Healthcare Services

What’s The Growth Forecast For Neuralgia Treatment Market Through 2024-2033?

December 20, 2023 by The Business Research Company

The Business Research Company’s global market reports provide comprehensive analysis on the various markets in 27 industries across 60 geographies.

The neuralgia treatment market has exhibited robust growth in recent years, marking a significant increase in size. Starting at $2.15 billion in 2023, it is set to reach $2.3 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 7.1%. This growth, observed in the historic period, can be attributed to the rising prevalence of neuralgia, increased awareness of neuropathic pain, a surge in chronic pain conditions, a high disposable income, and supportive government initiatives.

Riding the Wave: Strong Growth Prospects Ahead

Anticipated Growth in the Forecast Period:

The neuralgia treatment market is projected to witness strong growth, reaching $2.92 billion in 2028.
The forecasted Compound Annual Growth Rate (CAGR) for this period is 6.1%.

Factors Driving Future Growth:

Aging population contributing to increased demand for neuralgia treatment.
Emergence of new therapies and a rise in diabetes-related cases.
Significant healthcare expenditure propelling market expansion.

Trends Shaping the Future:

Advancements in pain management techniques.
Introduction of innovative products.
Integration of digital health solutions.
Development of novel drug delivery systems.

Fueling Growth: The Role of Chronic Diseases

Diabetes and Neuralgia Treatment:

Chronic diseases, particularly diabetes, are key contributors to the market’s growth.
Neuralgia treatment effectively addresses diabetic neuropathy.
International Diabetes Federation predicts a rise in diabetes cases to 643 million by 2030.

Market Players Leading the Charge:

Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd., and other major players are pivotal in market growth.
Presence of established pharmaceutical companies ensures a robust market landscape.

View More On The Neuralgia Treatment Market Report 2023 – https://www.thebusinessresearchcompany.com/report/neuralgia-treatment-global-market-report

Innovative Products Steer Market Advancements

Strategic Product Development:

Companies are focused on creating innovative products to maintain market dominance.
GlaxoSmithKline Pharmaceuticals Ltd. launches Shingrix, the world’s first non-live recombinant subunit vaccine.
Vaccine shows 97% effectiveness in preventing shingles in adults and post-herpetic neuralgia.

Gene Therapy’s Role: Kriya Therapeutics’ Strategic Move

Acquisition for Portfolio Enhancement:

Kriya Therapeutics Inc. acquires Redpin Therapeutics Inc., strengthening its gene therapy offerings.
The acquisition targets neurological disorders, including epilepsy, trigeminal neuralgia, and Parkinson’s disease.

Market Segmentation: Unveiling the Dynamics

1) By Treatment:

Neuralgia treatment segmented into drug-based and surgical approaches.

2) By Indication:

Targeting diabetic neuropathy, intercostal neuralgia, occipital neuralgia, peripheral neuralgia, and postherpetic neuralgia.

3) By Distribution Channels:

Neuralgia treatments accessible through drug stores, hospital pharmacies, online pharmacies, and retail pharmacies.

4) By End-Use:

Utilization in hospitals and clinics, ambulatory surgery centers, and other end-users.

Regional Dominance: North America Takes the Lead

North America’s Pioneering Role:

In 2023, North America emerged as the largest region in the neuralgia treatment market.
A testimony to the region’s significant contribution to the overall market growth.

Emerging Growth in Asia-Pacific:

Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Represents a burgeoning market with increasing demand for neuralgia treatments.

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The Neuralgia Treatment Global Market Report 2023 provides a comprehensive overview on the neuralgia treatment market size, trends and drivers, opportunities, strategies, and companies analysis. Through our reports businesses can effectively analyze data and frame well-informed strategies

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