Neuropathic Pain Market grows with rising geriatric population
Neuropathic pain refers to a condition of chronic pain that is caused by a primary lesion such as trauma, infection, or other dysfunction in the nervous system. Prominent syndromes of neuropathic pain include root avulsions, postherpetic neuralgia, painful traumatic mononeuropathy, painful polyneuropathy, postsurgical pain syndromes, central pain syndromes, and complex regional pain syndrome. Some of the usual medications prescribed for neuropathic pain are anesthetics, anticonvulsants (also called neuroleptic medications), and antidepressants (also known as tricyclic antidepressants). Common antidepressants include amitriptyline and nortriptiline whereas valproic acid, carbamazepine, felbamate, phenytoin, and clonazepam a few of the most common anticonvulsants used for the treatment of neuropathic disorders. Tocainide or Mexiletine and Idocaine are some of the major anesthetics used to reduce neuropathic pain.
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This report on global neuropathic pain market is a thorough study of the market in its current scenario and based on all the major factors that may impact the growth rate in the near future, it estimates the state of the market until 2024. It also notes and explores some of the trends of the market as well as highlights a few opportunities available. Among the key features of the report is the section on company profiles, wherein several key players in the global market have been analyzed for their product portfolio, market share, global presence, and recent developments including mergers, acquisitions, and collaborations.
The global market for neuropathic pain can be segmented on the basis of drug class, by indication, distribution channel, and region. By drug type, the market can be divided into tricyclic antidepressant, anticonvulsants, local anaesthesia, opioids, steroids, and others. On the basis of indication, the market can be categorized into diabetic neuropathy, chemotherapy-induced peripheral neuropathy, and others. By distribution channel, the market can be segmented into retail pharmacies, drug stores, and online pharmacies. Geographically, the report studies the opportunities available in the regions of Asia Pacific, Europe, North America, and Rest of the World.
Global Neuropathic Pain Market: Drivers and Restraints
The report observes that diabetes is the usual indication of neuropathic pain, while cancer comes second. According to the World Health Organization (WHO), 422 million people were suffering from diabetes in 2014 and this number will continue to expand in the near future, especially among the middle to low-income countries. This vast population is the primary driver in the global market. Moreover, rising geriatric population, who commonly suffer from neuropathic pain, is another driver for this market. In addition to that, factors such as approval of novel treatment options, increasing demand for neuropathic pain, improving healthcare infrastructure in emerging economies, increased investment by pharmaceutical companies for research and development of improved drugs, and rising number of pain management centers will further fuel the market in positive direction. Conversely, side effects of opioids and steroids as well as cost of branded drugs are some of the factors that will hinder the growth rate of the market during the forecast period.
On the basis of drug class, the segment of anticonvulsants are most popular whereas the demand for tricyclic antidepressant is expected to expand at the best CAGR. By indication, diabetic neuropathy segment serves maximum demand while chemotherapy induced peripheral neuropathy is projected for most prominent growth rate. In terms of distribution channel, retail pharmacies are most profitable and is expected to remain the leading segment during the forecast period.
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Global Neuropathic Pain Market: Region-wise Outlook
North America currently is the most lucrative regional market, owing to strong healthcare infrastructure and higher buying ability of the consumers. However, Asia Pacific is projected for the most significant growth rate, due to increasing prevalence of diabetes in countries such as China and India.
Companies mentioned in the research report
Some of the key companies currently operating in global market are Pfizer Inc., Johnson & Johnson Services Inc., Depomed Inc., Bristol-Myers Squibb and Company, Sanofi S.A., Biogen Idec Inc., Eli Lily and Company, GlaxoSmithKline PLC, and Baxter Healthcare Corporation.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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