Neuropathic Pain Market to reach US$ 9,862.3 Million globally by 2027 Coherent Market Insights – GlobeNewswire

Posted: May 25, 2020 at 11:45 pm

SEATTLE, May 25, 2020 (GLOBE NEWSWIRE) -- Various lesions or diseases of the somatosensory system may lead to neuropathic pain. Nerve blockage and pharmacological remedies are used in the treatment and management of neuropathic pain.

The global neuropathic pain market is estimated to account for US$ 9,862.3 Mn in terms of value by the end of 2027.

Market Drivers:

High prevalence of cancer is expected to propel growth of the global neuropathic pain market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.

Market Opportunities:

R&D in neuropathic pain is expected to offer lucrative growth opportunities for players in the market. For instance, in May 2020, researchers from University Medical Center Hamburg-Eppendorf and other prominent universities in Germany reported that loss of C-fiber may lead to neuropathic pain in Schwannomatosis, a form of neurofibromatosis caused due to the occurrence of multiple schwannomas, tumors that develops from the Schwann cells.

Moreover, adoption of nanoparticles in therapies is also expected to aid in growth of the global neuropathic pain market. For instance, in May 2020, researchers from Chungnam National University Hospital, South Korea, reported that poly(D,L-lactic-co-glycolic acid)-encapsulated CX3CR1 small interfering RNAs nanoparticles may aid in the treatment of neuropathic pain.

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Key Takeaways:

The global neuropathic pain market was valued at US$ 6,313.4 Mn in 2019 and is forecast to reach US$ 9,862.3 Mn by 2027 at a CAGR of 5.6% between 2020 and 2027. Increasing prevalence of cancer is expected to propel growth of the global neuropathic pain market over the forecast period.

Anticonvulsants segment held dominant position in the global neuropathic pain market in 2019, accounting for 40.8% share in terms of value. Development of new drugs for the treatment of neuropathic pain is expected to drive the segment growth.

Diabetic neuropathy segment held dominant position in the global neuropathic pain market in 2019, accounting for 46.4% share in terms of value, followed by Chemotherapy-induced peripheral neuropathy and others, respectively. Increasing prevalence of diabetic neuropathy in developing economies is expected to assist the growth of the segment during the forecast period.

Market Trends:

Various studies are focused on developing alternatives to drugs in the treatment of neuropathic pain. For instance, in March 2020, researchers at the Autonomous University of the State of Hidalgo, Mexico, reported that pomegranate and secondary metabolites can be effective in the treatment of inflammatory, nociceptive, and neuropathic pain.

The market is witnessing adoption of combination therapies as an effective approach in the treatment of neuropathic pain. For instance, in March 2020, researchers from Universitat Autnoma de Barcelona, Spain, reported that NeuroHeal a combination of two repurposed drugs: Acamprosate and Ribavirin reduces the appearance of neuropathic pain in peripheral nerve injury.

Competitive Landscape:

Major players operating in the global neuropathic pain market include, Pfizer, Inc., Johnson & Johnson Services, Inc., Sanofi S.A., CODA Biotherapeutics, Inc., Eliy Lily and Company, GlaxoSmithKline PLC, Biogen Idec., Bristol-Myers Sqibb, Baxter Healthcare Corporation, Neuroheal Biomedicals, S.L., and Depomed, Inc.

Key Developments:

Major players in the market are focused on adopting collaboration strategies to expand their product portfolio. For instance, in May 2020, CODA Biotherapeutics, Inc. collaborated with the Facial Pain Research Foundation for R&D of new therapies for trigeminal neuralgia and related neuropathic pain using CODAs chemogenetic gene therapy platform.

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Taxonomy (Scope, segments)

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Neuropathic Pain Market to reach US$ 9,862.3 Million globally by 2027 Coherent Market Insights - GlobeNewswire

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