Neuropathic Pain Market By Drug class (Tricyclic Antidepressants, Opioids, Capsaicin Cream, Steroids, Others), By Indication (Diabetic Neuropathy, Spinal Stenosis, Chemotherapy-induced Peripheral Neuropathy), By Distribution channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies, Others) And By Geographic Regions (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) – Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032
Neuropathic Pain Market Size and Overview
The neuropathic pain market size is poised to reach USD 13.4 billion by the end of 2032, growing at a CAGR of 5.9% during the forecast period, i.e., 2023 – 2032. In the year 2022, the industry size of neuropathic pain market was USD 7.6 billion. The reason behind the growth can be attributed to the rise, in the number of people suffering from pain conditions like neuropathy and post herpetic neuralgia, Advancements in technology, there is a growing interest in treatments for managing pain that do not involve opioids, Expansion of healthcare infrastructure and Introduction of medicine and precision medicine in pain management. The marketplace incorporates a wide range of products. The market is highly competitive with key players striving to meet evolving customer demands.
Neuropathic Pain Market: Report Scope
Base Year Market Size
Forecast Year Market Size
Neuropathic Pain Market Segmentation
By Drug class
- Tricyclic Antidepressants
- Capsaicin Cream
- Diabetic Neuropathy
- Spinal Stenosis
- Chemotherapy-induced Peripheral Neuropathy
By Distribution channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
By Geographic Regions
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
On the basis of drug class in the neuropathic pain market the tricyclic antidepressants segment accounted the highest market share in 2022. Tricyclic antidepressants are the most typically prescribed drugs for neuropathic pain, and they're powerful in treating lots of neuropathic pain conditions, including diabetic neuropathy, postherpetic neuralgia, and spinal cord injury.
Neuropathic Pain Market Regional Analysis
North America stands as one of the major markets for neuropathic pain, driven through the high prevalence of chronic pain conditions and the growing geriatric population make contributions to the region’s dominance. The United States, primarily, is a key contributor on this marketplace. In January 2023 the U.S. Food and Drug Administration gave its approval for SYK380, a type of medication to be used in treating moderate to severe chronic pain linked with diabetic peripheral neuropathy (DPN) in adults. SYK380 is a drug that selectively inhibits JAK1 and JAK2 enzymes. Its mechanism of action involves preventing the production of substances that're responsible, for causing pain. Europe is one of the leading marketplaces for neuropathic pain because of the region’s presence of key market players. The European market showcases an increasing adoption of advanced treatment options. The Asia Pacific neuropathic pain market is estimated to witness significant growth, during the forecast timeframe led by, rising geriatric population, increasing adoption of advanced treatment options. The demand for neuropathic pain is anticipated to rise in countries like China and India, given their expanding healthcare infrastructure and rising prevalence of chronic diseases among urban residents. Latin America and the Middle East and Africa display steady growth inside the neuropathic pain market, fueled via focus on improving healthcare infrastructure and increasing awareness about chronic pain conditions, growing demand for pain management treatments in these regions. Key participants to the market's growth in these areas encompass Brazil, Mexico, the United Arab Emirates, and South Africa.
Neuropathic Pain Market Growth Drivers
The rise, in the number of people suffering from pain conditions like neuropathy and post herpetic neuralgia is driving the need for effective treatments to manage pain. Moreover, advancements in technology have led to the development of methods for delivering drugs, such as patches that go on the skin or formulations that release medication over a period. This has attracted both patients and healthcare providers who are looking for options. The increasing elderly population and the burden of diseases also contribute to the growth of this market. There is a growing interest in treatments for managing pain that do not involve opioids, which presents potential for growth. Non opioid treatments offer relief from pain without the risk of addiction and abuse that comes with opioids. This shift towards opioid treatments aligns with a greater focus on patient safety and regulatory guidelines. The demand for neuropathic pain treatments is driven by the expansion of healthcare infrastructure in developing regions. Healthcare providers are investing more in pain management and patient care which boosts sales of drugs like anticonvulsants and antidepressants. The introduction of medicine and precision medicine in pain management has transformed how this market operates. Personalized medicine allows treatment plans to be tailored based on patient characteristics leading to outcomes, for patients and driving market growth.
Neuropathic Pain Market Challenges
The high cost of treatment and the side effects of treatment are hindering the growth of market. In developing regions, this factor has resulted in limited demand for product. Moreover, the lack of awareness about neuropathic pain is also restricting the growth of market.
Key Companies of Neuropathic Pain Market
The neuropathic pain market is poised by several main corporations, each making big contributions to the industry through their sturdy market presence and progressive product offerings. Among these principal players are AstraZeneca, GlaxoSmithKline Plc., Pfizer Inc., Baxter Healthcare Corporation, Abbott Laboratories, Biogen Inc., Sanofi S.A, Astellas Pharma Inc., Johnson & Johnson Services Inc., Eli Lilly and Company And other players. These essential players constantly try and revamp their marketplace percentage and meet the desires of a diverse investor base. Their competitive techniques encompass product innovation, forging strategic partnerships, undertaking mergers and acquisitions, and increasing their distribution networks.
In July 2022, Novaremed AG and NeuroFront Therapeutics (Hong Kong) Limited signed an exclusive collaboration and commercialization agreement for Novaremed’s innovative non-opioid investigational drug, NRD.E1, being developed for the treatment of diabetes-related neuropathic pain and other neuropathic pain indications.
In December 2021, Boston Scientific Corporation announced that they have launched WaveWriter Alpha Spinal Cord Stimulator Systems