The neuropathic pain market is anticipated to expand at a high CAGR over the forecast period.
Neuropathic pain, a challenging and often debilitating condition, stems from damage or dysfunction of the nerves, typically outside the brain and spinal cord. This type of pain arises due to abnormalities in the nervous system and is characterized by sensations such as shooting, burning, or electric shock-like pain. Conditions such as diabetic neuropathy, postherpetic neuralgia, and peripheral neuropathy contribute to the prevalence of neuropathic pain. Unlike nociceptive pain, which results from tissue damage, neuropathic pain can persist even after the initial injury or disease has healed. Managing neuropathic pain poses a significant medical challenge, as traditional analgesics may offer limited relief. Ongoing research and development efforts focus on innovative treatments, including non-opioid approaches, to improve the quality of life for individuals affected by neuropathic pain.
Market Drivers
The market is expected to experience notable growth in the foreseeable future, attributed to the increasing prevalence of diabetic neuropathy and other targeted diseases, along with a rise in healthcare spending and research funding. According to the 2021 report from the International Diabetes Federation (IDF), there were 537 million adults aged 20 to 79 living with diabetes globally in 2021. Projections indicate a surge to 643 million by 2030 and a further increase to 783 million by 2045. This substantial burden of diseases associated with neuropathic pain underscores the demand for therapeutic interventions, thereby contributing to the market's expansion.
The market experiences substantial growth due to the approval of drugs by regulatory bodies. As an illustration, in March 2022, Daiichi Sankyo Company, Limited obtained approval in Japan to modify the indication of the analgesic 'Tarlige Tablets' (pregabalin besilate) from 'peripheral neuropathic pain' to 'neuropathic pain.' These regulatory approvals broaden the accessibility of therapeutics for neuropathic pain, contributing to an accelerated market expansion.
North America is anticipated to hold a significant share of the market-
North America is anticipated to secure a significant market share due to the elevated prevalence of neuropathic diseases, increased investment in research and development, and the robust presence of key market players. According to the 2021 report from the International Diabetes Federation (IDF), the North American region had 49.3 million adults aged 20-79 with diabetes in 2021, and this number is projected to exceed 55 million by 2030. The escalating diabetes burden in the region is poised to generate growth opportunities in the market. Government grants for Peripheral Neuropathy research are anticipated to offer prospects for market players to develop effective drugs, consequently propelling market growth in the coming years. Moreover, the market growth in the region is substantially influenced by strategic measures like research and development, product launches, and collaborations undertaken by key industry players. As an illustration, in September 2021, Biogen Inc. announced favorable topline outcomes from the Phase 2 CONVEY study of vixotrigine (BIIB074), an investigative non-opioid oral pain medication targeted for the treatment of small fiber neuropathy (SFN). The increasing focus on research initiatives enhances the potential for introducing innovative drugs for neuropathic pain in the coming years, thereby expediting market growth.
Market Developments
Market Segmentation