Neuropathic Pain Market 2023-2030: Navigating Relief: Trends and Innovations, Market Size, Share, Market Scope Analysis | Biogen Idec., Bristol-Myers Squibb, Baxter Healthcare Corporation, and Depomed, Inc

Market Overview:

Neuropathic pain occurs due to damage or dysfunction of the nervous system and results in intense, unpleasant, and often debilitating sensations such as burning, shooting, tingling pain, pins and needles, and numbness. Drugs used for the treatment of neuropathic pain include anticonvulsants, antidepressants, opioids, topical lidocaine, and capsaicin.

The Global Neuropathic Pain Market is estimated to be valued at US$ 7.56 Billion in 2023 and is expected to exhibit a CAGR of 6.2% during the forecast period (2023-2030).

Market Dynamics:

The growth of the global neuropathic pain market is majorly driven by the increasing prevalence of neuropathic conditions such as diabetes, postherpetic neuralgia, Charcot Marie Tooth disease, and chemotherapy-induced peripheral neuropathy. According to the World Health Organization (WHO), around 422 million people worldwide had diabetes in 2014. It is projected that by 2040, around 642 million people will have diabetes globally. Chronic diabetic neuropathy is one of the most common and debilitating long-term complications of diabetes. Increasing research and development activities in the neuropathic pain sector are also fueling market growth. Several pharmaceutical companies are focusing on developing novel drug molecules with improved safety and efficacy profiles to treat neuropathic pain. For instance, in October 2020, BioDelivery Sciences International, Inc. received FDA approval for BELBUCA (buprenorphine buccal film) for the management of severe chronic pain, including neuropathic pain associated with diabetic peripheral neuropathy.

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Growing Prevalence of Neurological Diseases

The global neuropathic pain market is projected to witness substantial growth over the forecast period owing to the rising prevalence of neurological disorders worldwide. Neuropathic pain is commonly associated with diseases such as diabetes, stroke, multiple sclerosis, spinal cord injury, chemotherapy-induced neuropathy, HIV/AIDS, post-herpetic neuralgia, and trigeminal neuralgia. According to World Health Organization (WHO), approximately 50 million people suffer from epilepsy worldwide. It is estimated that over 60-70 million individuals are affected by diabetes globally. The increasing incidences of such neurological diseases is anticipated to augment the demand for neuropathic pain management therapeutics during the projection period.

Increasing Number of Surgeries and Trauma Cases

Surgeries such as thoracotomy, mastectomy, and limb amputation can often cause nerve damage leading to chronic neuropathic pain. Moreover, physical injuries and trauma to the nervous system from accidents are other significant causes of neuropathic pain. With the growing rates of various surgical procedures and road accidents globally, the occurrences of post-surgical and post-trauma neuropathic pain are rising rapidly. This is another key factor driving the overall growth of the neuropathic pain market.

Stringent Regulations for Drug Approval

The U.S Food and Drug Administration (FDA) and European Medicines Agency (EMA) approve drugs for neuropathic pain only after multi-phase clinical studies to ensure safety and efficacy of the treatment options. The regulations are very stringent for drug approval in this therapeutic area due to risk of side effects and addiction from long-term opioid usage. This acts as a major roadblock for market players to bring new drugs into this space. The time-consuming and expensive approval procedures discourage pharmaceutical investments in neuropathic pain drug R&D. Regulatory challenges are a significant factor hampering the market expansion to some extent.

Growing Adoption of Neurostimulation Therapies

Neurostimulation devices that use mild electric currents are emerging as promising alternatives to pharmacological treatments for neuropathic pain management. Technologies such as spinal cord stimulation (SCS), transcutaneous electrical nerve stimulation (TENS), and peripheral nerve field stimulation (PNFS) are gaining higher acceptance owing to their ability to provide long-term pain relief with fewer systemic side effects. Also, neurostimulation therapies offer advantages like adjustability and reversibility of treatment over drug therapies. With growing awareness about non-pharmacological options and their rising success rates, the adoption of neurostimulation devices for neuropathic pain is expected to increase significantly in the coming years. This presents lucrative opportunities for players operating in the neurostimulation segment.

