Neuropathic Pain Market is expected that the Market will see growth with a CAGR of 6.3% by 2020 to 2027. The total estimated value of the Market will reach around USD 28,778.20 by the year 2027. Since the last few years, the market has observed a significant growth in the problem related to Neuropathic Pain in people.
Neuropathic pain is a condition where a patient experiences chronic pain, which is primarily caused due to infection, trauma, or dysfunction in the nervous system. There are some well-known syndromes of neuropathic pain: postherpetic neuralgia, central pain syndromes, traumatic mononeuropathy, postherpetic neuralgia, complex regional pain syndrome, and post-surgical pain syndromes.
Diabetic polyneuropathy (DPN) is considered the fundamental reason for the Neuropathic Pain Market's growth. It usually occurs due to foot ulceration, gait disturbance, or injury caused during a fall. About 30% of people who have DPN suffer from neuropathic pain. Most people who suffer from DPN deals with increased health care costs. However, people who suffer from severe neuropathic pain experience more healthcare costs which is around USD 30,755.
The COVID-19 disease had an immeasurable impact on the Neuropathic Pain Market all around the world. The outbreak had a crucial effect on the patients because any viral infection can severely impact the nervous system, further increasing any neurological complications.
When the whole world was under lockdown, only the medical industries such as biotechnology, pharmaceuticals, etc., were the only ones who were constantly operating to save patients' lives and provide necessary medicines to the patients. The Market has emerged as the essential and inseparable part of our lives.
In Neuropathic Pain Market, the diabetes is one of the leading causes of increased neuropathic pain. The second main cause of neuropathic pain the deadly disease called cancer. As per World Health Organisation (WHO) reports, in 2014, there were about 422 million people who were suffering from diabetes.
The vast population is also considered as one of the primary critical drivers of the market. Also, better treatment facilities, improvement of healthcare systems, rise in demand of neuropathic pain and significant investments by pharma companies, improvement in quality of drugs, and numbers of pain management systems will push the market in a positive direction.
Market indicates an increase of awareness related to neuropathic pain in countries like China and India has also expanded pain management centers. The government approves various drugs for the treatment of neuropathic pain. Some pain-relieving medicine is Lyrica produced by Pfizer, Lamotrigine made by GSK, and Topamax by Johnson and Johnson.
According to Neuropathic Pain Market will observe lucrative growth for its constant Research and development. It is expected that adopting nanoparticles in neuropathic medicines will be beneficial for people and the market. The products or drugs related to neuropathic pain will uplift the market to a new level in the coming years.
Neuropathic pain is caused due to damage or any disease that directly affects the nervous systems. These are common diseases, but it is poorly treated around the world due to lack of awareness. New technologies and developments of drugs to cure neuropathic pain will have an excellent opportunity for the growth of the market.
The Neuropathic Pain Market is highly competitive. People are still not aware of this disease and its cure. A large section of the group may not be able to buy these drugs due to high costs. According to a report by the International Diabetes Federation (IDF), the number of diabetic patients will increase to 700 million by 2045. The market will relatively flourish in those times, but it also has its side effects that can even lead to death.
Neuropathic Pain Market says that possible restraints for the Market that may obstruct the growth is incomplete pain relief and side effects of medicines. For example, intake of solid opioids such as oxycodone for treating neuropathic pain lowers down the pain for a minimal amount.
Also, the intake of a regular dose of such pain-relieving medicines will remain a significant concern among the consumers. Regular intake of steroids and opioids may have severe complications like kidney failure, lung damage, or even heart attack.
Cumulative Growth Analysis
The rise of diabetic patients is growing very rapidly. The companies are focusing on making health-conscious drugs that provide relief from neuropathic pain. Several factors such as increased neuropathic pain caused by chemotherapy and carpal tunnel syndrome among people will increase help the market grow. The Neuropathic Pain Market will grow at a CAGR of 6.3% by the year 2027 and will touch USD 28,778 million by the year 2027.
Value Chain Analysis
In the Neuropathic Pain Market, the market players will be benefitted from various growth opportunities. It is estimated that Research and development will help to grow the Market. The prominent market players concentrate on conducting clinical trials and enhancing technology and pain-relieving drugs for the patients.
Global Neuropathic Pain Market, By Type, 2019 (%)
Source: MRFR Analysis
The Neuropathic Pain Market is divided into these segments-
Western Europe Neuropathic Pain Market Share, By Country, 2019 (%)
Source: MRFR Analysis
The countries in North America and South America comprised a total market value worth of USD 6,645.09 million in the year 2019. It is predicted that it will reach a CAGR of around 5.6% during the forecast period. The increasing number of disorders related to neuropathic pain, technological developments, and rise in awareness are the main factors of the Neuropathic Pain Market growth.
The American market is classified into North America and Latin America. The market of North America is further divided into the United States of America and Canada.
The neuropathic pain market in Western Europe has been divided into France, UK, Germany, Spain, Italy, and other European countries. The Asia-Pacific region is segmented into India, Japan, Australia, China, South Korea, and other countries in the Asia-Pacific region. The Market in the Middle East and African region is divided into the Middle East and Africa.
The major companies in the global Neuropathic Pain Market are coming with new solutions and strategies to provide benefits to the market, such as acquisitions, collaboration, expansions, joint ventures, and approvals.
In the year 2020, CODA Biotherapeutics has collaborated with Facial Plain Research Foundation for Research and Development on new Neuropathic Pain therapies by using the gene therapy platform of Coda.
Here is the list of some companies-
In the year 2018, in January, NeuroMetrix Inc. announced its collaboration with U.K.-based GlaxoSmithKline, which is also among the largest healthcare companies. Together they established a company called Quell Wearable Plan Relief Technology.
In the year 2019, Abbott, a U.S.-based company has announced that the Food and Drug Administration (FDA) of the U.S. approved its Proclaim X.R. recharge-free neurostimulation system, especially for people suffering from chronic pain diseases.
The Neuropathic Pain Market is segmented into these categories-
By Drug Class
By Distribution Channel
|Market Size||USD 28,778.20 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Diagnosis, Type, Indication, Treatment End-User, Distribution channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sanofi, Abbott, Astellas, Pfizer, Eli Lily, Johnson and Johnson, AstraZeneca, GSK|
|Key Market Opportunities||Acquisitions, Collaboration, Expansions, Research and development|
|Key Market Drivers||Increasing cases of neuropathic pain and the demand for pain management methods|
Frequently Asked Questions (FAQ) :
Neuropathic pain market projected to grow at approximately 6.06% CAGR during the assessment period (2018-2023).
The valuation of the global neuropathic pain market is estimated to increase to USD 8,017.43 MN by the end of 2023.
Increasing cases of neuropathic pain and the demand for pain management methods are major tailwinds pushing the growth of the global neuropathic pain market.
North America holds the largest share in the global neuropathic pain market, followed by Europe and the Asia Pacific, respectively.
AstraZeneca (U.K.), Depomed Inc. (U.S.), Baxter Healthcare Corporation (U.S.), Astellas Pharma Inc. (Tokyo), Johnson & Johnson Services Inc. (U.S.), Pfizer, Inc. (U.S.), Biogen Inc. (U.S.), Sanofi S.A. (France), GlaxoSmithKline plc (U.K.), Abbott Laboratories (U.S.), and Eli Lilly and Company (U.S.), are some of the top players operating in the global neuropathic pain market.