Neuropathic Pain Market Size Worth USD 4.9 Billion by 2030 at 4.72% CAGR – Report by Market Research Future (MRFR)
Neuropathic Pain Market Trends and Insights By Type (Painful Diabetic Peripheral Neuropathy (PDPN), Autonomic Neuropathy, Focal Neuropathy, Proximal Neuropathy), By Indication (Diabetic Neuropathy, Spinal Stenosis, Chemotherapy Induced Peripheral Neuropathy), By Diagnosis (Imaging, Blood Tests and Physical Examination), by Treatment (Medication and Multimodal Therapy), By End-user (Hospital & Clinics, Research Organization), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, Feb. 07, 2023 (GLOBE NEWSWIRE) — Neuropathic Pain Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Neuropathic Pain Market Information by Type, Indication, Diagnosis, Treatment, Distribution Channel, End user and Region– Forecast till 2030” the market size was prized at USD 2.4 billion in 2021. The neuropathic pain industry is projected to grow from USD 2.6 Billion in 2022 to USD 4.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2022 – 2030)
An increase in the geriatric population is predicted to increase the demand for neuropathic pain management services. The rise in diabetes and cancer prevalence, the approval of novel neuropathic pain treatment options, the proliferation of pain management clinics, and the rise in demand for neuropathic pain treatment are the key market drivers enhancing the market growth. Infection, trauma, or failure in the nerve system are the most common causes of neuropathic pain, a condition characterized by chronic pain. Well-known neuropathic pain syndromes include postherpetic neuralgia, central pain syndromes, traumatic mononeuropathy, postherpetic neuralgia, complex regional pain syndrome, and post-surgical pain syndromes.
Injury to the tissues is often the trigger for neuropathic pain, a complex and chronic pain state. Injuries to the nervous system can cause pain signal miscommunication between different brain regions. When a nerve fiber is damaged, it affects more than just the area directly around the injury.
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|Market Size in 2030||USD 4.9 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Indication, Diagnosis, Treatment and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Rising cases of diabetics to boost the market growth|
|Increase in the geriatric population is predicted to increase the demand for neuropathic pain management services|
There are a number of promising expansion avenues in the Neuropathic Pain Market that businesses operating in this sector can pursue. Experts believe that R&D will contribute to the expansion of the Market. The major companies in the market are investing heavily in clinical trials, new pain relief medications, and technological advancements.
Acquisitions, collaborations, expansions, joint ventures, and approvals are just some of the ways in which the leading firms in the worldwide Neuropathic Pain Market are bringing new products and strategies to the market.
Here is the list of some companies-
- Eli Lily
- Johnson and Johnson
Neuropathic Pain Market Dynamics:
One of the most important things driving the market is the sheer number of people in the world. The market will also be helped along by factors such as increased demand for solutions to neuropathic pain, advancements in treatment and healthcare infrastructure, increased investment from pharmaceutical companies, and advancements in drug quality and the availability of pain management systems.
The market for treatments for neuropathy, or nerve pain, is expected to expand profitably thanks to ongoing scientific investigation. Incorporating nanoparticles into neuropathic medications is anticipated to have positive outcomes for both consumers and the industry as a whole. Over the next few years, the market will experience a significant boost thanks to products and medications targeting neuropathic pain.
It is anticipated that research into neuropathic pain would also contribute to the expansion of the industry. An aqueous ethanol extract of Haematoxylon campechianum flowers was studied for its potential preventative benefits on peripheral neuropathic pain in a chronic constriction injury rat model by scientists at Heidelberg University in Germany in March 2020.
Pain in the neurological system is called neuropathic pain when it is caused by injury or a condition that affects the nervous system. Despite their prevalence, these diseases receive inadequate care worldwide. The market for treatments for neuropathic pain, such as those being developed now, is poised for rapid expansion.
The population of people diagnosed with diabetes is rapidly expanding. Drugs that alleviate neuropathic pain are a major focus for these businesses. Market expansion will be aided by several causes, including rising incidences of neuropathic pain due to chemotherapy and carpal tunnel syndrome.
Market Limitations The Neuropathic Pain Market reports that unsatisfactory pain relief and medication side effects are two potential market restraints that could slow the market’s expansion. Solid opioids like oxycodone, used to treat neuropathic pain, reduce discomfort, but only slightly.
Another major issue for consumers is ensuring that they are taking the recommended dosage of these pain relievers. Kidney failure, lung damage, and heart attacks are just some of the potentially fatal side effects of using steroids and opioids on a regular basis.
Market expansion for neuropathic pain is anticipated to be slowed by incomplete pain alleviation. When treating neuropathic pain, for instance, powerful opiates like oxycodone are generally ineffective.
It is also anticipated that the adverse effects of drugs may restrain the market. Opioid and steroid use is associated with an increased risk of cardiovascular disease, kidney disease, and lung damage.
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As a result of the COVID-19 pandemic, the market for treatments for neuropathic pain was disrupted in significant ways around the world. Any viral infection can have a profound effect on the nervous system; therefore the patients were especially vulnerable due to the outbreak.
Even when the rest of the globe went into lockdown, the medical businesses (biotechnology, pharmaceuticals, etc.) continued to operate around the clock to save lives and give essential medications to those in need. Since its inception, the Market has become an integral part of our daily life.
Most studies and clinical trials have been put on hold for the time being. Moreover, the neurology community was impacted by the epidemic, as activities such as medical education and study were interrupted. In 2020, treatment development for neurological illnesses was severely impacted by the COVID-19 pandemic, which halted clinical studies due to shelter-in-place orders and made it difficult to gather biofluid samples without exposing researchers or subjects to the virus.
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The Neuropathic Pain Market is segmented into these categories-
Chemotherapy-induced Peripheral neuropathy is poised to expand at a notable CAGR.
Painful Diabetic Peripheral Neuropathy to record substantial growth over the review period.
Imaging MRI segment is dominating the market over the forecast period.
Medication segment is expected to rise at a substantial CAGR over the review period.
Hospitals segment is poised to grow significantly over the review period.
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Neuropathic Pain Market Regional Analysis:
In 2019, the combined market value of the countries of North America and South America was $6,645.09 million. It is expected to grow at a CAGR of about 5.6% during the forecast horizon. The primary reasons driving the growth of the Neuropathic Pain Market are the increasing prevalence of neuropathic pain-related illnesses, advances in technology, and more public awareness. The United States has been responsible for the lion’s share of the North American market. Increased expenditures in the country for the adoption of cutting-edge technologies, as well as the existence of major market players and sizable pharmaceutical and biopharmaceutical industries, are all factors that should contribute to the region’s growth in the market over the projection period.
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