Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Neuropathic Pain Market – Insights
Neuropathic pain is a complex, chronic pain state that usually is accompanied by tissue injury. It may lead to damage, dysfunction, or injury of nerve fibers, thereby leading to misfiring of signals to other pain centers. The impact of a nerve fiber injury includes a change in nerve function both at the site of injury and areas around the injury.
The global neuropathic pain market is estimated to account for US$ 6,313.4 Mn in terms of value in 2019 and is expected to reach US$ 9,862.3 Mn by the end of 2027.
Global Neuropathic Pain Market: Drivers
High prevalence of cancer is expected to boost growth of the global neuropathic pain market over the forecast period. For instance, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
North America region held dominant position in the global neuropathic pain market in 2019, accounting for 35.9% share in terms of value, followed by Europe.
Global Neuropathic Pain Market: Restraints
Incomplete pain relief is expected to hinder growth of the global neuropathic pain market. For instance, use of strong opioids such as oxycodone in the treatment of neuropathic pain often leads to low reduction in pain.
Moreover, side-effects of medications are also expected to limit growth of the market. Use of opioids and steroids may lead to complications such as heart attack, kidney failure, and damage in lungs.
Global Neuropathic Pain Market: Opportunities
High prevalence of neuropathic-like pain in psoriatic arthritis is expected to offer lucrative growth opportunities for players in the market. For instance, in July 2019, researchers from Cardiff University, U.K., reported that neuropathic-like pain as evidence of abnormal pain processing is common in patients with psoriatic arthritis.
Moreover, R&D in neuropathic pain is also expected to aid in growth of the market. For instance, in March 2020, researchers from Heidelberg University, Germany, reported assessment of the phytochemical composition and the possible prophylactic effects of an aqueous ethanol extract of Haematoxylon campechianum flowers on peripheral neuropathic pain in a chronic constriction injury rat model.
Anticonvulsants segment in the global neuropathic pain market was valued at US$ 2,548.1 Mn in 2019 and is expected to reach US$ 4,310.3 Mn by 2027 at a CAGR of 6.4% during the forecast period.
Market Trends/Key Takeaways
Use of flavonoids can be effective in the treatment of neuropathic pain due to spared nerve injury, spinal nerve ligation, partial sciatic nerve injury, diabetes-induced neuropathy, chemotherapy-induced neuropathy, and chronic constriction injury.
Several studies have demonstrated that electroacupuncture can be effective in decreasing neuropathic pain. For instance, in January 2020, researchers from Huazhong Agricultural University, China, demonstrated that Synaptotagmin 1 (Syt-1), a synaptic vesicle protein for regulating exocytosis of neurotransmitters, impairs neuropathic pain and that electroacupuncture relieves neuropathic pain through down-regulating spinal Syt-1.
Global Neuropathic Pain Market: Competitive Landscape
Major players operating in the global neuropathic pain market include, Pfizer, Inc., Johnson & Johnson Services, Inc., Sanofi S.A., Eily Lily and Company, GlaxoSmithKline PLC, Biogen Idec., Bristol-Myers Squibb, Baxter Healthcare Corporation, and Depomed, Inc.
Global Neuropathic Pain Market: Key Developments
Major players in the market are focused on approval and launch of new products in order to expand their product portfolio. For instance, in March 2020, Senzer Pharmaceuticals secured the Investigational New Drug application and data package for its ongoing FDA registration program from its former US strategic partner in order to get approval for its cannabinoid respiratory device for the treatment of side effects induced by anti-cancer treatments, specifically nausea, vomiting, and neuropathic pain.
Major players in the market are also focused on conducting clinical trials to expand their product portfolio. For instance, in February 2020, NoNO Inc., a privately-held biotechnology company, reported that novel peptide, nerinetide, without prior administration of alteplase, demonstrated medically important improvements in patients with acute ischemic stroke, in a multicenter, randomized, study.