Neuropathic Pain Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Neuropathic Pain market studied is anticipated to grow at a CAGR of 5.5% during the forecast period (2022-2027).

COVID-19 has led to unprecedented effects on the healthcare sector. Public health measures to combat the spread of COVID-19 such as social distancing and shelter-in-place orders have impacted every stage of therapeutic development, from basic science to manufacturing and distribution of both approved and experimental neurological therapeutics. Additionally, COVID-19 has significantly impacted neurological health as well. For instance, in March 2022, researchers at Washington University School of Medicine found that many people who tested positive for the coronavirus in the early months of the pandemic also experienced peripheral neuropathy pain, tingling, and numbness in the hands and feet during and following their bouts with COVID-19. Such an increase in neuropathy pain due to COVID-19 has created the need for treatment amid the outbreak, thereby boosting the market's growth over the pandemic phase.

Specific factors driving the market growth include the rising prevalence of diabetic neuropathy and other targeted diseases and increasing healthcare expenditure and research funding. As per the International Diabetes Federation (IDF) Diabetes Atlas 10th edition, 537 million adults aged 20 to 79 will be living with diabetes in 2021. This number is predicted to rise to 643 million by 2030 and 783 million by 2045. Such a high burden of diseases that can lead to neuropathic pain creates the need for therapeutics for the treatment and thus propels the growth of the market.

Additionally, the approval of the drugs by the regulatory authorities of the different regions is also contributing to the growth of the market. For instance, in July 2020, Grünenthal and its United States subsidiary, Averitas Pharma, Inc., received United States Food and Drug Administration (FDA) approval for QUTENZA (capsaicin) 8% patch for the treatment of neuropathic pain associated with diabetic peripheral neuropathy (DPN) of the feet in adults. It is a topical, non-systemic, non-opioid pain treatment delivered in the form of a patch and is the first and only treatment of its kind to deliver prescription-strength capsaicin directly into the skin. Such approvals of the different routes of administration of drugs are expected to propel the growth of the market.

Thus, owing to the abovementioned factors, the market is expected to project growth over the forecast period. However, side effects of treatments and the availability of counterfeit drugs may hinder the growth of the market.

Scope of the Report

As per the scope, neuropathic pain is caused by damage or disease affecting the somatosensory nervous system. The condition is relatively common but often poorly treated. The Neuropathic Pain Market is Segmented by Indication (Diabetic Neuropathy, Spinal Stenosis, Chemotherapy-induced Peripheral Neuropathy, and Others), Drug Class (Tricyclic Antidepressants, Opioids, Capsaicin Cream, Steroids, and Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across significant global regions. The report offers the value (USD million) for the above segments.

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Key Market Trends

Diabetic Neuropathy Segment is Expected to Hold Significant Share Over the Forecast Period.

The diabetes neuropathy segment of the market is expected to show significant growth over the forecast period. The major factors driving the growth of the segment are the increasing burden of the targeted diseases coupled with the launch of the products for their treatment.

Sedentary and unhealthy lifestyles are major factors that contribute to the large prevalence of diabetes around the world. For instance, according to the article titled "Epidemiology and classification of diabetic neuropathy" updated in January 2021, diabetic polyneuropathy is the most common neuropathy in developed countries. It also reported that approximately 50% of patients with diabetes will eventually develop neuropathy. Such studies demonstrating the chances of neuropathy in diabetic patients suggest that there is a growing burden of this disease. Hence, this market segment is expected to show growth over the forecast period.

Additionally, the increasing research studies and clinical trials can lead to the development of new products and thus may drive the growth of the segment in the future. For instance, in May 2021, Pure Green Pharmaceuticals Inc. reported that in a Phase II trial, a cannabidiol (CBD) sublingual tablet reduced pain scores in patients with diabetic peripheral neuropathy by approximately 50%. Such positive results from the studies may propel the growth of the segment over the forecast period.

Thus, owing to the abovementioned factors, the market segment is expected to show growth over the forecast period.

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