U.S. Neuropathic Pain Treatment Market to Surpass US$ 2,994.0 Mn by 2030
U.S. Neuropathic Pain Treatment Market, by Drug Type (Pain Relievers (NSAIDS, Opioids (Tramadol, Oxycodone, and Others)), Anti-seizure Medications (Gabapentin, Pregabalin, and Others), Topical Treatments, Antidepressants (Duloxetine, Amitriptyline, Escitalopram, and Others), and Others), by Indication (Diabetic Peripheral Neuropathy, Chemotherapy-induced Peripheral Neuropathy, Idiopathic Peripheral Neuropathy, and Others), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), is estimated to be valued at US$ 2,064.9 million in 2022 and is expected to exhibit a CAGR of 4.8% during the forecast period (2022-2030).
Increasing number of research and development activities by market players is expected to fuel the U.S. neuropathic pain treatment market growth over the forecast period. For instance, in June 2022, Lexicon Pharmaceuticals, Inc., a biopharmaceutical company, announced positive results of RELIEFDPN-1, Phase 2 proof-of-concept study of LX9211 in painful diabetic neuropathy. LX9211 is a potent, orally delivered, selective small molecule inhibitor of Adaptor-Associated Kinase 1 (AAK1), and its preclinical studies have shown to reduce pain behavior in models of neuropathic pain without affecting opiate pathways.
Moreover, an increasing number of product approvals by regulatory authorities is expected to propel growth of the U.S. neuropathic pain treatment market during the forecast period. For instance, in May 2020, Neuraptive Therapeutics, Inc., a clinical-stage biotechnology company dedicated to developing novel therapeutics and medical products for the treatment of Peripheral Nerve Injuries (PNI), announced that the U.S. Food and Drug Administration (FDA) had granted Fast Track designation for its franchise therapeutic product, NTX-001, in the treatment of patients with peripheral nerve injuries.
U.S. Neuropathic Pain Treatment Market - Impact of Coronavirus (COVID – 19) Pandemic
The COVID-19 pandemic has affected the demand and supply of healthcare products in three main ways; by directly affecting production and demand; by creating disruptions in distribution channels; and due to its financial impact on firms and financial markets. However, the impact of the Coronavirus (COVID-19) pandemic is expected to aid in the growth of the U.S. neuropathic pain treatment market during the forecast period, owing to the increasing occurrence of peripheral neuropathy associated with COVID-19. For instance, according to the article published in the Archives of Neuropsychiatry, in October 2021, peripheral neuropathy is common in COVID-19 patients and is caused mostly by immunological processes or neurotoxic side effects of medicines used to treat COVID-19 symptoms, and to a lesser amount by peripheral nerve compression caused by a prolonged stay in the intensive care unit (ICU), and pre-existing risk factors such as diabetes.
Browse 18 Market Data Tables and 21 Figures spread through 155 Pages and in-depth TOC on U.S. Neuropathic Pain Treatment Market by U.S. Neuropathic Pain Treatment Market, by Drug Type (Pain Relievers (NSAIDS, Opioids (Tramadol, Oxycodone, and Others)), Anti-seizure Medications (Gabapentin, Pregabalin, and Others), Topical Treatments, Antidepressants (Duloxetine, Amitriptyline, Escitalopram, and Others), and Others), by Indication (Diabetic Peripheral Neuropathy, Chemotherapy-induced Peripheral Neuropathy, Idiopathic Peripheral Neuropathy, and Others), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies)
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Key Takeaways of the U.S. Neuropathic Pain Treatment Market:
- U.S. neuropathic pain treatment market is expected to exhibit a CAGR of 4.8% over the forecast period (2022-2030), owing to the increasing number of R&D collaboration by market players, which is expected to fuel the U.S. neuropathic pain treatment market growth over the forecast period. For instance, in December 2020, Regenacy Pharmaceuticals, a biopharmaceutical company, and 3E Bioventures Capital, a financing firm, announced their collaboration for the research and development of ricolinostat, an oral, selective histone deacetylase 6 (HDAC6) inhibitor, for treatment of peripheral neuropathy, mainly in China, Hong Kong, and Macau.
- Some of the major players operating in the U.S. neuropathic pain treatment market include Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Dr. Reddy’s Laboratories Ltd., Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., NeuroBo Pharmaceuticals, Inc., LEXICON PHARMACEUTICALS, INC., Asahi Kasei Corporation, Vertex Pharmaceuticals Incorporated, and Biogen
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