Neuropathic Pain Management Market: Introduction
- 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, while 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.
- The global market for neuropathic pain can be segmented based on drug class, indication, distribution channel, and region. In terms of drug type, the market can be divided into tricyclic antidepressant, anticonvulsants, local anaesthesia, opioids, steroids, and others. Based on indication, the market can be categorized into diabetic neuropathy, chemotherapy-induced peripheral neuropathy, and others. In terms of 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 North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The global neuropathic pain management market is estimated to expand considerably in the next few years, owing to a surge in incidence of peripheral nerve issues. Trauma, infections, or dysfunction in the central nervous system is the root cause of neuropathic pain.
Key Drivers, Restraints, and Opportunities of Global Neuropathic Pain Management Market
- Rise in incidence of chronic ailments such as diabetes and other cardiovascular diseases is a key factor propelling the global neuropathic pain management market. According to statistics from the World Health Organization (WHO), in 2018 over 422 million were suffering from diabetes. This number is expected to rise in the next few years, leading to high demand for neuropathic pain management.
- Expansion of healthcare infrastructure, rise in resource allocation by Pharma giants toward research, and novel drug discovery techniques are further fuelling the global neuropathic pain management market.
- However, the side-effects of drugs such as steroids and opioids may hamper the market. Additionally, the high cost of branded drugs could further restrain the neuropathic pain management market. These market limitations, however, may be overcome by the key trend of generic drugs, increased spending on healthcare, and rising demand for minimally invasive techniques.
- The global neuropathic pain management market is predicted to be influenced by a number of trend in the in the healthcare industry. Some of the key developments that are anticipated to boost the global neuropathic pain management market are as follows:
- Introduction of Grants towards Research
- An IASP Developing Countries Project, which continued to March 2018, was launched in January 2018 by the International Association for Pain Studies (IASP), with the aim of increasing pain education and practice in developing countries by providing sufficient grants. In November 2018 Eellan Sivanesan, MD received the Chronic Pain Medicine Research Grant 2018 from the American Society for Regional Anesthesia and Pain Medicine (ASRA). Rise in awareness and funding activities offered by institutes and government organizations is expected to boost the global neuropathic pain management market.
- Vendors Gaining Approval for New Drugs
- In November 2018, a new NDA application for Lasmiditan for migraine, with or without aura, migraine stage, for adults was presented by Eli Lilly and Company to the US Food and Drugs Administration (USFDA). This key development is anticipated to boost the global neuropathic pain management market in the next few years.
North America to Capture Major Share of Global Neuropathic Pain Management Market
- North America is projected to dominate the global neuropathic pain management market in the near future. This could be due to the developed and established healthcare infrastructure, rapid adoption of technological advancements in pain management techniques, and presence of leading vendors in the neuropathic pain management market in the region.
- The neuropathic pain management market in Asia Pacific is projected to expand at a sluggish pace in the next few years. Increase in prevalence of diseases such as diabetes and cardiovascular ailments is fueling the market in the region.
Key Players Operating in Global Neuropathic Pain Management Market
The global neuropathic pain management market is highly consolidated with the presence of key players. A large number of manufacturers hold a major share in their respective regions. Major players operating in the global neuropathic pain management market include:
- Baxter Healthcare Corporation
- Biogen Idec Inc.
- Bristol-Myers Squibb and Company
- Depomed Inc.
- Eli Lily and Company
- GlaxoSmithKline PLC
- Johnson & Johnson Services Inc.
- Pfizer Inc.
- Sanofi S.A.
Global Neuropathic Pain Management Market: Research Scope
Global Neuropathic Pain Management Market: by Drug Class
- Tricyclic antidepressant
- Local anesthesia
Global Neuropathic Pain Management Market, by Indication
- Diabetic neuropathy
- Chemotherapy-induced peripheral neuropathy
Global Neuropathic Pain Management Market, by Distribution Channel
- Retail pharmacies
- Drug stores
- Online pharmacies
Global Neuropathic Pain Management Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East &Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
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