Neuropathic Pain is a direct consequence of a lesion or diseases affecting the somatosensory system.
Rising prevalence of painful diabetic neuropathy, post-herpetic neuralgia, low back nerve root pathology, spinal cord injury, and multiple sclerosis is further boosting the market growth. As per the WHO, around 250,000–500 000 people, globally, suffer from some kind of spine injury, and around 2,500,000 people develop multiple sclerosis every year. It has been found that around 20% cancer patients are suffering from cancer-related neuropathic pain. To address this issue, many technologically advanced pain relief and radiofrequency ablation technology have been launched in the market. Furthermore, shifting trends towards surgical implant devices for pain management is also boosting the market growth.
In addition, leading manufacturers are heavily investing in the research & development activities for developing advanced treatments for pain management. In 2017, Abbott launched Burstder, a spinal cord stimulation for people suffering from chronic pain.
Peripheral Neuropathy is expected to hold a major market share for Neuropathic Pain Market
On the basis of type, the market is segmented into peripheral neuropathy, entrapment neuropathy, post-traumatic neuropathy, phantom limb pain, post-herpetic neuralgia (PHN), trigeminal neuralgia, and others. Peripheral neuropathy is expected to hold major market share during the forecast period. Peripheral neuropathy is caused due to traumatic injuries, infections, metabolic problems, inherited causes, exposure to toxins, and diabetes. As per American Association of Diabetes, around 30.3 million Americans i.e. 9.4% of the population were recorded to suffer from diabetes in 2015. As per the U.S. Food and Drug Administration’s, around 20 million people in the U.S. have injured, or damaged their peripheral nervous system, and over 100 types of peripheral neuropathy have been identified. Moreover, rising number of clinical trial for peripheral neuropathy is also supporting the market growth. In 2016, Depomed, Inc. announced that clinical data from Phase II trials of cebranopadol in chronic lower back pain and diabetic peripheral neuropathy.
Based on the distribution channel, the market is segmented into online pharmacies, retail pharmacies, drug stores, and others. Retail pharmacies and drug stores are collectively expected to hold major market share during the forecast period. The U.S. has become a multi-faceted entity selling not only medicines but also laboratory and surgical essentials. Apart from dispensing prescribed medication, pharmacists offer advice to their patients about general health topics and provide free counseling.
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Asia Pacific is witnessing the fastest growth in the Global Neuropathic Pain Market
In Asia Pacific, increasing prevalence of surgery, trauma, and viral infections is anticipated to boost the market growth. For instance, on average around 304 people suffer from encephalitis every day. In order to raise awareness and curb the growing prevalence of neuropathic pain and neurological disorders, various organizations are setting up camps and focusing on research & development for advancement in the treatment of neuropathic pain. For instance, Asian Australasian Society of Neurological Surgeons (AASNS) is one of the largest continental societies that work for neurological diseases. Moreover, increasing prevalence of neuropathic pain in the geriatric population is also propelling market growth. In 2016, around 1.39 billion population aged over 65 years complained about neuropathic pain.
In Latin America, the prevalence of osteoporosis among its population is increasing at a concerning rate. However, the prevalence of neurological disorders is highest in Mexico, Brazil, Argentina, Bolivia, Puerto Rico, and Colombia. Whereas, in the Middle East and Africa, growing population, rising per capita income, growing geriatric population, and increasing prevalence of diabetes are flourishing the market growth.
Sone of the dominant players operating in the global neuropathic pain market are Pfizer Inc., Johnson & Johnson Services Inc., Bristol-Myers Squibb and Company, Eli Lily and Company, GlaxoSmithKline PLC, Sanofi S.A., Biogen Idec Inc., and Baxter Healthcare Corporation, and Depomed Inc.
In January 2018, GSK Consumer Healthcare acquired NeuropMetric Inc to develop and expand its wearable pain relief technology
In December 2018, Astellas Pharma acquired Ganmed Pharmaceuticals for expansion of its oncology pipeline as a platform for sustainable growth
Neuropathic Pain Market Segmentation
By Diagnosis and Treatment
By Regional covered
o North America
o South America
o Western Europe
o Eastern Europe
The Middle East & Africa
o The Middle East
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* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
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