Newark, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The global neuropathic pain market is expected to grow from USD 5.10 billion in 2020 to USD 10 billion by 2028, at a CAGR of 7.73% during the forecast period 2021-2028. The surge in the number of cancer and diabetes cases and advancement in technology are some of the factors affecting the demand of the market.
The Brainy Insights launched a study titled “Neuropathic Pain Market Size by drug class(Anticonvulsants drug, Tricyclic Antidepressants, Opioids, Capsaicin Cream, Steroids and Others), indication, distribution channel and regions”, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028”
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Base Year | 2020 |
| Market Size in 2028 | USD 10 billion |
| CAGR | 7.73% |
| No. of Pages in Report | 198 |
| Segments Covered | Drug class, indication, distribution channel and regions |
| Drivers |
|
| Opportunities | Various novel treatments such as Mirogabalinbesylate, a calcium channel blocker |
| Restraints | The side effects due to opioids and steroids and the rapid rise in costs of branded drugs |
Anticonvulsants drug is anticipated to be the largest segment of the market, reflecting a CAGR of over 8.3% during the forecast period
The drug class is divided into anticonvulsants, tricyclic antidepressants, opioids, capsaicin cream, steroids and others. Anticonvulsants drug is accounted to have the highest market share in 2020, reflecting a CAGR of over 8.3% during the forecast period. This is due to minimum risk of side effects by the drugs.
The Diabetic Neuropathy segment dominated the market with the highest market valueof USD 2.45 Billion in 2020
The indication segment includes Spinal Stenosis, Diabetic Neuropathy and Chemotherapy-induced Peripheral Neuropathy. Diabetic Neuropathy segment was accounted to have the largest market value of USD 2.45 Billion in 2020. The unhealthy lifestyle of the people has increased the cases of diabetic population.
The hospitals segment accounted for a market value of USD 3.21 Billion in 2020
The distribution channel segment includes hospitals, clinics, and research organizations. The hospital segment is accounted for the highest market value of USD 3.21 billion in 2020. This is due to the better infrastructure and facilities.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America is accounted to have the highest market share in 2020. The market in the region will grow at CAGR of around 9% in the forecast period. This is due to the advanced healthcare infrastructure in the region and also because of its strong distribution network. The European market is expected to have the second-highest CAGR rate in the forecasting period. This is because the maximum number of the cancer patient in the region prefer chemotherapy which increases the requirement for neuropathic pain products.
Competitive Analysis:
The major players ofmarketincludeEli Lilly and Company, AstellasPharma Inc., Biogen Inc., Baxter Healthcare Corporation, Pfizer, Inc., Sanofi S.A, Abbott Laboratories, AstraZeneca, Johnson & Johnson Services Inc and GlaxoSmithKline Plc among others.
About the report:
The market is analyzed based on value (USD Billion) and volume (k units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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