North America will continue to be the Leading Market for Neuropathic Pain over the Forecast Period (2016–2024)
According to a recent study conducted by RRI, the global market for neuropathic pain is expected to reflect a CAGR of over 5% during the forecast period (2016–2024). In 2015, the market was valued at over US$ 5 Billion and is estimated to stand at US$ 8.3 Billion by 2024 end.
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Factors such as increasing prevalence of chronic disorders including cancer and diabetes, introduction of newer modalities of receiving neuropathic pain treatment, growing number of pain management service providers and higher demand for neuropathic pain treatment drugs are expected to support the growth of neuropathic pain market globally. Further, arrival of various new medications for neuropathic pain treatment in the market, increasing patient awareness on the availability of advanced neuropathic pain therapeutics and rising demand for generic drugs are additional factors expected to drive the market growth. Moreover, pharmaceutical companies are actively focusing on developing enhanced drugs to cater to the requirement of patients with neuropathic disorders. In contrast to all of that, adverse side effects of steroids and opioids coupled with high cost of branded drugs may act as impediments for the global market of neuropathic pain.
Based on drug class, the global market for neuropathic pain has been segmented into anticonvulsants, tricyclic antidepressant, opioids, local anaesthesia, steroids, and others. Anticonvulsants drug is anticipated to be the largest segment of the market, reflecting a CAGR of over 6% during the forecast period. Minimum risk of side effects is a major factor driving the demand for this segment. By the end of 2024, the segment is estimated surpass market valuation of over US$ 3 Billion. Tricyclic antidepressant drugs are also gaining popularity amongst the physicians and patients and the segment is expected to witness a sound growth during the forecast period.
By indication, the market has been segmented into chemotherapy induced peripheral neuropathy, diabetic neuropathy, and others. Diabetic Neuropathy segment accounts for the largest share of the market. By the end of 2016, the segment is anticipated to account for nearly 47% share of the market in terms of value. On the other hand, chemotherapy induced peripheral neuropathy indication is projected to account for over 42% share of the market in revenue by 2016 end.
By region, the global market for neuropathic pain has been segmented into Asia Pacific North America, Europe, Latin America and the Middle East & Africa. North America is anticipated to be the most lucrative market for neuropathic pain, account highest share of the market in terms of value. The market in the region is expected to expand at a CAGR of over 5% during the forecast period. This is primarily due to a strong distribution network and presence of advanced healthcare infrastructure and major players of the market in the region.
Key players operating in the global market for neuropathic pain include Bristol Myers Squibb, Depomed, Inc., GlaxoSmithKline PLC, Pfizer, Inc., Sanofi S.A., Eli Lily and Company, Baxter Healthcare Corporation, Biogen Idec, and Johnson & Johnson Services, Inc. Most of these pharmaceutical companies are actively focusing on developing enhanced medication for treat neuropathic pain and other disorders in order to strengthen their presence in the global market for neuropathic pain.
Summary: Global market for neuropathic pain is expected to surpass market valuation of US$ 8 Billion by the end of 2024