NEURALGIA TREATMENT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The global neuralgia treatment market is estimated to be valued at USD 2.41 Bn in 2024 and is expected to reach USD 3.72 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.Neuralgia, also known as neuropathic pain, is a chronic pain caused by damage or disease affecting the somatosensory nervous system. It is characterized by shooting, stabbing, and sharp pain that feels exaggerated or unpredictable. Some common types of neuralgia include trigeminal neuralgia, postherpetic neuralgia caused by shingles, and fibromyalgia. The global neuralgia treatment market has been witnessing growth in recent times owing to the rising prevalence of neuropathic pain disorders and growing geriatric population who are more prone to such conditions. Furthermore, the development of novel drugs providing improved efficacy and minimal side effects are also fueling the demand for neuralgia treatments.
Market Dynamics:
The global neuralgia treatment market is driven by the increasing incidence of neuropathic pain disorders coupled with the growing geriatric population globally. Neuropathic pain conditions are more prevalent in the elderly due to age-related degenerative changes in the nervous system. Additionally, the market growth is facilitated by the development of newer drugs offering enhanced efficacy and favorable safety profiles over conventional treatment options. Carbamazepine and gabapentin are off-patent drugs commonly used to treat neuralgia. However, their tolerability issues lead to poor compliance. This has triggered R&D of novel therapeutic classes like sodium channel blockers, NMDA receptor antagonists, and alpha-2 delta ligands that demonstrate improved risk-benefit ratios. On the other hand, lack of disease-modifying treatments and high cost of newer therapies are some challenges restraining the market expansion to a certain extent. Nevertheless, rise in awareness about pain management and availability of generic versions of branded drugs create huge opportunities for the neuralgia treatment market players in the coming years.
Key Features of the Study:
- This report provides in-depth analysis of the global neuralgia treatment market, and provides market size (USD Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global neuralgia treatment market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include GlaxoSmithKline PLC, Pfizer Inc., Novartis AG, Biogen, Cadila Healthcare Limited, Lundbeck Pharmaceuticals LLC, Teva Pharmaceutical Industries Ltd., Sanofi S.A., Amgen Inc., Eli Lilly and Company, Astellas Pharma Inc., Johnson & Johnson, Merck & Co., Inc., AbbVie Inc., and H. Lundbeck A/S.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global neuralgia treatment market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global neuralgia treatment market
Market Segmentation
Table of Contents
*Browse 32 market data tables and 28 figures on 'Neuralgia Treatment Market' - Global forecast to 2031
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