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Easing the Pain: Neuropathic Pain Market Growth and Future Trends 2024-2033

05-17-2024 12:03 PM CET | Health & Medicine

Press release from: The Business Research Company

Neuropathic Pain Market Growt

Neuropathic Pain Market Growt

The neuropathic pain market size has grown strongly in recent years. It will grow from $4.95 billion in 2023 to $5.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increasing demand for neuropathic pain drugs, chronic pain epidemic, growing demand for prescription treatments, government initiatives.

The neuropathic pain market size is expected to see strong growth in the next few years. It will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to growing awareness of neuropathic pain, aging population, well-proliferated healthcare sector, accessibility to neuropathic pain treatments. Major trends in the forecast period include improved diagnostics, advancements in pain management, advancements in medical research, new drug approvals, strategic initiatives.

Market Overview -
Neuropathic pain is chronic pain caused by damage or dysfunction in the nervous system and characterized by burning, tingling, shooting, or electric shock-like sensations. Neuropathic pain can be challenging to treat and may be caused by nerve injuries, diabetes, multiple sclerosis, nerve compression, neural degeneration and central nervous system disorders.

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Rising Prevalence Of Chronic Pain Drives Growth In The Neuropathic Pain Market
The growing prevalence of chronic pain is expected to propel the growth of the neuropathic pain market going forward. Chronic pain is persistent and ongoing pain that lasts beyond the expected healing time of an injury or illness. It is characterized by its duration, typically lasting at least three to six months or more. The rising prevalence of chronic pain, including neuropathic conditions, requires effective treatments, spurring research, innovation and investment in improved therapies to enhance symptom relief and quality of life. For instance, in April 2023, according to the Morbidity and Mortality Weekly Report (MMWR) published by the Centers for Disease Control and Prevention, a US-based national public health agency, approximately 51.6 million U.S. adults (20.9%) dealt with chronic pain and 17.1 million (6.9%) experienced high-impact chronic pain in 2021. Further, the prevalence of chronic pain among U.S.-born individuals (21.6%) was almost twice that of those born outside the U.S. (11.9%). Similarly, high-impact chronic pain was more prevalent among U.S.-born individuals (7.0%) than those born outside the U.S. (4.1%). Therefore, the growing prevalence of chronic pain is driving the growth of the neuropathic pain market going forward.

Competitive Landscape -
Major players in the neuropathic pain market are Pfizer Inc., Johnson & Johnson Private Limited, Sanofi S.A., Bristol-Myers Squibb Company, Abbott Laboratories, GlaxoSmithKline PLC, Medtronic Inc., Eli Lilly and Company, Stryker Corporation, Baxter International Inc., Teva Pharmaceutical Industries Ltd., Boston Scientific Corporation, Biogen Inc., Zimmer Biomet Holdings Inc. , Sun Pharmaceutical Industries Ltd., Mallinckrodt Pharmaceuticals, Grünenthal GmbH, Lupin Ltd., NuVasive Inc., Integer Holdings Corporation, Avanos Medical Inc., Orthofix Medical Inc., Nevro Corp., InvaGen Pharmaceuticals Inc., B. Braun Melsungen AG, Cirtec Medical Corp., Centaur Pharmaceuticals Pvt Ltd., Stimwave LLC, DePuy Synthes.

Integration Of Artificial Intelligence Revolutionizes Neuropathic Pain Treatment
Major companies operating in the neuropathic pain market are adopting artificial intelligence technologies for advanced diagnosis, tailored treatment plans, real-time monitoring, drug discovery and data-driven insights to enhance patient outcomes and refine pain management strategies. For instance, in March 2023, Nevro Corp., a US-based medical device company, launched the Senza HFX iQ spinal cord stimulation (SCS) system. This innovative technology employs artificial intelligence (AI) to customize pain relief for individual patients. The system, which includes the HFX iQ Implantable Pulse Generator (IPG), HFX Trial Stimulator, Charger and HFX App, is designed to treat non-surgical back pain and painful diabetic neuropathy by adapting to patient responses and feedback. It uses a unique algorithm based on extensive patient data and allows patients to adjust their pain relief program via a smartphone app. The system's digital environment enables data collection and potential updates. The technology aims to enhance pain relief through consistency and personalization, marking a significant advance in SCS therapy.

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Key Segments -
The neuropathic pain market covered in this report is segmented -

1) By Treatment: Medications; Multimodal Therapy
2) By Diagnosis: Imaging; Blood Tests And Physical Examination
3) By Indication: Diabetic Neuropathy; Spinal Stenosis; Chemotherapy-Induced Peripheral Neuropathy; Other Indications
4) By End User: Hospitals; Clinics; Home Healthcare; Ambulatory Surgical 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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