Market Size of Neuropathic Pain Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Neuropathic Pain Market Analysis
The neuropathic pain market studied is anticipated to register a CAGR of 5.5% during the forecast period.
- COVID-19 impacted the studied market due to the cancellation of elective procedures, which included the treatment and diagnosis of neuropathic diseases. The manufacturing and distribution of approved and experimental neurological therapeutics were also suspended during the initial phase of the pandemic. Additionally, COVID-19 infections severely affected people's neurological health. For instance, in March 2022, a research study indicated that individuals who had tested positive for COVID-19 in the early months of the pandemic also experienced peripheral neuropathy, including pain, tingling, and numbness in their hands and feet during and after their bouts with COVID-19.
- Hence, owing to the above-mentioned factors, COVID-19 had a significant impact on the market studied. However, with the COVID-19 cases in control, the market is re-gaining its pre-pandemic nature in terms of demand for various drugs. Furthermore, due to the rising prevalence of diabetic neuropathy and other targeted diseases and increasing healthcare expenditure and research funding, the market is believed to witness significant growth over the forecast period.
- According to the International Diabetes Federation (IDF) 2021 report, 537 million adults aged 20 to 79 were living with diabetes in 2021 globally. This number is estimated to reach 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 augments the growth of the market.
- Additionally, the approval of the drugs by the regulatory bodies also contributes significantly to the growth of the market. For instance, in March 2022, Daiichi Sankyo Company, Limited received approval in Japan to change the indication of the analgesic 'Tarlige Tablets' (pregabalin besilate) from 'peripheral neuropathic pain' to 'neuropathic pain.' Such approvals expand the availability of neuropathic pain therapeutics, thereby accelerating market growth.
- Therefore, owing to the abovementioned factors, the market is expected to project growth over the forecast period. However, the side effects of treatments and the availability of counterfeit drugs may hinder the growth of the market.
