NEUROPATHIC PAIN MARKET ANALYSIS

The Global Neuropathic Pain Market is estimated to be valued at US$ 7.56 Billion in 2023 and is expected to exhibit a CAGR of 6.2% during the forecast period (2023-2030).

Analysts’ Views on Global Neuropathic Pain Market:

The constantly increase in research and development activities are expected to boost the growth of global neuropathic pain market during the forecast period. For instance, in July 2022, Vertex Pharmaceuticals Incorporated a American biopharmaceutical company announced positive results from Phase 2. The U.S. Food and Drug Administration has granted VX-548 therapy designation for the treatment of moderate-to-severe acute pain.

Figure 1. Global Neuropathic Pain Market Share (%), by Drug class, 2023

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Global Neuropathic Pain Market – Driver

Increasing prevalence of neuropathic pain

The number of people suffering from neuropathy pain is increasing day by day. This results into more demand for diagnostic and treatment technology. Hence, the increasing prevalence of neuropathic pain is expected to boost the growth of market in forecast period. For instance, according to data published by the NIH in PubMed on October, 2021, Neuropathic pain is commonly experienced in older adults. The prevalence of neuropathic pain diagnosis and the use of pain medications among nursing home residents in possible neuropathic pain. The prevalence of neuropathic pain is 14.6% among those with neuropathic pain, 19.7% had diabetic neuropathy, 27.3% had back and neck pain with neuropathic, and 25.1% had hereditary neuropathy.

Figure 2. Global Neuropathic Pain Market Value (US$ Billion), by Region, 2023

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Global Neuropathic Pain Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global neuropathy pain market over the forecast period due to increasing research and developments activities for neuropathy drugs increase global neuropathic pain market. For instance, in September 2021, Biogen, a U.S.-based biotechnology company, announced positive results of Vixotrigine from phase 2. Vixotrigine a non-opioid oral pain drug evaluate for the treatment of chronic painful neuropathy.

Global Neuropathic Pain Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a negative impact on the global neuropathic pain market. This is because of the patients with COVID-19 patient experienced peripheral infection. For instance, according to article published in Springer, in June 2022, states that the individuals with COVID-19 infection experienced peripheral nervous system involvement with painful neuropathies. Researcher reported dysgeusia (5.6%), yssomnia (5.1%), visual disturbances (1.4%), and neuralgia (2.3%) as peripheral nervous system effects.

Global Neuropathic Pain Market Segmentation:

The Global Neuropathic Pain Market report is segmented into by Drug class, by Indication, by Distribution channel, and Region.

By Drug Class, the market is segmented into Tricyclic Anti-Depressant, Anticonvulsant, Local Anaesthesia, Opioids, Steroids and Others. Out of which, the Local anaesthesia segment is expected to hold a dominant position in the Global Neuropathic Pain Market during the forecast period and this is attributed to being the simplest and most commonly used technique in the field of management of neuropathic pain.

By Indication, the market is segmented into Diabetic neuropathy, Chemotherapy-induced Peripheral neuropathy and Others. Out of which, the Chemotherapy-induced Peripheral neuropathy segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of cancer.

By Distribution Channel, the market is segmented into Retail Pharmacies, Drug Store, and Online Pharmacies. Out of which, the retail pharmacies is expected to dominate the market over the forecast period.

Among all the segmentations, the indication segment has the highest potential due to the increasing prevalence of cancer and chemo-therapy induced peripheral neuropathy over the forecast period.

 Global Neuropathic Pain Market Cross Sectional Analysis:

In the Drug class segment, Tricyclic antidepressant held the dominant position for the diabetic neuropathy in segment of Indication. For instance, according to the data published on October 2021, in The Egyptian Journal of Neurology, Psychiatry and Neurosurgery by Lebanese International University, Beirut, Lebanon, states that Pregabalin is the first-line drug and most commonly used drug in neuropathy pain management.

Global Neuropathic Pain Market: Key Developments

Major players in the market are focused on approval and launch of new products in order to expand their product portfolio. For instance, in March 2020, Senzer Pharmaceuticals a U.K. based pharmaceutical company secured the Investigational New Drug application and data package for its ongoing U.S. Food and Drug Administration registration program from its former U.S. strategic partner in order to get approval for its cannabinoid respiratory device for the treatment of side effects induced by anti-cancer treatments, specifically nausea, vomiting, and neuropathic pain.

Major players in the market are also focused on conducting clinical trials to expand their product portfolio. For instance, in February 2020, NoNO Inc., a privately-held biotechnology company, reported that novel peptide, nerinetide, without any administration of alteplase, demonstrated medically important improvements in patients with acute ischemic stroke, in a multicenter, randomized, study.

Global Neuropathic Pain Market: Key Trends

Use of flavonoids can be effective in the treatment of neuropathic pain due to spared nerve injury, spinal nerve ligation, partial sciatic nerve injury, diabetes-induced neuropathy, chemotherapy-induced neuropathy, and chronic constriction injury. 

Several studies have demonstrated that electroacupuncture can be effective in decreasing neuropathic pain. For instance, in January 2020, researchers from Huazhong Agricultural University, China, demonstrated that Synaptotagmin 1 (Syt-1), a synaptic vesicle protein for regulating exocytosis of neurotransmitters, impairs neuropathic pain and that electroacupuncture relieves neuropathic pain through down-regulating spinal Syt-1.

Global Neuropathic Pain Market: Restraint

Increasing side effects of Drugs

The market is mainly being hindered due to serious breathing problems of seizure and nerve pain medicine this ultimately results in hindering the market’s growth. For instance, in January, 2020, U.S. Food and Drug Administration (FDA) warns serious breathing difficulties may occur in patients using nerve pain medicine. These include use of opioid pain medicines and other drugs that depress the central nervous system and conditions such as chronic obstructive pulmonary disease (COPD) that reduces lung functions.

Global Neuropathic Pain Market - Key Players

Major players operating in the global neuropathic pain market include Pfizer, Inc., Johnson & Johnson Services, Inc., Sanofi S.A., Eily Lily and Company, GlaxoSmithKline PLC, Biogen Idec., Bristol-Myers Squibb, Baxter Healthcare Corporation, and Depomed, Inc. 

Global Neuropathic Pain Market – Definition

Neuropathic pain is a complex, chronic pain state that usually is accompanied by tissue injury. It may lead to damage, dysfunction, or injury of nerve fibers, thereby leading to misfiring of signals to other pain centers. The impact of a nerve fiber injury includes a change in nerve function both at the site of injury and areas around the injury.