Global Neuropathic Pain Management Market: Overview
The global neuropathic pain management market is prognosticated to see a steep growth in the coming years, bolstered by the surge in peripheral nerve problems. Trauma, infections, or dysfunction in the central nervous system is the root cause of neuropathic pain. Neuropathic pain management are techniques used to alleviate and control the issue. This includes medications such as anticonvulsants, antidepressants, and anesthetics. The emergence of advanced pain management devices and techniques such as non-opioid pain treatment solutions, analgesic pumps, etc.
This report provides an exhaustive analysis of the global neuropathic pain management market, with focus on market opportunities and possible constraints, along with the latest trends driving the market.
Global Neuropathic Pain Management Market: Notable Developments
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 affect 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. Eellan Sivanesan, MD received the Chronic Pain Medicine Research Grant 2018 in November 2018 from the American Society for Regional Anesthesia and Pain Medicine (ASRA). The increasing awareness and funding activotoes offered by institutes and government organizations in this manner is expected to boost the global neuropathic pain management market.
- Vendors Gaining Approval for New Drugs
A new NDA application for Lasmiditan for migraine, with or without aura, migraine stage, for adults was presented by Eli Lilly and the company in November 2018 to the US Food and Drugs Administration (USFDA). This key development is anticipated to augur well for the global neuropathic pain management market in the coming years.
Prominent players operating in the global neuropathic pain management market are Medtronic plc, Eli Lilly and Company, Boston Scientific Corporation, Abbott Laboratories, AstraZeneca PLC, ecton, Dickinson and Company, Pfizer Inc., and Novartis AG.
Global Neuropathic Pain Management Market Dynamics
The growing 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), over 422 million in 2014 were suffering from diabetes. This number is expected to magnify in the coming years, leading to high demand for neuropathic pain management.
The enhancing healthcare infrastructures, growing resource allocation towards research by pharma giants, 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 market demand to some extent. Additionally, the high cost of branded drugs could limit the growth of the neuropathic pain management market to some extent. 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.
Asia Pacific to Register Brisk Growth with High Diabetes Incidence
North America is projected to be a dominant region in the global neuropathic pain management market in the coming years. This could be accounted to the region’s developed and established healthcare infrastructure, swift adoption of technological advances in pain management techniques, and presence of leading vendors in the neuropathic pain management market.
At the same time, Asia Pacific neuropathic pain management market is expected to show promising growth opportunities in the coming years. The growing prevalence of diseases such as diabetes and cardiovascular ailments is contributing to the growth of this regional market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
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?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.