Neuropathic Pain Therapeutics Market Insight on the Important Factors and Trends Influencing the Industry

Neuropathic Pain Therapeutics Market: Introduction

According to the report, the global neuropathic pain therapeutics market was valued at US$ 5.8 Bn in 2019 and is projected to expand at a CAGR of ~5% from 2020 to 2030. Neuropathic pain can occur in different indications including diabetic neuropathy, post-herpetic neuralgia, cancer-related pain, spinal cord injury, and others. Drug classes used to treat neuropathic pain are anticonvulsants, antidepressants, NSAIDs, opioids, steroids, and others. Moreover, rise in prevalence of neuropathic pain and increase in geriatric population leading to surge in cases of nerve pain among the population across the globe are boosting the growth of the global market. North America dominated the global neuropathic pain therapeutics market in 2019 and the trend is anticipated to continue during the forecast period. Rise in adoption of neuropathic pain therapeutics for treatment and increase in number of clinical trials for the development of these products for different disorders fuel the growth of the market in the region.

Asia Pacific is expected to be a highly lucrative market for neuropathic pain treatments during the forecast period, owing to the increase in geriatric population, rise in awareness about neuropathic conditions, and surge in focus of leading players toward targeting developing countries such as India and China.

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Rise in Geriatric Population and Prevalence of Diabetic Neuropathy to Drive Market

Diabetes mellitus (DM) is a major health problem globally. According to IDF 2019 data, global prevalence of diabetes mellitus was 8.8% among adults, with the number expected to rise to 10.4% by 2040. The prevalence of peripheral neuropathy is estimated to be between 6% and 51% among adults with diabetes depending on age, duration of diabetes, glucose control, and type 1 or type 2 diabetes. An article published in the International Journal of Endocrinology in 2019 stated that nearly 50% of diabetics suffer from diabetic polyneuropathy. The increase in incidence of neuropathic pain continues to encourage the use of pain management drugs, thereby driving the global market.

The geriatric population is at a high risk of neuropathic pain, as the incidence of several diseases that cause neuropathic pain increases with age. Depending on their underlying health, older adults with neuropathic pain could have to cope with multiple coexisting diseases, polypharmacy, and impaired functional ability.
An article published in NCBI in 2019 stated that prevalence of chronic pain among the geriatric population is high (estimated at 25% to 85%) and could adversely affect their everyday functioning. According to population surveys in France, Morocco, and the U.K. and a recent systematic review of epidemiological studies, 6% to 10% prevalence of neuropathic pain was reported in these countries. Hence, increase in geriatric population is expected to augment the global neuropathic pain therapeutics market.

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Anticonvulsants to Dominate Market

In terms of drug class, the global neuropathic pain therapeutics market has been divided into anticonvulsants, antidepressants, NSAIDs, opioids, steroids, and others. The antidepressants segment has been bifurcated into tricyclic antidepressants and serotonin-norepinephrine reuptake inhibitors (SNRIs). The anticonvulsants segment dominated the global neuropathic pain therapeutics market in 2019 and the trend is likely to continue during the forecast period, owing to the increase in cases of nerve pain and launch of new drugs. Lyrica is a major brand that dominates the anticonvulsants market. Pfizer obtained market exclusivity for the drug in 2018.

Diabetic Neuropathy to be Promising Segment
Based on indication, the global neuropathic pain therapeutics market has been classified into diabetic neuropathy, post-herpetic neuralgia, cancer-related pain, spinal cord injury, and others. The diabetic neuropathy segment is expected to expand at the highest CAGR during the forecast period. An article published in NCBI in 2019 indicated that prevalence of neuropathic pain in the general population varies from as little as 1% to as much as 7% to 8%. This includes maximum incidence in diabetic patients (26%).

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Oral to be Preferred Route of Administration
Based on route of administration, the global neuropathic pain therapeutics market has been segregated into oral, topical, and others. The oral segment dominated the market in 2019. Commonly used painkillers such as ibuprofen (NSAIDs) are not usually considered effective in treating neuropathic pain. However, in some parts of the world, these are commonly prescribed for neuropathic pain conditions. Surveys found that between 18% and 47% of affected people reported using NSAIDs specifically for neuropathic pain.

Retail Pharmacies to be Major Distribution Channel
In terms of distribution channel, the global neuropathic pain therapeutics market has been categorized into retail pharmacies, hospital pharmacies, and online pharmacies. The retail pharmacies segment dominated the global neuropathic pain therapeutics market in terms of revenue in 2019 and the trend is projected to continue during the forecast period. Increase in the number of neuropathic pain drugs being dispensed through retail pharmacies and rise in number of retail pharmacies in developing countries make these pharmacies a major channel of distribution.

North America to Dominate Global Market
The global neuropathic pain therapeutics market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2019, followed by Europe. North America accounted for a major share of the global neuropathic pain therapeutics market in 2019, owing to the introduction of new drugs and high prevalence of targeted diseases in developing countries such as the U.S. The neuropathic pain therapeutics market in Asia Pacific is anticipated to expand at a higher CAGR from 2020 to 2030. The growth of the neuropathic pain therapeutics market in the region can be attributed to rise in prevalence of disorders and increase in awareness about the treatment in the region.

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Competition Landscape

Pfizer, Novartis AG, and GlaxoSmithKline are leading players in the global neuropathic pain therapeutics market and hold majority market share. The global neuropathic pain therapeutics market is fragmented in terms of number of players. Key players in the global market include Pfizer, Novartis AG, AstraZeneca, GlaxoSmithKline, Eli Lilly and Company, Mallinckrodt Pharmaceuticals, Johnson & Johnson, Abbott, Endo Pharmaceuticals, Inc., Teva Pharmaceutical Industries Limited, and Merck & Co., Inc. New product development through robust R&D activities and mergers & acquisitions are the key strategies adopted by these players to operate their business in the global neuropathic pain therapeutics market.

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