Neuropathic Pain Market is anticipated to grow at a CAGR of 5.5 % by 2023

Market Highlights

Neuropathic pain is a complex and chronic pain that usually occurs due to tissue damage. During this state nerve fibers damage themselves and this damage to nerves sends incorrect signals to pain centers. Increasing number of diabetic and cancer patients together are the major driving factor for this market’s growth. Beside this increasing approval of novel treatment for neuropathic pain, increasing number of pain management centers and increasing demand for generic drugs has provided a fuel for the growth of this market. On the other hand increasing cost of branded drugs and increasing side effects of the steroid therapy can restrain the growth of this market.
Global neuropathic pain market is expected to grow at the CAGR of 5.5% during forecasted period.

Based on regions global neuropathic pain market is segmented into North America, Europe, Asia Pacific plus Middle East and Africa. North America and Europe has share in more than half of the global neuropathic pain market. Due to the well-developed medical and pharmaceutical sector, government supports research and development. Along with this increasing prevalence of disease which causes neuropathic pain especially diabetic and cancer is the major driving factor for neuropathic pain market in North America and Europe. Asia Pacific has given opportunities for developing neuropathic pain market here due to increasing demand of drugs for neuropathic pain and increasing prevalence of disease like diabetes.

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Major Key Players
• Pfizer Inc.,
• Depomed Inc.,
• Johnson & Johnson Services Inc.,
• Eli Lily and Company,
• GlaxoSmithKline PLC,
• Bristol-Myers Squibb and Company,
• Sanofi S.A,
• Baxter Healthcare Corporation
• Biogen Idec Inc.

Competitive Analysis

Due to increasing prevalence of neuropathic pain globally many companies are in the race to introduce better oral treatment for neuropathic pain. Companies are using a trend of strategic alliance and acquisition to gain the market and minimize competition in the market.

Pfizer is one of the leading pharmaceutical companies of the world. They have introduced LYRICA (pregabalin) for management of neuropathic pain associated with spinal cord injury which is approved by FDA. Earlier this drug was used for the treatment of neuropathic pain associated with diabetes. They have also introduce PainDETECT which is a simple screening tool developed to detect neuropathic pain (NeP) components in patients suffering from low back pain.

Depomed Inc. a pharmaceutical company focuses on products to treat pain and CNS condition, this company has introduced Lazanda® (fentanyl) nasal spray CII for the management of pain in cancer patients and Zipsor® (diclofenac potassium) liquid filled capsules for relief of mild to moderate or acute pain.

Eli Lily and Company has introduced CYMBALTA® (duloxetine HCl) which is FDA approved antidepressant for the treatment of pain caused due to diabetic peripheral neuropathy.

GlaxoSmithKline a UK based pharmaceutical company has submitted results of phase II clinical trial for Horizant™ which manages neuropathic pain associated with post-herpetic neuralgia. They are performing clinical trials for NCT00969059 to be used for the treatment of neuropathic pain patients with peripheral nerve injury.
Biogen Idec Inc. has introduces CNV1014802 (raxatrigine) use for the treatment of neuropathic pain.

Taste the market data and market information presented in more than 50 market data tables and figures spread over 85 pages of the project report. Avail the in-depth table of content (TOC) & market synopsis on “Neuropathic Pain Market Research Report Forecast to 2023”

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Segmentation:

This market is segmented into by drug types (anticonvulsants, antidepressant, anaesthesia, steroids and other), by condition (Peripheral Neuropathy, Diabetic Neuropathy and other) and by end user (retail pharmacies, hospitals and other)
On the basis of application it is segmented into peripheral neuropathy, diabetic neuropathy and others. On the basis of end users the market is segmented into retail pharmacies, hospitals and others.

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Regional Analysis
On regional basis, North America dominates the neuropathic pain market. Due to increase in number of diseases like diabetes and cancer in this region, all these have developed the market in North America. Beside this increasing aging population in this region has also provided a push to the market’s growth. In neuropathic pain market North America is followed by Europe. Improved infrastructure, increase in technological advance and prevalence of diseases which causes neuropathic pain has led to the growth of this market in Europe.

Asia Pacific is a developing region. Due to a huge demand of advance treatment for neuropathic pain along with increase in prevalence of diabetes in this region all these will allow growth of this market by the CAGR of 6.4% during the forecasted period.

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