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Neuropathic Pain Market to Eyewitness Massive Growth, Forecast 2032 | Eli Lilly and Company, AstellasPharma Inc., Biogen Inc.
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The global Neuropathic Pain market is expected to grow from USD 5.10 billion in 2020 to USD 10 billion by 2028, at a CAGR of 7.73% during the forecast period 2021-2028. The surge in the number of cancer and diabetes cases and advancement in technology are some of the factors affecting the demand of the market.
Anticonvulsants drug is anticipated to be the largest segment of the market, reflecting a CAGR of over 8.3% during the forecast period
The drug class is divided into anticonvulsants, tricyclic antidepressants, opioids, capsaicin cream, steroids and others. Anticonvulsants drug is accounted to have the highest market share in 2020, reflecting a CAGR of over 8.3% during the forecast period. This is due to minimum risk of side effects by the drugs.
The Diabetic Neuropathy segment dominated the market with the highest market valueof USD 2.45 Billion in 2020
The indication segment includes Spinal Stenosis, Diabetic Neuropathy and Chemotherapy-induced Peripheral Neuropathy. Diabetic Neuropathy segment was accounted to have the largest market value of USD 2.45 Billion in 2020. The unhealthy lifestyle of the people has increased the cases of diabetic population.
The hospitals segment accounted for a market value of USD 3.21 Billion in 2020
The distribution channel segment includes hospitals, clinics, and research organizations. The hospital segment is accounted for the highest market value of USD 3.21 billion in 2020. This is due to the better infrastructure and facilities.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America is accounted to have the highest market share in 2020. The market in the region will grow at CAGR of around 9% in the forecast period. This is due to the advanced healthcare infrastructure in the region and because of its strong distribution network. The European market is expected to have the second highest CAGR rate in the forecasting period. This is because the maximum number of the cancer patient in the region prefer chemotherapy which increases the requirement for neuropathic pain products.
Competitive Analysis:
The major players ofmarketincludeEli Lilly and Company, AstellasPharma Inc., Biogen Inc., Baxter Healthcare Corporation, Pfizer, Inc., Sanofi S.A, Abbott Laboratories, AstraZeneca, Johnson & Johnson Services Inc and GlaxoSmithKline Plc among others.
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