New York, NY -- (SBWire) -- 05/09/2019 --According to the latest market report published by Persistence Market Research titled 'Global Market Study on Neuropathic Pain Management: Tricyclic Antidepressants Drug Class Segment Projected to Witness the Highest Growth Through 2026', the global neuropathic pain management market is projected to expand at a CAGR of 5.6% during an eight-year forecast period 2018–2026 and reach US$ 10.4 Bn by the end of 2026.
Market Dynamics
Increasing prevalence 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 the revenue growth of the global neuropathic pain management market. Other factors driving the market growth include rapid product launches for the treatment of neuropathic pain, growing awareness among patients for the treatment of neuropathic pain, and an increasing demand for generic drugs.
Pharmaceutical companies are focusing on developing new and improved drugs to fulfil the 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 management market in the next eight years
Market Forecast
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, serotonin–norepinephrine reuptake inhibitor, capsaicin cream, local anesthesia, opioids, steroids, and others. The tricyclic antidepressant drug class segment is expected to remain the leading segment in the global neuropathic pain management market, registering a CAGR of 6.7% in terms of value over the forecast period. The less side effects of this drug rather than opioids and steroids is expected to contribute towards its growing popularity. The anticonvulsants segment is projected to reach a market valuation of US$ 2,810.8 Mn by 2026 end. The capsaicin cream segment is likely to be the emerging drug class for the treatment of neuropathic pain over the forecast period.
On the basis of indication, the market has been segmented into diabetic neuropathy, trigeminal neuralgia, post-herpetic neuralgia, chemotherapy induced peripheral neuropathy, and others. A high market share is held by the diabetic neuropathy segment, followed by the trigeminal neuralgia segment. The diabetic neuropathy segment is estimated to account a high value share of 33.2% of the global neuropathic pain management market by 2017 end. The chemotherapy induced peripheral neuropathy segment is estimated to show incremental opportunity of US$ 665.4 Mn between 2016 and 2028.
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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 management in specific regions. North America is estimated to dominate the global neuropathic pain management market with maximum value share of the overall market by the end of 2017. The North America neuropathic pain management market is estimated to increase at a CAGR of 5.8% through 2026. Emergence of several regional market players, a robust distribution network, and well-developed healthcare infrastructure in North America are some of the key factors driving the revenue growth of the neuropathic pain management market in North America.
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Competitive Landscape
The global neuropathic pain market report profiles some of the top players operating in the global neuropathic pain management 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 developing improved drugs for the treatment of neuropathic pain to gain maximum share in the global neuropathic pain management market.
Neuropathic Pain Market Quantitative Market Analysis, Current and Future Trends to 2017 - 2026
Global Market Study on Neuropathic Pain Management: Tricyclic Anti-depressants Drug Class Segment Projected to Witness Highest Growth Through 2026