Neuropathic Pain Therapeutics Market
Neuropathic Pain Therapeutics Market (Drug Class: Anticonvulsants, Antidepressants, NSAIDs, Opioids, Steroids, and Others; Indication: Diabetic Neuropathy, Post-herpetic Neuralgia, Cancer-related Pain, Spinal Cord Injury, and Others; Route of Administration: Oral, Topical, and Others; and Distribution Channel: Retail Pharmacies, Hospital Pharmacies, and Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Research and Development Coupled with Launch of New Drugs to Boost Market
Neuropathic pain is a chronic condition wherein pathological pain continues even after the cause of the pain is eliminated. Over the past few decades, scientists and researchers have been increasingly focusing on the discovery of novel therapeutics that are essential to interrupt the signaling cascades required to manage various forms of neuropathic pain. Research and development are expected to play a major role in the overall development of the neuropathic pain therapeutics market during the forecast period. Neuropathic pain is a chronic disease that affects nearly 8% of the global population and continues to remain a major socioeconomic and medical issue.
Some of the most common pharmacological treatments to address neuropathic pain that are widely deployed include tricyclic antidepressants (amitriptyline), repurposed antiepileptic (gabapentin, pregabalin), opioids, and steroids. However, these medications bring along a range of side effects due to which, added pressure is being applied to participants operating in the neuropathic pain therapeutics market to discover new treatment types and approaches. Consistent research and development are being carried out to investigate cellular and molecular mechanisms underlying the switch from nociceptive responses to noxious stimuli to neuropathic pain.
Several players in the market are focusing on attaining approval from the FDA and expanding their product portfolio to gain an advantage in the current market landscape. At the back of these factors, along with growing collaborations between researchers and drug developers, the global neuropathic pain therapeutics market is expected to reach a market value of ~US$ 10.2 Bn by the end of 2030.
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Market Participants Focus on Launch of New Drugs, Pipeline Therapeutics, and FDA Approval
Due to the exponential rise in the number of individuals suffering from neuropathic pain, research and development activities have accelerated at a rapid pace. Market participants are increasingly focusing on launching new medication to address neuropathic pain by investing in research and collaborating with other stakeholders in the supply chain. In addition, gaining approval from the FDA in a relatively short period of time continues to remain a major challenge for players operating in the current neuropathic pain therapeutics market.
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Market players in different regions are opting for different growth strategies to gain an edge in the current market landscape. For instance, in April 2019, Daiichi Sankyo Company announced the launch of Tarlige ® Tablets for neuropathic treatment in Japan. The company revealed that the newly launched drug is likely to benefit patients who are suffering from peripheral neuropathic pain. While small-scale development of new drugs continues to gain momentum, several market players are increasingly focusing on collaborations to expand their existing product portfolio. For instance, in March 2019, Merck & Co., announced its plans of developing a new range of neuropathic pain treatments by leveraging technologies developed by FMedSci- a joint collaboration between two players. The company further revealed that the collaboration could potentially generate ~US$ 344 Mn in revenue for King’s College London. The collaboration is also aimed at addressing the unmet clinical requirements and developing new solutions to treat neuropathic pain. Such collaborations and joint ventures in the current market landscape are likely to positively impact the overall growth of the neuropathic pain therapeutics market.
Supply-chain Challenges May Hinder Market Growth, Number of Procedural Visits to Decline
As the healthcare sector around the world is predominantly engaged in containing the spread of the novel coronavirus, as a result, a number of surgical procedures, outpatient procedures, and drug development projects has either been delayed or completely canceled. Due to the growing number of hurdles put forward by the COVID-19 pandemic, the healthcare sector is finding new ways to address the requirements of patients suffering from chronic conditions, including neuropathic pain. Companies in the neuropathic pain therapeutics market are expected to focus on exploring different strategies to ensure the continuity in drug development particularly for opioids, biopsychosocial management, anti-inflammatory drugs, etc. The growing evidence stating that chronic pain patients are at a higher risk of getting infected by COVID-19 is another factor that is expected to provide a boost to drug development and research amid the ongoing COVID-19 pandemic.
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The global neuropathic pain therapeutics market is expected to grow at a moderate CAGR of ~5% during the forecast period. The market growth can be primarily linked to a host of factors, including growth in the elderly population worldwide, research and development activities, collaborations between pharmaceutical companies and research institutes, and launch of new drugs. Neuropathic pain therapeutics market players should largely focus on expanding their product portfolio and gain approval from the FDA for their products. Addressing the bottlenecks in the supply chain amid the ongoing COVID-19 pandemic should take center stage. In addition, market participants should also focus on curating effective business continuity strategies to gain an advantage in the current market landscape.
Neuropathic Pain Therapeutics Market: Overview
- Neuropathic pain is treated by different medicines than pain from damaged tissue. Medicines such as paracetamol or ibuprofen are probably not effective in neuropathic pain, while medicines that are sometimes used to treat depression or epilepsy can be very effective for some people with neuropathic pain.
- Prevalence of neuropathic pain among people of color and Hispanics was consistently higher than Caucasians in each age- and sex group. The highest prevalence of neuropathic pain was among Hispanic men 35–44 years (32.4%) and 45–54 years (24.2%) old.
