Market Value and Forecast
The global neuropathic pain management market is expected to be worth US$ 10,414.0 Mn in 2026, it is projected to increase at a CAGR of 5.6% through 2026. North America is large market, which accounted for US$ 2,052.9 Mn in 2017, and is expected to grow at a CAGR of 5.8%.
- Pharmaceutical companies are investing on research and development of more improved drugs for the treatment of neuropathic pain
- Globally around 15% people are suffering from neuropathic pain, making it very attractive market for investor
- Among all the people suffering from neuropathic pain, around 90% of them also suffering from diabetes or cancer
- North America, followed by Europe, is expected to be the largest market for neuropathic pain, owing to existence of developed regulations and superior healthcare infrastructure
- Asia-Pacific region is supposed to show continuous growth due to increasing prevalence of diabetes which has made this market very lucrative for foreign drug maker
- Over the last decade, leading pharmaceutical companies are focusing on rapid product launch for the treatment of neuropathic pain and many drugs are under clinical trial process
- There is increase in demand for generic drugs in low economic countries because people living in this country cannot afford the branded drugs though they are very costly
- Increasing awareness among the population about pain management and rise in number of people suffering from diabetes and cancer diseases is expected to create attractive revenue share for key players in the market
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Factors and Trends Impacting the Growth of the Market
Diabetes is the most common indication for neuropathic pain followed by cancer. The increasing geriatric population across the globe is expected to drive the demand for neuropathic pain management, as the prevalence of painful diabetic neuropathy is 16% in the global elderly population suffering from diabetes. Increasing prevalence of diabetes and cancer, approval of novel treatment options for neuropathic pain, rise in number of pain management centers, and an increasing demand for treatment of neuropathic pain are the major factors expected to drive the growth of the global neuropathic pain management market.
Other trends driving the market growth are growing awareness among patients for treatment of neuropathic pain, increase in the demand for generic drugs, and introduction of new products for the treatment of neuropathic pain. Besides, strong healthcare infrastructure and well-established reimbursements are further expected to drive the growth of the global neuropathic pain management market.
Pharmaceutical companies are focusing on development of improved drugs to fulfil the unmet needs of patients suffering from neuropathic pain. However, severe side effects of opioids and steroids and rising costs of branded drugs are some of the factors likely to restrain the growth of the global neuropathic pain management market over the forecast period.
The global neuropathic pain management market is segmented into the key regions, namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In terms of value, North America is a large market and is expected to increase at over 5.8% CAGR during the forecast period. The Asia Pacific neuropathic pain management market is projected to show fast growth and it is projected grow at CAGR of 6.2% over the forecast period due to increasing prevalence of diabetes in Asia Pacific, particularly in China and India.
Examples of some of the key players operating in the global neuropathic pain management market are Pfizer Inc., Johnson & Johnson Services Inc., Bristol-Myers Squibb and Company, Eli Lily and Company, GlaxoSmithKline PLC, Sanofi S.A., Biogen Idec Inc., and Baxter Healthcare Corporation, Depomed Inc.