Press release
Neuropathic Pain Market to Reach USD 13.28 Billion by 2032
Neuropathic Pain Market
The global neuropathic pain market is experiencing robust growth, projected to expand from USD 8.58 billion in 2024 to USD 13.28 billion by 2032, at a CAGR of 5.6% during the forecast period. This surge is fueled by the increasing prevalence of chronic diseases such as diabetes and cancer, advancements in treatment options, and heightened awareness among healthcare professionals and patients.
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✿ Neuropathic Pain MarketCompetitive Landscape
The neuropathic pain market is characterized by the presence of several key players who are actively engaged in research and development, strategic partnerships, and product launches to enhance their market position. Notable companies include Pfizer Inc., Johnson & Johnson, Eli Lilly and Company, GlaxoSmithKline plc, and Teva Pharmaceutical Industries Ltd.
These industry leaders are focusing on developing non-opioid therapies and personalized medicine approaches to address the unmet needs in neuropathic pain management. For instance, in March, Confo Therapeutics announced a worldwide licensing agreement with Eli Lilly and Company for CFTX-1554, a novel non-opioid treatment for neuropathic pain.
✿ Neuropathic Pain Market Higher Demand in Asia-Pacific Region
The Asia-Pacific region is witnessing the fastest growth in the neuropathic pain market, attributed to the rising prevalence of chronic diseases, improving healthcare infrastructure, and increasing investments in research and development. Countries like China, India, and Japan are at the forefront, with significant advancements in clinical trials and innovative product launches.
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✿ Country-Specific Insights
Consolidation Trends in Vietnam
While specific data on Vietnam's neuropathic pain market is limited, the country is part of the broader Asia-Pacific region, which is experiencing significant growth. The increasing prevalence of chronic diseases and improvements in healthcare infrastructure are expected to drive demand for neuropathic pain treatments in Vietnam.
Growth Opportunities in Thailand
Thailand is witnessing a rise in chronic diseases such as diabetes and cancer, leading to an increased incidence of neuropathic pain. The government's focus on enhancing healthcare services and the growing awareness about pain management are creating opportunities for market players to expand their presence in the country.
Innovation Trends in Japan
Japan is focusing on research and development in pain management, with a strong emphasis on non-opioid therapies. The country's aging population and the high prevalence of chronic diseases are driving the demand for effective neuropathic pain treatments. In March 2022, Daiichi Sankyo Company, Limited received approval to change the indication of the analgesic "Tarlige Tablets" from "peripheral neuropathic pain" to "neuropathic pain," reflecting the country's commitment to addressing this condition.
Market Growth in South Korea
South Korea is experiencing growth in the neuropathic pain market due to the increasing prevalence of chronic diseases and advancements in healthcare infrastructure. The country's focus on research and development, along with government initiatives to improve pain management services, is expected to drive market expansion.
Emerging Opportunities in Singapore
Singapore's well-developed healthcare system and emphasis on medical research make it a promising market for neuropathic pain treatments. The country's strategic location and supportive regulatory environment attract global pharmaceutical companies to invest in research and development activities related to pain management.
Market Expansion in the United States
The United States remains the dominant region in the neuropathic pain market, with a significant burden of chronic diseases and a strong presence of key market players. The country's focus on developing non-opioid therapies and personalized medicine approaches is driving market growth. In October 2020, Eli Lilly finalized the deal to purchase Disarm Therapeutics, enhancing its neuropathic pain portfolio.
Advancements in China
China is emerging as a significant player in the neuropathic pain market, with increasing investments in research and development and a large patient population. In July 2022, Novaremed AG and Therapeutics (Hong Kong) Limited entered into an exclusive collaboration and commercialization agreement for Novaremed's investigational drug, NRD.E1, a non-opioid therapy for diabetes-related neuropathic pain.
Opportunities in Europe
Europe is witnessing substantial growth in the neuropathic pain market due to the rising prevalence of chronic diseases and increasing investments in healthcare. Germany, in particular, is leading the market with the rapid adoption of pain management guidelines and protocols. The presence of a well-developed healthcare system and an aging population further contribute to market expansion.
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✿ Neuropathic Pain Market Segment Analysis
by Drug Class
Antidepressants
Anticonvulsant
Opioids
Capsaicin
Others
by Indication
Diabetic Neuropathy
Spinal Stenosis
Chemotherapy-Induced Peripheral Neuropathy
Others
by Distribution Channel
Hospital Pharmacies
Drugs Stores and Retail Pharmacies
Online Pharmacies
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