The global neuropathic pain market size was valued at USD 2,052.9 million in 2018 and is expected to rise at a CAGR of 5.3% during the forecast period.
Neuropathic pain is caused when a disease damages the somatosensory nervous system. People suffering from diabetes, vascular and blood problems, and kidney and liver disorders are highly prone to develop neuropathic pain. In addition, a high rate of ‘fall injuries’ can cause neurological diseases. For instance, it was estimated that over 3 million geriatric people were treated in emergency departments, and 800,000 patients were hospitalized for fall injuries in the U.S. As per International Association of the pain, around 7–8% of adults were registered to have neuropathic pain in 2015. Similarly, in the U. K., 26% diabetic people were found to have peripheral neuropathic pain worldwide.
Based on the diagnosis and treatment, the market is segmented into imaging, blood tests, and physical examination, medication and other therapies. The medication segment is expected to dominate the neuropathic pain market during the forecast period. In the medication segment, immunosuppressant or anti-rejection medicines such as corticosteroids and tricyclic antidepressant compounds are widely used. In addition, Diabetic neuropathy is a family of progressive nerve disorders that can develop in diabetes patient. Therefore, it is crucial for diabetic patients to keep their diabetes in check, which is further rising the demand for medication segment for the treatment of neuropathic pain.
Based on end-user, the market is segmented into hospitals, clinics, research organizations, and others. Hospitals segment is expected to hold major market share. Most of neurological patient prefer neurological specialist for the neurological disorders is major factor for the market growth. Presence of adoption advanced technology such as neuro-radiology services, neuro-intensive care facilities and medical and radiation oncology services is expected to boost the market growth. For instance, In U.K.186,000 patients were treated at the National Hospital every year, Similarly over. 9,000 neurosurgical operations, 40,000 CT-Scan and MRI scans are performed each year in the U.K.
Americas is housing huge population suffering from a variety of neurological issues such as stroke, Parkinson’s disease, brain cancer, epilepsy, brain injury, dementia, prion disease, Huntington’s disease, multiple sclerosis, and a host of neuromuscular conditions. For Instance, In U.S., around 235,000 cases of traumatic brain injuries are reported every year, which is in excess of 20 times the number of hospitalizations for spinal cord injury. Similarly, around 2.4% of the U.S. population suffered from peripheral neuropathy in 2015. As per National Institutes of Health estimation, around 165,813 people are currently living with brain and other nervous system disorders in the U.S. In the Americas, the prevalence of neuropathic disorders is increasing at an alarming rate. To curb the prevalence, various organizations and pharmaceutical industries are focusing on the development of advanced treatment for neuropathic pain. As per the University of Maryland Medical Centers, in 2018, developed ultrasound treatment for neuropathic pain. In addition, FDA approved Lyrica for the management of neuropathic pain associated with diabetic peripheral neuropathy.
Spinal stenosis is one of the most common age-related back problems faced by the people in this region. Conforming to the Cancer Research U.K., around 3–5 in 100 people are reported to suffer from cancer. People suffering from cancer have a high chance of developing spinal cord compression. In 2015, it was reported that around 2.9 million people were suffering from diabetes in the U.K. Therefore, the prevalence of spinal stenosis and diabetes mellitus in a person can increase their chances of developing neuropathic pain. In addition to this, the University of Cambridge has developed a new approach to treat neuropathic pain. Governments in the region are heavily investing in their healthcare infrastructure and technology to provide better treatment and services to their people.
Various manufacturers are focusing on the research & development to increase their clinical trials and drugs is anticipated to boost the market growth. Newron Pharmaceuticals has initiated the Phase III Clinical Trial for the treatment of Neuropathic pain.
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