractive growth opportunities for key players in the global neuropathic pain market. For instance, in February 2020, researchers from Matsumoto Dental University, Japan, CB2 receptors, peripherally restricted CB1 receptors, and endocannabinoid degrading enzymes are a potentially useful technique for reducing neuropathic pain symptoms with minimal side effects, according to the researchers.
Global Neuropathic Pain Market: Restraints
Higher price of drugs is expected to hinder growth of the global neuropathic pain market over the forecast period. For instance, for painful neuropathic illness, the estimated annual healthcare cost is around US$ 17,355.
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The use of snake venom in the treatment of neuropathic pain is becoming more common. For instance, in November 2019, researchers from Butantan Institute, Brazil, reported that crotoxin, a neurotoxin present in the venom of a South American rattlesnake that can be used to relieve neuropathic pain
Neuromodulation is being more widely used in the management of neuropathic pain. An electrical impulse is transmitted to the nerves during neuromodulation. This impulse modifies the present signal being processed by the brain and replaces it with more positive experiences.
Global Neuropathic Pain Market: Competitive Landscape
Key players are dominating in the global neuropathic pain market such as Johnson & Johnson Services, Inc., Pfizer, Inc., Sanofi S.A., GlaxoSmithKline PLC, Eli Lily and Company, Biogen Idec., Baxter Healthcare Corporation, Bristol-Myers Sqibb, and Depomed, Inc.
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 corporation focusing on designing therapies for neuropathic pain, focal epilepsy, and other neurologic diseases and disorders, has acquired Attenua, Inc., a virtual biotech firm.
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- By Drug Class
- Tricyclic Anti-Depressant
- Local Anasethesia
- 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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