Press release
Neuralgia Treatment Market Size Projected To Reach $3.13 Billion By 2034 With A Cagr Of 6.4%
Neuralgia Treatment
What Is the Projected Growth of the Neuralgia Treatment Market?
In recent years, the market size of neuralgia treatment has significantly increased. The market is set to expand from $2.3 billion in 2024 to $2.44 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.0%. The previous growth can be linked to the increasing cases of neuralgia, awareness of neuropathic pain, surge in chronic pain diseases, availability of high disposable income and government schemes.
Conjectures for the upcoming years project a substantial augmentation in the neuralgia treatment market size, with expectations to rise to $3.13 billion in 2029, corresponding with a compound annual growth rate (CAGR) of 6.4%. The prosperity within this predicted timeline can be owed to factors such as an aging population, growth in therapeutic technologies, rise in diabetes cases, and extensive expenditures on health care. The forecast period is further likely to see significant trends such as advancement in pain management techniques, novel product launches, the amalgamation of digital health, and the evolution of unique drug delivery systems.
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What Are the Different Neuralgia Treatment Market 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
Subsegments:
1) By Drug Based: Anticonvulsants, Antidepressants, Opioids, Topical Treatments, Non-Steroidal Anti-Inflammatory Drugs (NSAIDs)
2) By Surgeries: Nerve Block Procedures, Decompression Surgery, Neurectomy, Spinal Cord Stimulation
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What Are the Primary Drivers Shaping the Neuralgia Treatment Market?
The increased incidence of chronic illnesses like diabetes is projected to spur the neuralgia treatment market's expansion. Chronic illnesses are those that persist for more than a year, mandating consistent medical care, obstructing daily tasks, or both. Diabetes is a chronic metabolic disorder marked by elevated levels of blood glucose, also known as blood sugar. Diabetic neuropathy, a complication involving nerve damage in individuals with diabetes, can be addressed through neuralgia treatment. For example, the World Health Organization reported in September 2023 that there were 41 million deaths, or 74%, attributed to non-communicable diseases (NCDs) or chronic diseases every year globally. As such, the increased prevalence of chronic illnesses such as diabetes is fuelling the neuralgia treatment market's growth. Neuralgia Treatment Market Driver: Neuralgia Treatment Market Expansion Fostered By Predicted Rise In Surgical Procedures
Which Companies Are Leading in the Neuralgia Treatment Market?
Major companies operating 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.
What Are the Major Trends Shaping the Neuralgia Treatment Market?
Leading businesses in the neuralgia treatment market are concentrating on creating novel products and strategies to maintain their market dominance. For example, GlaxoSmithKline Pharmaceuticals Ltd., a pharma company based in India, initiated the global release of Shingrix, the world's debut non-live and recombinant subunit vaccine, in India in April 2023. This vaccine, specifically developed for adults who are 50 years and older, aims to defend against shingles and post-herpetic neuralgia and it is given via two intramuscular injections. Shingrix merges the antigen glycoprotein E with the adjuvant system AS01B, resulting in a powerful and durable immune response capable of reversing the immune system's deterioration due to ageing. Clinical studies have proven that it can successfully prevent shingles in adults by 97%, and it is also effective in averting post-herpetic neuralgia, a painful shingles aftermath.
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What Are the Top Revenue-Generating Geographies in the Neuralgia Treatment Market?
North America was the largest region in the neuralgia treatment market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Neuralgia Treatment Market?
2. What is the CAGR expected in the Neuralgia Treatment Market?
3. What Are the Key Innovations Transforming the Neuralgia Treatment Industry?
4. Which Region Is Leading the Neuralgia Treatment Market?
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