According to a Persistence Market Research (PMR) report, the global market for neuropathic pain is anticipated to surpass US$ 8 Billion by 2024 end, reflecting a 5.6% CAGR over the forecast period 2016–2024. By the end of 2016, the market is projected to cross US$ 5 Billion.
The increasing prevalence of cancer and diabetes, arrival of new treatment modules for neuropathic pain treatment, development of numerous pain management facilities coupled with growing demand for neuropathic pain treatment are expected to be the primary factors influencing the global market for neuropathic pain at present. Moreover, introduction advanced product for efficiently treating neuropathic pain, higher demand for generic drugs and increasing patient awareness on neuropathic pain treatment are additional factors expected to drive the market growth during the forecast period. Recognizing the unmet needs of patients, drug makers are actively focusing on developing improved and more effective drugs for neuropathic pain. In contrast, risk of adverse side effects from steroids and opioids coupled with the surging price of branded drugs may hinder the market growth over the forecast period.
By drug class, the global market for neuropathic pain treatment in segmented into, anticonvulsants, tricyclic antidepressant, steroids, local anaesthesia, opioids and others. Anticonvulsants drug is expected to be the leading segment of the market, reflecting 6.4% value CAGR during 2016 to 2024. This is mainly due to the low risk of side effect of such drugs, which is making them popular amongst both clinicians and patients. By 2024 end, the segment is anticipated to surpass US$ 3 Billion in terms of value. Similarly, demand for tricyclic antidepressant drugs is expected to gain traction during the forecast period.
By indication, the market is segmented into chemotherapy induced peripheral neuropathy and diabetic neuropathy. The latter is expected to be the leading segment amongst the two, expected to account for over 46% share of the market by the end of 2016. Demand for chemotherapy induced peripheral neuropathy is expected to be high and is estimated to account for a healthy share of the market in 2016.
Based on region, the market is segmented into Europe North, America, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA). The market in North America is anticipated to lead during the forecast period. In addition, the market in the region is anticipated to expand at over 5% CAGR between 2016 and 2024. This is primarily due to the entry of various regional players in the market, improvement of distribution channels and presence of state-of-the-art healthcare facilities that is driving the growth of neuropathic pain market in the region.
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