Neuropathic Pain Market To Surpass US$ 9,862.3 Million By 2027

Neuropathic pain may be caused by thyroid problems, syphilis, spine surgery, shingles, nerve or spinal cord compression from herniated discs or from arthritis in the spine, multiple sclerosis, multiple myeloma, HIV infection or AIDS, facial nerve problems, diabetes, chemotherapy, amputation, or alcoholism. Tricyclic Antidepressants (TCA), anticonvulsants, local anesthetics such as Lidocaine, Arnica and Capsaicin, opioids, and steroids are used in the treatment of neuropathic pain

The global neuropathic pain market is estimated to account for US$ 6,313.4 Mn in terms of value in 2019 and is expected to reach US$ 9,862.3 Mn by the end of 2027.

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Development of new drugs for the treatment of neuropathic pain is expected to propel growth of the global neuropathic pain market over the forecast period. For instance, in March 2020, Kannalife, Inc., a biopharmaceutical med-chem company, received European patent for novel functionalized 1,3-benzene diols and their method of use for the treatment of hepatic encephalopathy, epilepsy, neuropathic pain, traumatic head injury, and stroke.

Development of therapeutic agents that target peripherally restricted cannabinoid receptor (CB) is expected to offer lucrative growth opportunities for players in the market. For instance, in February 2020, researchers from Matsumoto Dental University, Japan, concluded that CB2 receptors, peripherally restricted CB1 receptors, and endocannabinoid degrading enzymes is a potentially effective strategy to reduce neuropathic pain symptoms with limited side effects.

Use of snake venom is emerging as a new trend in the treatment of neuropathic pain. For instance, in November 2019, researchers from Butantan Institute, Brazil, reported that crotoxin, a neurotoxin found in venom of the South American rattlesnake, can be effective in the treatment of neuropathic pain.

The adoption of neuromodulation in the treatment of neuropathic pain is increasing. In neuromodulation, an electrical impulse is delivered to the nerves. This impulse changes the signal, which is currently being processed by the brain and replaces it with other amenable sensations.

Major players operating in the global neuropathic pain market include, Pfizer, Inc., Johnson & Johnson Services, Inc., Sanofi S.A., Eliy Lily and Company, GlaxoSmithKline PLC, Biogen Idec., Bristol-Myers Sqibb, Baxter Healthcare Corporation, and Depomed, Inc.

February 2020: Collegium Pharmaceutical, Inc., a specialty pharmaceutical company, entered into a definitive agreement to acquire the U.S. rights to the Nucynta Franchise, which includes Nucynta ER –an extended-release formulation of tapentadol for the treatment of neuropathic pain associated with diabetic peripheral neuropathy— from Assertio Therapeutics, Inc.

February 2020: CODA Biotherapeutics, Inc., a preclinical-stage biopharmaceutical company focused on developing therapies for the treatment of neuropathic pain, focal epilepsy, and other neurologic diseases and disorders, acquired Attenua, Inc., a virtual biotech company

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This release was published on openPR.