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Pharyngitis Treatment Market Overview 2024-2033: Key Drivers and Insights
Pharyngitis Treatment Market Overview
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Neuralgia Treatment Market 2024 Key Insights:
• The neuralgia treatment market is expected to grow to$2.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Growing Prevalence Of Chronic Diseases, Including Diabetes, Fuels Growth In The Neuralgia Treatment Market
• Innovative Products Drive Market Advancements In The Neuralgia Treatment Industry
• North America was the largest region in the neuralgia treatment market in 2023
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