(MENAFN- GlobeNewsWire - Nasdaq) Increasing Aging Population and treatment Awareness benefiting Post-Herpetic Neuralgia Treatment Providers
Rockville, MD, Nov. 04, 2024 (GLOBE NEWSWIRE) -- The global post herpetic neuralgia treatment market is calculated to reach a size of US$ 822.4 million in 2024 and climb to US$ 1.38 billion by the end of 2034. The market is forecasted to expand at 5.3% CAGR through 2034. Increasing rates of post herpetic neuralgia treatments is being driven by more number of favorable reimbursement policies worldwide.
Adoption of post-herpetic neuralgia treatment is increasing because of its efficacy as patients seek therapy that enhances their quality of life. Accessibility is pivotal, necessitating readily available options through healthcare providers and pharmacies. There's a significant market for new drug development in post-herpetic neuralgia therapy. Since the competition is minimal, the introduction of any effective treatment is expected to gain rapid acceptance, requiring fewer resources. Global healthcare spending is on the rise, driving the market further.
Other factors that are projected to drive post-herpetic neuralgia treatment market growth include governmental support to enhance treatment access and efficacy. Increasing aging population and growing public awareness of post-herpetic neuralgia treatment are creating more opportunities for market players. This is also leading to early detection of the conditions and improved patient outcomes due to timely intervention.
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Key Takeaways from the Market Study:
The global post herpetic neuralgia treatment market is set to reach US$ 822.4 million in 2024. The market is forecasted to touch US$ 1.38 billion by the end of 2034, expanding at a CAGR of 3%. Revenue from post-herpetic neuralgia treatments in the United States is estimated to reach US$ 248 million in 2024. China occupies 50% share of the East Asia market in 2024. The market in Japan is forecasted to reach US$ 43 million in 2024. The North American market is projected to expand at a CAGR of 3% from 2024 to 2034.
“Increasing prevalence of shingles among the aging population worldwide is a primary driver for the adoption of post-herpetic neuralgia treatments. Other factors include government support to enhance access to therapy and rising healthcare spending,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Post Herpetic Neuralgia Treatment Market:
Key industry participants like Pfizer, Arbor Pharma, Assertio Therapeutics, Endo Pharma, Teikoku Pharma, Teva, Mylan, Hengrui Medicine, Acorda Therapeutics, Purdue Pharma L.P., Teikoku Pharma USA, Inc., and Janssen Pharmaceuticals, Inc., etc. are driving the post herpetic neuralgia treatment industry.
Side Effects and Ineffectiveness Associated with Certain Medications:
Biotechnology advancements are enabling more precise treatment planning tailored to a patient's genetic composition or unique characteristics, significantly contributing to the development of precision or personalized medicine. However, the use of certain drugs is constrained by side effects such as orthostatic hypotension, sedation, dry mouth, constipation, and urinary retention.
Patients with cardiac conditions are advised against their use. Nortriptyline and amitriptyline are the most commonly prescribed TCAs for post-herpetic neuralgia treatment. In later stages of treatment, corticosteroids are administered, but their limited effectiveness and adverse effects have restricted their usage.
Post Herpetic Neuralgia Treatment Industry News:
In July 2022, Acasti Pharma announced the initiation of a pharmacokinetic study for GTX-101, its drug candidate targeting post-herpetic neuralgia treatment. GTX-101 is a novel formulation of bupivacaine hydrochloride (HCl) intended for topical application through a bio-adhesive, film-forming polymer. This formulation aims to relieve pain associated with post-herpetic neuralgia, a neuropathic condition that arises from nerve damage due to the varicella-zoster virus (shingles). By utilizing this innovative formulation, the application of bupivacaine hydrochloride (HCl) is designed to provide targeted relief when administered topically through the bioadhesive film-forming polymer.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the post herpetic neuralgia market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the post-herpetic neuralgia market based on treatment type (drugs, patches, steroid injectables) and distribution channel (institutional sales, retail sales), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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