Global Neuropathic Pain Market: Overview
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 whereas 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.
This report on global neuropathic pain market is a thorough study of the market in its current scenario and based on all the major factors that may impact the growth rate in the near future, it estimates the state of the market until 2024. It also notes and explores some of the trends of the market as well as highlights a few opportunities available. Among the key features of the report is the section on company profiles, wherein several key players in the global market have been analyzed for their product portfolio, market share, global presence, and recent developments including mergers, acquisitions, and collaborations.
The global market for neuropathic pain can be segmented on the basis of drug class, by indication, distribution channel, and region. By drug type, the market can be divided into tricyclic antidepressant, anticonvulsants, local anaesthesia, opioids, steroids, and others. On the basis of indication, the market can be categorized into diabetic neuropathy, chemotherapy-induced peripheral neuropathy, and others. By 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 Asia Pacific, Europe, North America, and Rest of the World.
Global Neuropathic Pain Market: Drivers and Restraints
The report observes that diabetes is the usual indication of neuropathic pain, while cancer comes second. According to the World Health Organization (WHO), 422 million people were suffering from diabetes in 2014 and this number will continue to expand in the near future, especially among the middle to low-income countries. This vast population is the primary driver in the global market. Moreover, rising geriatric population, who commonly suffer from neuropathic pain, is another driver for this market. In addition to that, factors such as approval of novel treatment options, increasing demand for neuropathic pain, improving healthcare infrastructure in emerging economies, increased investment by pharmaceutical companies for research and development of improved drugs, and rising number of pain management centers will further fuel the market in positive direction. Conversely, side effects of opioids and steroids as well as cost of branded drugs are some of the factors that will hinder the growth rate of the market during the forecast period.
On the basis of drug class, the segment of anticonvulsants are most popular whereas the demand for tricyclic antidepressant is expected to expand at the best CAGR. By indication, diabetic neuropathy segment serves maximum demand while chemotherapy induced peripheral neuropathy is projected for most prominent growth rate. In terms of distribution channel, retail pharmacies are most profitable and is expected to remain the leading segment during the forecast period.
Global Neuropathic Pain Market: Region-wise Outlook
North America currently is the most lucrative regional market, owing to strong healthcare infrastructure and higher buying ability of the consumers. However, Asia Pacific is projected for the most significant growth rate, due to increasing prevalence of diabetes in countries such as China and India.
Companies mentioned in the research report
Some of the key companies currently operating in global market are Pfizer Inc., Johnson & Johnson Services Inc., Depomed Inc., Bristol-Myers Squibb and Company, Sanofi S.A., Biogen Idec Inc., Eli Lily and Company, GlaxoSmithKline PLC, and Baxter Healthcare Corporation.
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.