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Neuralgia Treatment Market Size, Share, Growth, Outlook And Forecast Report 2024-2033
Neuralgia Treatment Market Size
The neuralgia treatment market size is expected to see strong growth in the next few years. It will grow to $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to aging population, emerging therapies, increasing incidences of diabetes, high healthcare expenditure. Major trends in the forecast period include advancements in pain management, innovative products, digital health integration, development of new drug delivery systems.
Market Overview -
Neuralgia treatment refers to treating a medical condition characterized by chronic pain that affects the nerves and can be caused by injury, infection, or underlying medical conditions. Neuralgia treatment is used to manage symptoms, slow the progression of the Neuralgia and prevent complications.
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Growing Prevalence Of Chronic Diseases, Including Diabetes, Fuels Growth In The Neuralgia Treatment Market
The rising prevalence of chronic diseases, such as diabetes, is expected to propel the growth of the neuralgia treatment market going forward. Chronic diseases are problems that last a year or longer, necessitating continuing medical care, restricting everyday activities, or both. Diabetes is a long-term metabolic condition characterized by high blood glucose, also called blood sugar. Neuralgia treatment can treat diabetic neuropathy, the nerve damage that can occur in people with diabetes. For instance, in December 2021, according to the International Diabetes Federation, a US-based intergovernmental organization, diabetes affected 537 million adults (20-79 years old) in 2021 and it is predicted that the number will increase to 643 million people by 2030 and a total of 783 million by 2045. Therefore, the rising prevalence of chronic diseases, such as diabetes, is driving the growth of the neuralgia treatment market.
Competitive Landscape -
Major players in the neuralgia treatment market are Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., Bayer AG, Novartis AG, Bristol-Myers Squibb Company, AstraZeneca PLC, Abbott Laboratories, GlaxoSmithKline PLC, Eli Lilly and Company, Gilead Sciences Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Astellas Pharma Inc., Biogen Inc., Daiichi Sankyo Company Limited, Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Limited, Horizon Therapeutics, Purdue Pharma, Dr. Reddy's Laboratories, Cipla Limited, Hikma Pharmaceuticals PLC, Zydus Lifesciences Ltd., Lupin Limited, Mallinckrodt Pharmaceuticals, Glenmark Pharmaceuticals, Tonix Pharmaceuticals.
Innovative Products Drive Market Advancements In The Neuralgia Treatment Industry
Major companies operating in the neuralgia treatment market are focused on developing innovative products and solutions to sustain their position in the market. For instance, in April 2023, in India, GlaxoSmithKline Pharmaceuticals Ltd., an India-based pharmaceutical company, launched Shingrix, the world's first non-live and recombinant subunit vaccine. This vaccine is designed to prevent shingles and post-herpetic neuralgia in adults aged 50 years and older and is administered intramuscularly in two doses. Shingrix combines the antigen glycoprotein E with the adjuvant system AS01B to produce a potent and long-lasting immunological response that can help counteract the immune system's deterioration with age. Clinical trials have shown that it is 97% effective in preventing shingles in adults. It also effectively prevents post-herpetic neuralgia, a painful complication of shingles.
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Key Segments -
The neuralgia treatment market covered in this report is segmented -
1) By Treatment: Drug Based; Surgeries
2) By Indication: Diabetic Neuropathy; Intercostal Neuralgia; Occipital Neuralgia; Peripheral Neuralgia; Postherpetic Neuralgia
3) By Distribution channels: Drug Stores; Hospital Pharmacies; Online Pharmacies; Retail Pharmacies
4) By End-Use: Hospitals And Clinics; Ambulatory Surgery Centers; Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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