Over the course of the projected period, a high cancer prevalence is anticipated to boost market expansion for neuropathic pain products. For instance, the World Health Organisation reports that 9.6 million fatalities and 18.1 million new cases of cancer were reported globally in 2018. Additionally, a growing geriatric population is anticipated to support market expansion. For instance, the World Health Organisation predicts that the number of seniors will increase from 900 million in 2015 to 2 billion by 2050. For market participants, the high prevalence of neuropathic-like pain in psoriatic arthritis is anticipated to present profitable growth prospects. For instance, in July 2019, Cardiff University researchers from the United Kingdom revealed that neuropathic-like pain, which is a sign of aberrant pain processing, is frequently experienced by people with psoriatic arthritis. Additionally, neuropathic pain R&D is anticipated to support market expansion. An aqueous ethanol extract of Haematoxylon campechianum flowers, for instance, was evaluated in March 2020 by researchers from Heidelberg University in Germany to determine its phytochemical composition and potential prophylactic effects on peripheral neuropathic pain in a chronic constriction injury rat model.
According to Coherent Market Insights, The value of the global Neuropathic Pain Market is projected to be US$ 6,313.4 Mn in 2019 and to increase to US$ 9,862.3 Mn by the end of 2027.
Prominent Companies in the Neuropathic Pain Industry:
1. Pfizer Inc.,
The company was established in 1849, and Manhattan, New York City, is where its corporate headquarters are situated. Through the creation of pharmaceuticals and vaccines, Pfizer seeks to enhance the fields of immunology, cancer, the heart, endocrinology, and neurology. In October 2022, the business successfully acquired Biohaven Pharma's calcitonin gene-related peptide programmes. Pfizer purchased Amplyx Pharmaceuticals in April 2021, which included the rights to the antifungal drug fosmanogepix (APX001).
2. GlaxoSmithKline plc,
The company was established in 2000, and London, England serves as its headquarters. GSK creates medications for conditions like diabetes, cancer, worms, and mental health. Three unsolicited proposals to purchase Unilever's Consumer Healthcare sector were received by the company in January 2022, according to the report. In November 2022, GSK published upbeat Phase IIa research findings for a brand-new, ground-breaking prospective therapy for tuberculosis patients.
3. Bristol-Myers Squibb Company
It was founded in 1887, and it is headquartered in New York, USA. The company makes prescription medications and biologics for a variety of illnesses, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis, and psychiatric disorders. BMS announced that it would buy Turning Point Therapeutics Inc. for $4.1 billion in cash in June 2022.
4. Biogen, Inc.
The business was founded in 1978 and has its US headquarters in Cambridge, Massachusetts. The company specialises in the research, creation, and global distribution of pharmaceuticals for the treatment of neurological diseases. In February 2020, Biogen and Sangamo Therapeutics established a global licencing deal to develop medications for neurological and neuromuscular disorders.
5. Baxter international Inc.
The company was founded in 1931 and is based in Illinois, United States. The business creates, produces, and sells goods and technologies for treating renal illness, trauma, immunological disorders, infectious diseases, haemophilia, and other acute and chronic medical ailments. The purchase of Hill-rom by Baxter for $12.4 billion was announced in September 2021.For $12.5 billion, the purchase was finalised in December 2021.
6. Eli Lilly And Company,
The business was established in 1876 and is headquartered in Indianapolis, Indiana. The company's primary areas of interest include pharmaceutical product development, marketing, and promotion. Disarm Therapeutics, which offers cutting-edge therapies for axonal degeneration, declared in October 2020 that Lilly would purchase it. The company would purportedly focus on creating medications for autoimmune conditions, diabetes, obesity, and Alzheimer's in 2023.
7. Johnson & Johnson Services, Inc.,
The company was established in 1886 and has its main office in New Brunswick, New Jersey. In addition to consumer packaged goods, the company also creates medical devices and drugs. Johnson & Johnson paid $6.5 billion to purchase Momenta Pharmaceuticals in November 2020. Johnson & Johnson declared in November 2022 that it will pay $16.6 billion to buy Abiomed Inc. On December 22, the deal became final.
More Insights:
Neuropathic Occular Pain Industry
Neuroregeneration Therapy Industry
*Definition: The complex, chronic pain condition known as neuropathic pain is frequently accompanied by tissue damage. It might cause nerve fibres to become injured, damaged, or dysfunctional, which would cause signals to other pain centres to malfunction.
