Global Neuropathic Pain Market to Reach US$ 8.3 Bn by 2024 End; Developing Economies Expected to Fuel Revenue Growth
NEW YORK, November 30, 2016 /PRNewswire/ --
According to the latest market report published by Persistence Market Research titled 'Global Market Study on Neuropathic Pain: Anticonvulsants Drug Class Segment Projected to Witness the Highest Growth Through 2024', the global neuropathic pain market was valued at US$ 5.2 Bn in 2015 and is estimated to reach a market valuation of US$ 5.4 Bn by 2016. The market is projected to expand at a CAGR of 5.6% during an eight-year forecast period 2016-2024 and reach US$ 8.3 Bn by the end of 2024.
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Rising occurrence of diabetes and cancer, new treatment options to treat neuropathic pain, growth in the number of pain management centers, and increasing demand for neuropathic pain treatment are major factors driving revenue growth of the global neuropathic pain market currently. Other factors driving market growth include rapid product launches for the treatment of neuropathic pain, a growing awareness among patients for the treatment of neuropathic pain, and an increasing demand for generic drugs.
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Pharmaceutical companies are focusing on developing new and improved drugs to fulfil unmet needs of patients suffering from neuropathic pain. However, challenges such as severe side effects of opioids and steroids and rising costs of branded drugs are likely to restrain the growth of the global neuropathic pain market in the next eight years.
The global neuropathic pain market is segmented on the basis of drug class, indication, and distribution channel. On the basis of drug class, the market has been segmented into Tricyclic Antidepressant, Anticonvulsants, Local Anaesthesia, Opioids, Steroids, and Others. The Anticonvulsants drug class segment is expected to remain the largest segment in the global neuropathic pain market, registering a CAGR of 6.4% in terms of value over the forecast period. The less side effects of this drug is expected to contribute to its growing popularity. The Anticonvulsants segment is projected to reach a market valuation of US$ 3.3 Bn by 2024 end. The Tricyclic Antidepressant segment is also likely to emerge as the most preferred drug class type for both patients and physicians globally over the forecast period.
On the basis of indication, the market has been segmented into Diabetic Neuropathy, Chemotherapy Induced Peripheral Neuropathy, and Others. The highest market share is held by the Diabetic Neuropathy segment, followed by the Chemotherapy Induced Peripheral Neuropathy segment. The Diabetic Neuropathy segment is estimated to account for the highest value share of 46.7% of the global neuropathic pain market by 2016 end. The Chemotherapy Induced Peripheral Neuropathy segment is estimated to account for 42.4% revenue share in the global neuropathic pain market by 2016 end.
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On the basis of region, the market has been segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. This report assesses trends driving each market segment and offers analysis and insights into the potential of neuropathic pain in specific regions. North America is estimated to dominate the global neuropathic pain market with maximum value share of the overall market by the end of 2016. The North America neuropathic pain market is estimated to increase at a CAGR of 5.8% through 2024. Emergence of several regional market players, a robust distribution network, and well-developed healthcare infrastructure support in North America are some of the key factors driving revenue growth of the neuropathic pain market in North America.
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The global neuropathic pain market report profiles some of the top players operating in the global neuropathic pain market such as Baxter Healthcare Corporation, Depomed, Inc., GlaxoSmithKline PLC, Biogen Idec, Pfizer, Inc., Sanofi S.A., Johnson & Johnson Services, Inc., Eli Lily and Company, and Bristol Myers Squibb. These companies are primarily focusing on producing improved drugs for the treatment of neuropathic pain to gain maximum share in the global neuropathic pain market.
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