Shift Towards Combination Drug Therapies

Current clinical practice suggests that combined use of different pharmacological agents tends to provide better pain relief than single drugs for neuropathic pain management. The market trend involves development of novel combination drug products comprising complementary mechanisms of action. The synergistic effects can enhance analgesic efficacy while allowing lower drug doses to minimize side effects. Moreover, combination therapies help overcome resistance issues and decrease chances of drug tolerance developed by patients over long-term use of single agents. Leading companies are engaged in extensive R&D focusing on optimized combination regimens to satisfy unmet needs and accelerate patient outcomes. This trend will keep shaping the neuropathic pain treatment landscape going forward.

List of TOP Players in Market Report are: -

◘ Pfizer Inc.
◘ Johnson & Johnson Services Inc.
◘ Sanofi S.A.
◘ Eily Lily and Company
◘ GlaxoSmithKline PLC
◘ Biogen Idec.
◘ Bristol-Myers Squibb
◘ Baxter Healthcare Corporation
◘ Depomed Inc.

Note: Major Players are sorted in no particular order.

Market Detailed Segmentation:

By Drug Class:

Tricyclic Anti-Depressant
Anticonvulsant
Local Anaesthesia
Opioids
Steroids
Others

By Indication:

Diabetic neuropathy
Chemotherapy-induced Peripheral neuropathy
Other

By Distribution Channel:

Retail Pharmacies
Drug Store
Online Pharmacies

𝐁𝐮𝐲 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐧𝐝 𝐆𝐞𝐭 𝐔𝐩𝐭𝐨 𝟒𝟓 % 𝐎𝐅𝐅: https://www.coherentmarketinsights.com/promo/buynow/3656

Furthermore, the years considered for the study are as follows:

Historical data - 2016-2021
The base year for estimation - is 2021
Estimated Year - 2023
Forecast period** - 2023 to 2030

This Neuropathic Pain Market Research/Analysis Report Contains Answers to your following Questions:

◈What are the current global trends in the Neuropathic Pain market, and will the market experience an increase or decrease in demand in the upcoming years?

◈ What is the expected demand for various product types within the Neuropathic Pain market, and what are the emerging Market applications and trends?

◈ What are the projections for the global Neuropathic Pain Market in terms of capacity, production, production value, cost, profit, market share, supply, consumption, import, and export?

◈ How will strategic developments shape the Market trajectory in the medium to long term?

◈ What factors contribute to the final price of Neuropathic Pain , and what are the raw materials used in its manufacturing?

◈ What is the market's growth potential, particularly with the increasing adoption of Neuropathic Pain in mining?

◈ What is the current and 2022 value of the global market, and who are the leading companies in this market?

◈ What recent Market trends can be leveraged to create additional revenue streams?

◈ What entry strategies, economic impact mitigation measures, and marketing channels should be considered for the Neuropathic Pain Market?

Summarized Extracts from TOC of Market Study

Chapter 1 Neuropathic Pain Introduction and Market Overview

1.1 Objectives of the Study

1.2 Overview of Neuropathic Pain

1.3 Scope of The Study

1.3.1 Key Market Segments

1.3.2 Players Covered

1.3.3 COVID-19's impact on the Neuropathic Pain industry

1.4 Methodology of The Study

1.5 Research Data Source

Chapter 2 Executive Summary

Chapter 3 Industry Chain Analysis

Chapter 4 Market, by Type

Chapter 5 Market, by Application

Chapter 6 Market Analysis by Regions

Chapter 7 North America Market Analysis by Countries

Chapter 8 Europe Neuropathic Pain Market Analysis by Countries

Chapter 9 Asia Pacific Neuropathic Pain Market Analysis by Countries

Chapter 10 Middle East and Africa Neuropathic Pain Market Analysis by Countries

Chapter 11 South America Neuropathic Pain Market Analysis by Countries

Chapter 12 Competitive Landscape

Chapter 13 Industry Outlook

Chapter 14 Market Forecast

Chapter 15 New Project Feasibility Analysis

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