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Neuralgia Treatment Global Market Size ($2.92 Billion Revenue By 2028) Growing Rapidly with Recent Trends and Outlook
Neuralgia Treatment Global Market
Neuralgia Treatment Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2.92 billion In 2028 At A CAGR Of 6.1% :
The neuralgia treatment market size has grown strongly in recent years. It will grow from $2.15 billion in 2023 to $2.3 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to rising prevalence of neuralgia, neuropathic pain awareness, rise in chronic pain conditions, presence of high disposable income, government initiatives.
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.
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Neuralgia Treatment Market Major 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 Driver - 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.
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Prominent Trend - 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.
Neuralgia Treatment Market Players
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.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the neuralgia treatment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in neuralgia treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Neuralgia Treatment Market Report Structure
3. Neuralgia Treatment Market Trends And Strategies
4. Neuralgia Treatment Market - Macro Economic Scenario
5. Neuralgia Treatment Market Size And Growth
…..
27. Neuralgia Treatment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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