Neuropathic Pain Therapeutics Market: Drivers
- Rise in prevalence of diabetic neuropathy and other targeted diseases boosts the growth of the global neuropathic pain therapeutics market. Prevalence of peripheral neuropathy is estimated to be between 6% and 51% among adults with diabetes depending on age, duration of diabetes, glucose control, and type 1 versus type 2 diabetes. Diabetic neuropathy is the primary risk factor for the development of diabetic foot ulcers and is implicated in 50% to 75% of non-traumatic amputations.
- Surveys conducted in the general population across Europe reported that the prevalence of neuropathic pain was 7% in 2017. Prevalence data from the International Diabetes Federation estimates that foot ulcers develop in 9.1 million to 26.1 million people with diabetes globally each year.
Increase in Adoption of Pain Management Therapeutics among End Users
- Pain leads to severe complications if proper care or treatment is not taken. Doctors usually prescribe medicines in the initial stages of pain, followed by other treatment options. Prescription drugs are easy and cost-effective to use at individual level without any ambiguity. Increased awareness about available medications for neuropathic pain management propels the consumption and acceptance of pain management drugs over other treatment options.
- Hence, high availability, easy access, high awareness, cost-effectiveness, and quick relief provide neuropathic pain management therapeutics a cutting edge over other treatment options
Market Segmentation: Neuropathic Pain Therapeutics Market
- In terms of drug class, the global neuropathic pain therapeutics market has been divided into anticonvulsants, antidepressants, NSAIDs, opioids, steroids, and others. The antidepressants segment has been bifurcated into tricyclic antidepressants and serotonin-norepinephrine reuptake inhibitors (SNRIs).
- Based on indication, the global neuropathic pain therapeutics market has been classified into diabetic neuropathy, post-herpetic neuralgia, cancer-related pain, spinal cord injury, and others
- In terms of route of administration, the global neuropathic pain therapeutics market has been classified into oral, topical, and others
- Based on distribution channel, the global neuropathic pain therapeutics market has been categorized into retail pharmacies, hospital pharmacies, and online pharmacies
- Each of the segments has been analyzed in detail for market trends, recent trends & developments, drivers, restraints, opportunities, and useful insights. The report provides current and future revenue (US$ Mn) for each of these segments for the period from 2018 to 2030, considering 2019 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment and market from 2020 to 2030 along with market size estimations.
Regional Overview: Neuropathic Pain Therapeutics Market
- In terms of region, the global neuropathic pain therapeutics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
- Rise in adoption of neuropathic pain therapeutics for treatment and increase in number of clinical trials for the development of these products for different disorders drive the market in North America
- The current and future market sizes in terms of revenue (US$ Mn) of these regional markets and major countries have been provided in the report for the period from 2018 to 2030, along with their CAGRs for the period from 2020 to 2030
- The study also offers a list of recommendations, highlights, and useful insights of the market, which will help new companies willing to enter the market and existing companies to increase market share and in the decision-making process
- The report concludes with the company profiles section that includes key information about the major players in the market
- Leading players analyzed in the report are
- Novartis AG
- Eli Lilly and Company
- Mallinckrodt Pharmaceuticals
- Johnson & Johnson
- Endo Pharmaceuticals, Inc.
- Teva Pharmaceutical Industries Limited
- Merck & Co., Inc.
- Each of these players has been profiled in the report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments
Neuropathic Pain Therapeutics Market – Scope of the Report
TMR’s report on the global neuropathic pain therapeutics market studies the past as well as the current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the revenue of the global neuropathic pain therapeutics market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global neuropathic pain therapeutics market from 2020 to 2030.
The report has been prepared after extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global neuropathic pain therapeutics market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various attributes of the global neuropathic pain therapeutics market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the global neuropathic pain therapeutics market. These serve as valuable tools for existing market players as well as for entities interested in participating in the global neuropathic pain therapeutics market.
The report also delves into the competition landscape of the global neuropathic pain therapeutics market. Key players operating in the global neuropathic pain therapeutics market have been identified and each one of these has been profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are attributes of players in the global neuropathic pain therapeutics market that have been profiled in this report.
Key Questions Answered in Neuropathic Pain Therapeutics Market Report
- What is the sales/revenue generated by neuropathic pain drugs across all regions during the forecast period?
- What are the opportunities in the global neuropathic therapeutics pain market?
- What are the major drivers, restraints, opportunities, and threats in the global market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which indication segment is expected to generate the highest revenue globally in 2030? Which segment is projected to expand at the highest CAGR during the forecast period?
- What are the market positions of different companies operating in the global market?
Neuropathic Pain Therapeutics Market – Research Objectives and Research Approach
The comprehensive report on the global neuropathic pain therapeutics market begins with an overview, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of products.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller sections. The report comprises an exhaustive collection of graphs and tables that have been appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global neuropathic pain therapeutics market in terms of drug class, disease type, distribution channel, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. Such valuable insights enable market stakeholders to make informed business decisions for investment in the global neuropathic pain therapeutics market.
Neuropathic Pain Therapeutics Market – Segmentation
TMR’s study on the global neuropathic pain therapeutics market includes information divided into five segments: drug class, indication, route of administration, distribution channel, and region. Changing industry trends and other crucial market dynamics associated with these segments of the global neuropathic pain therapeutics market have been discussed in detail.
Spinal Cord Injury
Route of Administration
Middle East & Africa