Neuropathic Pain Market Demand To Hit USD 13.16 Billion By 2033 | Globally At 5.55% CAGR

(MENAFN- GlobeNewsWire - Nasdaq) Pharmaceutical companies are concentrating on the advancement of improved drugs to cater to the unmet demand of patients suffering from neuropathic pain, which supplements the neuropathic pain market growth.

Newark, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The global neuropathic pain market is experiencing significant growth, driven by the rising prevalence of conditions like diabetic neuropathy, spinal stenosis, and chemotherapy-induced peripheral neuropathy. The market is expected to reach USD 13.16 billion by 2033, growing at a CAGR of 5.55% from 2024 to 2033.

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Key Insights on Neuropathic Pain Market

Anticonvulsants drug is anticipated to be the largest segment of the market, reflecting a CAGR of over 6.2% during the forecast period

The drug class is divided into anticonvulsants, tricyclic antidepressants, opioids, capsaicin cream, steroids and others. Anticonvulsants drug is accounted to have the highest market share in 2023, reflecting a CAGR of over 6.2% during the forecast period. This is due to minimum risk of side effects by the drugs.

Diabetic Neuropathy segment is accounted to have the largest market share of 49% in 2023. This is due to surging diabetic population.

The indication segment includes Spinal Stenosis, Diabetic Neuropathy and Chemotherapy-induced Peripheral Neuropathy. Diabetic Neuropathy segment is accounted to have the largest market share of 49% in 2023. This is due to surging diabetic population. The unhealthy lifestyle of the people has increased the cases of diabetic population.

The hospital segment is accounted for the highest market share of 55.2% in 2023.

The distribution channel segment includes hospitals, clinics, and research organizations. The hospital segment is accounted for the highest market share of 55.2% in 2023. This is due to the better infrastructure and facilities.

Report Scope and Segmentation –

Report Coverage	Details
Forecast Period	2024-2033
Forecast CAGR	5.55%
2023 Value Projection	USD 7.67 billion
Market Size in 2033	USD 13.16 billion
Historical Data	2020-2022
No. of Pages	238
Report Coverage	Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered	drug class, indication, distribution channel and regions
Regions Covered	The regions analysed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analysed at the country level.
Neuropathic Pain Market Growth Drivers	The increase in the number of cancer and diabetes cases Advancement in technology and the increase in the number of ambulatory services

Market Drivers

1. Increasing prevalence of neuropathic pain: The number of people suffering from neuropathic pain is rising, leading to higher demand for diagnostic and treatment technologies. According to data published by the NIH, the prevalence of neuropathic pain diagnosis is 14.6%, with diabetic neuropathy at 19.7%, back and neck pain with neuropathic at 27.3%, and hereditary neuropathy at 25.1%.

2. Advancements in topical neuropathy treatments: Topical pain treatments that target specific areas without systemic side effects are being developed, expanding the range of therapy options available. Market participants are investing in research and development to create effective topical remedies.

3. Increased understanding of neuropathic pain mechanisms: The study of genomics and biomarkers in pain genetics has enhanced the comprehension of the underlying mechanisms of neuropathic pain. This knowledge is driving numerous pharmaceutical enterprises to enter this field, aiming to introduce personalized and effective drugs for managing such discomforts with novel medications.

Market Restraints

1. Increasing side effects of drugs: The market is being hindered by serious breathing problems, seizures, and nerve pain associated with certain medications. In January 2020, the U.S. Food and Drug Administration (FDA) warned about serious breathing difficulties that may occur in patients using nerve pain medicines, including opioid pain medicines and other drugs that depress the central nervous system.

2. Availability of counterfeit drugs: The presence of counterfeit drugs in the market can pose a significant threat to the growth of the neuropathic pain market, as they may not be effective or safe for patients.

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Key Market Players

Some of the major players operating in the global neuropathic pain market include Pfizer, Inc., Johnson & Johnson Services, Inc., Sanofi S.A., Eli Lilly and Company, GlaxoSmithKline PLC, Biogen Idec., Bristol-Myers Squibb, Baxter Healthcare Corporation, and Depomed, Inc. These companies are focused on conducting clinical trials to expand their product portfolios and introduce novel treatments for neuropathic pain.

Market Opportunities

1. Increasing research and development activities: The constantly increasing research and development activities are expected to boost the growth of the global neuropathic pain market during the forecast period. For instance, in July 2022, Vertex Pharmaceuticals Incorporated announced positive results from Phase 2 trials for VX-548, a therapy designated by the U.S. Food and Drug Administration for the treatment of moderate-to-severe acute pain.

2. Emerging markets: The Asia Pacific region is expected to witness the fastest growth in the neuropathic pain market, driven by factors such as the rising prevalence of diabetes and cancer, and increasing healthcare expenditure.

3. Innovative treatment approaches: The development of novel therapies, such as capsaicin, a non-opioid compound derived from chili peppers that works by depleting substance P (a neurotransmitter associated with pain), is creating new opportunities in the neuropathic pain treatment market.
The global neuropathic pain market is poised for significant growth in the coming years, driven by the increasing prevalence of underlying conditions, advancements in treatment technologies, and a better understanding of the mechanisms behind neuropathic pain. Key market players are focusing on developing innovative therapies and expanding their product portfolios to cater to the growing demand for effective neuropathic pain treatments.

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