Global Neuropathic Pain Market, by Drug Class (Tricyclic Anti-Depressant, Anticonvulsant, Local Anaesthesia, Opioids, Steroids, Others), By Indication (Diabetic neuropathy, Chemotherapy-induced Peripheral neuropathy and Others), By Distribution Channel (Retail Pharmacies, Drug Store and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The launch of newer technologies is expected to provide lucrative growth opportunities for players. For instance, in September, 2021, AbbVie Inc. announced that U.S. Food and Drug Administration (FDA) approved QULIPTA (atogepant) for the preventive treatment of episodic migraine and pain in adults. QULIPTA is the first oral calcitonin gene-related peptide (CGRP) receptor antagonist (gepant) developed for the treatment of migraine and neurological pain.
Global Neuropathic Pain Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative impact on the global neuropathic pain market. According to data published in British Journal of Anaesthsia by University of Dundee U.K., on April 5, 2023 states that due to pandemic, the hospital visits by the patients were reduced so the requirement for equipment of Neuropathic Pain were also reduced. The shortage of raw materials and components affected the supply chain of the global neuropathy pain market. Due to the severe shortage of medical equipment’s at the front line, only patients diagnosed with serious conditions can be hospitalized. The diagnosis of neuropathic pain are increased but the supply chain is affected by COVID-19 pandemic due to disrupted transportation link between region and it hampers the growth during covid-19.
Global Neuropathic Pain Market: Key Developments
The market players are increasing inorganic activities like acquisition to increase its market portfolio. For instance, on April 23, 2021, Grunenthal a Germany based pharmaceutical company acquired Averitas Pharma a U.S. based pharmaceutical company for expanding its business in U.S. Averitas Pharma is commercialize the pain patch Qutenza (8 % capsaicin) for Grünenthal in the U.S. This acquisition expands the business across multiple pain related diseases and geographics. Qutenza it is approved in Europe for post-surgical neuropathic pain, cancer-related neuropathic pain and painful diabetic peripheral neuropathy.
Browse 35 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “Global Neuropathic Pain Market”- Forecast to 2030 Global Neuropathic Pain Market, by Drug Class (Tricyclic Anti-Depressant, Anticonvulsant, Local Anaesthesia, Opioids, Steroids, Others), By Indication (Diabetic neuropathy, Chemotherapy-induced Peripheral neuropathy and Others), By Distribution Channel (Retail Pharmacies, Drug Store and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
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https://www.coherentmarketinsights.com/market-insight/neuropathic-pain-market-3656
Key Takeaways of the Global Neuropathic Pain Market:
- Global Neuropathic Pain Market is expected to exhibit a CAGR of 6.2% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global neuropathic pain market. For instance, in October 2022, Pharmnovo a Sweden-based pharmaceutical company, strengthens the organization for the development of the company's drug candidate PN6047 for the treatment of neuropathic pain.
- Among region, North America is expected to be the dominant region in the global neuropathy pain Market, owing to the increasing inorganic activities such as acquisition of market players. For instance, on October, 2021, Pacira Biosciences a pharmaceutical company, acquired Acquire Flexion Therapeutics, a U.S.-based pharmaceutical company, for the expansion of business in non-opioid pain management. This acquisition strategy increase offering of novel, non-opioid treatments to improve patient care along with neural pain.
- 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.
