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Neuropathic Pain Market Size, Trends & Growth Analysis | Forecast 2024-2031 | Abbott, Medtronic, Nevro Corp.
Neuropathic Pain Market
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What is the projected growth of the Global Neuropathic Pain market?
The Global Neuropathic Pain Market reached US$7.76 billion in 2023 and is expected to reach US$14.97 billion by 2031, growing at a CAGR of 8.6 % during the forecast period 2024-2031.
What is Neuropathic Pain Market?
The Neuropathic Pain market is growing due to the rising prevalence of conditions like diabetes, multiple sclerosis, and postherpetic neuralgia. Treatments include anticonvulsants, antidepressants, opioids, and topical agents, with ongoing research into novel therapies. Increasing awareness, advancements in pain management, and demand for non-opioid alternatives drive market growth, despite challenges like side effects and limited treatment efficacy.
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Who are the major players in the Neuropathic Pain market?
The prominent players in Neuropathic Pain market research report are:
Pfizer Inc., AdvaCare Pharma, Eli Lilly and Company., Vertex Pharmaceuticals, Abbott, Medtronic, Nevro Corp., Grünenthal, Teva Pharmaceuticals Inc., and Sun Pharmaceutical Industries Ltd. among others.
The companies are primarily focusing on strategies such as new product launches to penetrate the fastest-growing emerging markets across the world.
Key Development
In November 2024, Grünenthal announced that its U.S. subsidiary, Averitas Pharma, Inc., has completed patient recruitment for the Phase III AV001 clinical trial. The trial aims to assess the efficacy, safety, and tolerability of QUTENZA (capsaicin) 8% topical system for treating post-surgical neuropathic pain (PSNP). If the results are positive, they could pave the way for an expanded QUTENZA label in the U.S. market, broadening its potential use in pain management.
In January 2023, Neuralace Medical received FDA clearance for its groundbreaking Axon Therapy, a non-invasive treatment for chronic painful diabetic neuropathy (PDN). This approval is particularly significant as it marks the first-ever authorization of a magnetic peripheral nerve stimulation (mPNS) therapy for PDN, providing a novel, non-invasive approach to pain relief for millions of affected individuals.
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Market Segments
By Type: Diabetic Neuropathy, Chemotherapy-Induced Peripheral Neuropathy, Post-Herpetic Neuralgia, Trigeminal Neuralgia, Spinal Stenosis, Others.
By Treatment Type: Drug Class, Devices.
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies.
The Neuropathic Pain industry is experiencing rapid growth, driven by advancements in medical technologies, increased demand for innovative therapies, and a rising focus on patient-centered care. As these sectors evolve, the need for comprehensive market analysis becomes crucial to understand trends, regulatory changes, and emerging opportunities.
Regions Covered:
The global Neuropathic Pain Market report focuses on six major regions: North America, South America, Europe, Asia Pacific, the Middle East, and Africa.
☞ North America - US, Canada, Mexico
☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe
☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific
☞ South America- Brazil, Argentina, Colombia, Rest of South America
☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel
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Benefits of the Report:
➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Top-down and bottom-up approach for regional analysis
➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.
➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market
Contact Us -
Company Name: DataM Intelligence
Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com
About Us -
DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.
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