Neuropathic Pain Market – Overview
The global neuropathic pain market is expecting to touch a valuation of USD 8,017.43 million by 2023, according to Market Research Future (MRFR). Neuropathic pain is a chronic pain disease which occurs due to injuries suffered by the somatosensory nervous system. The pain is highly persistent and may result from disorders of the peripheral nervous system.
High prevalence of diabetes and cancer globally is the primary factor driving the market demand. Increasing cases of neuropathic pain due to chemotherapy and trauma from accidents are factors expected to induce the demand for pain management methods for the chronic pain disease.
The inflation of healthcare expenditure of various nations is expected to make availability of generic drugs which can alleviate the symptoms of the disease. Emergence of pain management centers is projected to spur market growth over the forecast period (2018-2023).
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Lack of awareness of the condition and rise of counterfeit drugs can threaten market growth. But increasing prevalence of neuropathic disorders has culminated in developing countries expanding their healthcare budget and introducing reimbursement policies to assist patients in getting the required treatment.
Neuropathic Pain Market – Competitive Dashboard
Key players in the neuropathic pain market include Depomed Inc. (U.S.), AstraZeneca (U.K.), Baxter Healthcare Corporation (U.S.), Johnson & Johnson Services Inc. (U.S.), Astellas Pharma Inc. (Tokyo), Pfizer, Inc. (U.S.), Sanofi S.A. (France), Biogen Inc. (U.S.), GlaxoSmithKline plc (U.K.), Eli Lilly and Company (U.S.), and Abbott Laboratories (U.S.).
Neuropathic Pain Market – Segmentation
The neuropathic pain market can be segmented by type, indication, diagnosis, treatment, distribution channel, and end-user.
By type, the neuropathic pain market is segmented into peripheral neuropathy, entrapment neuropathy, post traumatic neuropathy, phantom limb pain, post herpetic neuralgia (PHN), and trigeminal neuralgia. Among these, the peripheral neuropathy segment accounted for the highest share in 2017, followed by entrapment neuropathy. The segment is expected to experience an impressive CAGR of 5.20% during the forecast period owing to high prevalence of metabolic diseases and the expanding elderly populace. But the post traumatic neuropathy segment is likely to exhibit the highest CAGR to reach a size of USD 645.95 million by 2023.
By indication, the market is segmented into spinal stenosis, diabetic neuropathy, and chemotherapy-induced peripheral neuropathy. The diabetic retinopathy segment accounted for 38.3% share of the neuropathic pain market in 2017. On the other hand, spinal stenosis can exhibit a 6.41% CAGR over the forecast period.
Methods of diagnosis discussed in the report include imaging, blood tests, and physical examination. Among these, imaging had generated maximum revenue for the neuropathic pain market in 2017. But the physical examination segment is touted to exhibit a 6.51% CAGR over the forecast period owing to the method being the quickest to determine sensations and evaluation of motor functions.
By treatment, the neuropathic pain market is segmented into multimodal therapy and medication type. The latter is further segmented into anticonvulsants, nephrogenic syndrome of inappropriate antidiuresis (NSAIDs) Type, nerve blocks type, and antidepressant drugs type. The medication segment is forecasted to experience a 5.92% CAGR over the forecast period to reach USD 5,691.40 million by 2023. Demand for new medicines which can mitigate pain levels of the disease is likely to propel the segment growth in the coming years.
Distribution channels comprise retail pharmacies & drug stores and online pharmacies. The retail pharmacies & drug stores segment is expected to net a revenue close to USD 6,279.01 million by 2023. This can be attributed to the low cost of drugs in these stores compared to hospitals. Emergence of various drug store outlets can also support the segment growth till the end of the forecast period. But the online pharmacies segment is predicted a remarkable CAGR over the assessment period owing to the access to the Internet in developing economies.
Major end-users include hospitals, clinics, and research organizations. Among these, clinics is expected to be the biggest end-user till the end of the assessment period owing to emergence of various clinics in the Middle East.
Neuropathic Pain Market – Regional Analysis
The neuropathic pain market covers the latest trends and opportunities across Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas accounted for 37.03% share of the market in 2017. The increase in numbers of the elderly populace coupled with prevalence of neuropathic pain is likely to drive market demand till 2023. Well-defined healthcare infrastructure and presence of various players in the region are likely to assist the market in generating USD 2,226.8 million by 2023.
Europe accounted for 35.12% share in 2017. Supportive policies outlined by the World Health Organization (WHO) and Centers for Disease Control & Prevention (CDC) to create awareness among consumers is likely to assist the region net a massive revenue of USD 2,844.49 million by 2023.
The APAC neuropathic pain market accounted for 24.26% share in 2017. It is predicted to experience a 6.8% CAGR over the forecast period owing to the huge patient pool in China, India, and Japan.
The MEA accounted for only 3.59% share in 2017. But its willingness to accept foreign direct investments to improve its healthcare standards is expected to net huge dividends for the neuropathic pain market in the region.
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