Nigeria Neuropathic Pain Management Drugs Market to Surpass US$ 10.1 Million by 2028
Nigeria Neuropathic Pain Management Drugs Market, by Drug Class (Anticonvulsants, Serotonin–norepinephrine Reuptake Inhibitors (SNRIs), Tricyclic Antidepressants, Nonsteroidal Anti-inflammatory Drugs (NSAIDs), and Others), by Disease Condition (Diabetic Neuropathy, Chemotherapy-induced Peripheral Neuropathy, and Others), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), is estimated to be valued at US$ 8.1 million in 2021 and is expected to exhibit a CAGR of 3.2% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Key players operating in the market are focusing on receiving product approvals from regulatory authorities and this is expected to drive the market growth over the forecast period.
For instance, in October 2017, Pfizer Inc., an American multinational pharmaceutical and biotechnology corporation, received the U.S. Food and Drug Administration (FDA) approval for LYRICA CR (pregabalin extended-release tablets) CV. It is approved as a once-daily therapy for the treatment of neuropathic pain related to diabetic peripheral neuropathy and for the treatment of postherpetic neuralgia, the most common complication of shingles (caused by herpes zoster virus). This condition causes long lasting burning pain after the rash has healed.
Nigeria Neuropathic Pain Management Drugs Market– Impact of Coronavirus (Covid-19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 265,713,467 cases and 5,260,888 deaths due to Coronavirus (COVID-19) were reported up till December 07, 2021, across the globe.
The COVID-19 pandemic has significantly affected several markets across the globe and is also expected to make impact on the Nigeria neuropathic pain management drugs market. Neuropathic pain may be caused indirectly by SARS-CoV-2 or by COVID-19 after ICU treatment which mostly involves joint pain, muscle pain, and headache. The rise in COVID-19 cases is expected to increase prevalence of neuropathic pain.
Browse 18 Market Data Tables and 14 Figures spread through 154 Pages and in-depth TOC on “Neuropathic Pain Management Drugs Market”- Nigeria Forecast to 2028, by Drug Class (Anticonvulsants, Serotonin–norepinephrine Reuptake Inhibitors (SNRIs), Tricyclic Antidepressants, Nonsteroidal Anti-inflammatory Drugs (NSAIDs), and Others), by Disease Condition: (Diabetic Neuropathy, Chemotherapy-induced Peripheral Neuropathy, and Others), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies)
To know the latest trends and insights prevalent in the Nigeria Neuropathic Pain Management Drugs Market, click the link below:
Scarce local production of pain management drugs and problem of counterfeit drugs makes significant impact on the growth of the Nigerian neuropathic pain management drugs market. Fake medicine is harmful to the patient’s health. Hence, there is lucrative opportunity for development of advanced technologies in the Nigerian market to verify a product's authentication before its sale.
Key Takeaways of the Nigeria Neuropathic Pain Management Drugs Market:
- The Nigeria neuropathic pain management drugs market is expected to exhibit a CAGR of 3.2% over the forecast period, owing to rising research and development activities to develop safe neuropathic management drugs
- Among drug class, tricyclic antidepressants segment is expected to account for largest market share during the forecast period, owing to rising prevalence of diabetic neuropathy. For instance, according to the International Diabetes Federation, in 2019, around 2,743,800 diabetes cases were registered in Nigeria. Diabetes leads to diabetic neuropathy, hence increasing diabetes incidence among the population is a major factor driving the market growth in Nigeria.
- Key players operating in the Nigeria neuropathic pain management drugs market include Pfizer Inc., Novartis AG, GlaxoSmithKline Plc, and Biofemgroup Ltd.
