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2025 Neuralgia Treatment Market Outlook: Key Indicators Shaping Growth Through 2034
Neuralgia Treatment Market
What Will the Neuralgia Treatment Industry Market Size Be by 2025?
Over the past few years, the neuralgia treatment market has seen robust growth. It is projected to expand from $2.3 billion in 2024 to $2.44 billion in 2025, at a compounded annual growth rate (CAGR) of 6.0%. The escalation during the historical period is attributed to factors such as an increase in neuralgia cases, awareness about neuropathic pain, increased incidence of chronic pain conditions, high dispensable income levels, and government-led initiatives.
What's the Long-Term Growth Forecast for the Neuralgia Treatment Market Size Through 2029?
The market size for neuralgia treatment is projected to witness significant expansion in the forthcoming years, reaching a value of $3.13 billion in 2029 with a compound annual growth rate (CAGR) of 6.4%. This growth within the forecast period is a result of factors such as an aging population, the emergence of new therapies, a rise in diabetes cases, and elevated healthcare spending. Key trends during the forecast period will encompass progress in pain management, innovative product development, the integration of digital health, and the invention of new drug delivery methods.
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What Are the Key Growth Drivers Fueling the Neuralgia Treatment Market Expansion?
The increasing occurrence of long-term illnesses like diabetes is projected to boost the neuralgia treatment market's growth in the future. Chronic diseases persist for a year or more, necessitating ongoing medical treatment and, in many cases, limiting daily activities. Diabetes is a chronic metabolic disorder characterized by elevated blood sugar levels. Diabetic neuropathy, a type of nerve damage prevalent in diabetic individuals, can be treated using neuralgia treatment. For example, the World Health Organization reported in September 2023 that of the 41 million deaths caused by non-communicable or chronic diseases globally, 74% were due to such conditions. Hence, the surge in chronic disease prevalence, notably diabetes, is a key force behind the expansion of the neuralgia treatment market. The Imminent Rise in Surgical Procedures set to Amplify the Neuralgia Treatment Market
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What Are the Key Trends Driving Neuralgia Treatment Market Growth?
Major players in the neuralgia treatment market are centered around creating innovative solutions and products to maintain their market presence. For example, GlaxoSmithKline Pharmaceuticals Ltd., a pharmaceutical firm based in India, introduced Shingrix, a revolutionary non-live and recombinant subunit vaccine, in the nation in April 2023. The vaccine, specifically designed to ward off shingles and post-herpetic neuralgia in adults aged 50 and above, is given as two intramuscular injections. By marrying the antigen glycoprotein E with the adjuvant system AS01B, Shingrix provides a powerful and sustained immunological response capable of reversing the immunosystem's age-related degradation. Clinical studies have established its 97% efficacy in averting shingles in adults, besides efficiently protecting against post-herpetic neuralgia, a distressing aftereffect of shingles.
How Is the Neuralgia Treatment Market Segmented?
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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Which Companies Are Leading the Charge in Neuralgia Treatment Market Innovation?
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.
Which Regions Are Leading the Global Neuralgia Treatment Market in Revenue?
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.
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