Neuropathic Pain Market to Reach $13.25 billion, Globally, by 2032 at 5.6% CAGR: Allied Market Research

Surge in cases of neuropathic pain, increase in the adoption of drugs for neuropathic pain, and rise in awareness regarding neuropathic pain in developing countries drive the growth of global neuropathic pain market

PORTLAND, Ore., Jan. 10, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Neuropathic Pain Market by Drug Class (Antidepressants, Anticonvulsant, Opioids, Capsaicin, and Others), Indication (Diabetic Neuropathy, Spinal Stenosis, Chemotherapy-Induced Peripheral Neuropathy, and Others), and Distribution Channel (Hospital Pharmacies, Drugs Stores & Retail Pharmacies, and Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2023–2032" According to the report, the global neuropathic pain industry generated $7.72 billion in 2022 and is anticipated to generate $13.25 billion by 2032, witnessing a CAGR of 5.6% from 2023 to 2032.

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Prime determinants of growth

Rise in diabetic neuropathy, rise in prevalence of chronic diseases, rise in demand of drugs for neuropathic pain, and rise in geriatric population drive the growth of the global neuropathic pain market. However, the side effects of neuropathic pain medicine are hampering the neuropathic pain market growth. On the contrary, the increase in adoption of key strategies by key players, and the rise in number of drugs in pipeline for the treatment of neuropathic pain are expected to offer remunerative opportunities for expansion of the neuropathic pain market during the forecast period.

Report coverage & details:

Economic Downturn Analysis: Impact of Recession in 2023 on the Neuropathic Pain Market

• The pharmaceutical industry heavily relies on research and development efforts to introduce new drugs and therapies to the market. As pharmaceutical companies face financial constraints and budget cuts, there may be a reduced focus on high-cost research and development projects.
• However, the overall demand for therapeutic drugs, including Neuropathic pain, remains relatively stable during economic downturns due to their essential role in treating health conditions.

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The anticonvulsant segment to maintain its leadership status throughout the forecast period

By drug class, the anticonvulsant segment held the highest market share in 2022, accounting for more than one-third of the global neuropathic pain market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of anticonvulsant drugs for the treatment of neuropathic pain. The capsaicin segment is projected to manifest the highest CAGR of 8.7% from 2023 to 2032, as increase in demand of capsaicin drugs and the increase in clinical trial of capsaicin for the treatment of post-surgical neuropathic pain.

The diabetic neuropathy segment to maintain its leadership status throughout the forecast period

By indication, the diabetic neuropathy segment held the highest market share in 2022, accounting for more than one-third of the global neuropathic pain market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to higher cases of diabetic neuropathy and high adoption of medicine for the treatment of diabetic neuropathy. The chemotherapy-induced peripheral neuropathy segment is projected to manifest the highest CAGR of 6.6% from 2023 to 2032, as surge in cancer patients who taken chemotherapy drugs and cause peripheral neuropathy.

The drugs stores & retail pharmacies segment maintained its lead position during the forecast period.

By distribution channel, the drugs stores & retail pharmacies segment held the highest market share in terms of revenue in 2022, accounting for nearly half of the global neuropathic pain market revenue, its pivotal role as a primary distribution channel for pharmaceutical products and treatments. In neuropathic pain market, the drugs stores and retail pharmacies serve as key points of access for medications, including neuropathic pain and supportive therapies. However, the online pharmacies segment is expected to witness the fastest CAGR of 7.0% from 2023 to 2032, owing to the convenience in shopping, increase in e-commerce sales, improvements in logistics services, and ease in payment options.

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North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global neuropathic pain market revenue, owing to robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. However, Asia-Pacific is expected to witness the fastest CAGR of 7.8% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to a rise in neuropathic pain cases, unmet medical demands, and high population base.

Leading Market Players: -

• Abbott Laboratories
• Collegium Pharmaceutical, Inc.
• Eli Lilly and Company
• Glenmark Pharmaceuticals Limited
• Grünenthal
• Mallinckrodt Pharmaceuticals
• Novartis AG
• Pfizer Inc.
• Sun Pharmaceutical Industries Ltd.
• Teva Pharmaceutical Industries Ltd.

The report provides a detailed analysis of these key players in the global neuropathic pain market. These players have adopted different strategies such as agreement, acquisition, clinical trial, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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