Neuropathic pain is chronic type of pain occurs owing to the tissue injury and is related with sensory-motor system. Rising prevalence of the diabetic neuropathy within region and growing healthcare expenditure are major drivers boosting market growth. However, growing counterfeit drugs and side effects of the treatments and the lack of awareness about neurological condition constrain growth of market.
The increasing prevalence of the diabetic neuropathy within region is anticipated to drive growth of market. For instance, as per study conducted by International Diabetes Federation (IDF) in 2016, it was projected that almost 420 million population of adult is suffering from the diabetes which is growing at rate of over 8.4% and is anticipated to reach over 625 million by 2040.
Diabetes leads to the diabetic neuropathy. Therefore an increase in diabetic population is major driving influence for growth of market. Moreover, increasing healthcare spending by many government and the non-governmental administrations in research has fuelled growth of market. Additionally, factors such as growing cases of the nerve pain, rising circumstances of the neuropathic pain owed to chemotherapy, the trauma from injury or the accidents by nerve damage, and growing penetration by the market players are leading to the growth of marketSegment Overview
Opioids are the most effective drugs for the management of pain. Furthermore, their use in management of the chronic pain and severe pain, which are related with the advanced medical illness, and is considered to be standard practice in most parts of the world. An agonist is a drug that triggers certain receptors in brain. Methadone (a strong) agonist therapy is effective treatment for the addiction to opioid drugs including heroin. These strong agonist opioids trigger opioid receptors, and once binding tightly, go through important conformational changes. These strong agonists include the codeine, heroin, fentanyl, hydrocodone, morphine, methadone, and oxycodoe.
In 2015, as per U.S. Department of Human and Health Services and the National Institutes of Health, over 25.4 million adults in America experience pain daily. The statistics indicates importance of the pain management and the impacts opioid segment positively.Regional Overview
The North America is projected to dominate global market during forecast period. This is accredited to increase in geriatric population, leads to many diseases and disorders. Therefore, demand for market is predictable to increase. Similarly, well-developed infrastructure support in the North America and robust distribution network to raise market during the forecast period.
European market for neuropathic pain is anticipated to be second-largest during forecast period. Growing cases of cancer patients selecting for chemotherapy, in turn is expected to surge the demand for the neuropathic pain products is anticipated to boost growth of market in this region.
Additionally, companies operating in market are mainly focusing on the mergers and acquisition, anticipated to support the market growth. Asia-Pacific is projected to be fastest-growing market owed to increasing demand for the NSAIDs and the antidepressants drug and growing research on increasing herbal supplements to lessen the side effects.Competitor overview
The market is extremely competitive in nature, and the major competitor are focusing on building awareness regarding neuropathic pain industry. Key players in market host seminars and exhibition to promote and display the use of operational medicines for varied medical applications. The projecting players in market have implemented various strategies for the development, such as product launches & approvals, product innovation, and investment in the R&D for advancements.Key Players
- Eli Lilly and Company
- Astellas Pharma Inc.
- Biogen Inc.
- Baxter Healthcare Corporation
- Pfizer, Inc.
- Sanofi S.A
- Abbott Laboratories
- Johnson & Johnson Services Inc.
- GlaxoSmithKline Plc.
By Drug Class
- Capsaicin Cream
- Tricyclic Antidepressants
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA