Reaching revenues of over US$6 billion by the end of 2019, the global neuropathic pain management market is expected to show a healthy CAGR during the forecast period (2019-2029). The increasing prevalence of neuropathic pain disorders and growing awareness of painkillers are driving the demand for drugs for pain management.
Manufacturers’ pipeline strategies focus on introducing advanced drugs with minimal side effects to increase market share. For example, Pfizer sponsored the drug Pregabalin, effective in treating neuropathic (nerve) pain resulting from peripheral nerve trauma which is in phase 3 clinical trials. The increase in research and development activities to develop drugs for indications such as post-herpetic neuralgia creates significant opportunities for manufacturers to thrive in the market.
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Company Profiles
Pfizer Inc.
Johnson & Johnson Services, Inc.
Bristol-Myers Squibb Company
Sanofi SA
GlaxoSmithKline plc
Eli Lilly and company
Teva Pharmaceutical Industries Ltd
Baxter International Inc.
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Key Takeaways – Neuropathic Pain Management Market Research
Attributed to fewer side effects, tricyclic antidepressants are expected to be popular over opioids and steroids over the forecast period.
North America is expected to be an important source of revenue owing to the emergence of several regional market players and a well-developed healthcare infrastructure.
Retail pharmacies are expected to be the dominant distribution channels in the neuropathic pain management market.
The increasing prevalence of diabetic neuropathy and the availability of approved painkillers for neuropathy have significantly increased the growth opportunities of the market, thereby driving the adoption rate of neuropathic pain management drugs.
Pharmaceutical companies’ rising R&D spending is shaping the future
One of the major factors observed to impact the growth of the neuropathic pain management market is the development of new drugs for the treatment of neuropathic and chronic pain. Companies are focusing on clinical trials to develop drugs for effective treatment of neuropathic pain. For example, Eli Lilly and Company has developed duloxetine (LY248686) for diabetic peripheral neuropathic pain (DPNP) which is in a Phase 4 clinical trial.
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At the same time, companies are focusing on expanding the therapeutic applications of drugs such as opioids and steroids for managing neuropathic pain without causing serious side effects to patients. Currently, more than 100 clinical trials are being conducted for pain management. Of these clinical trials, almost half of the clinical trials are for various indications of neuropathic pain such as diabetic neuropathy and postherpetic neuralgia.
What does the report cover?
Neuropathic Pain Management Market, a new study by Persistence Market Research, provides unprecedented insight into the development of the neuropathic pain management market from 2014 to 2018 and presents demand projections from 2019 to 2029 based on drug class (tricyclic antidepressants, anticonvulsants, SNRIs, capsaicin cream, local anesthesia, opioids, steroids, and others), indication (diabetic neuropathy, trigeminal neuralgia, postherpetic neuralgia, peripheral neuropathy induced by chemotherapy and others), distribution channel (retail pharmacies, hospital pharmacies and online pharmacies) in important regions (North America, Latin America, Europe, Asia-Pacific and MEA).
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