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

The Growth Trajectory: Numbers Speak Volumes

The neuropathic pain market has experienced robust growth in recent years, escalating from $4.95 billion in 2023 to a projected $5.35 billion in 2024, showcasing an impressive Compound Annual Growth Rate (CAGR) of 8.3%. The surge in demand for neuropathic pain drugs, coupled with the chronic pain epidemic and an increasing appetite for prescription treatments, has been instrumental in shaping this upward trajectory.

2. Charting the Future: An Optimistic Outlook

Anticipate a continuation of the upward trend as the neuropathic pain market is poised for robust growth, reaching $7.16 billion in 2028, with a projected CAGR of 7.5%. This growth is fueled by heightened awareness of neuropathic pain, an aging population, a well-established healthcare sector, and improved accessibility to neuropathic pain treatments. Notable trends in this forecast period encompass improved diagnostics, advancements in pain management, breakthroughs in medical research, new drug approvals, and strategic initiatives.

3. The Diabetes Connection: Fueling Market Expansion

Expanding Neuropathic Pain Market Fueled by Diabetes Prevalence

The surge in diabetes cases globally is a pivotal factor driving the expansion of the neuropathic pain market. With diabetic neuropathies affecting more than 50% of diabetics, conditions like Diabetic Peripheral Neuropathy (DPN) are at the forefront. Notably, the International Diabetes Federation’s Diabetes Atlas reported approximately 537 million adults living with diabetes worldwide in 2021. The projection for the future is staggering, with an estimated 643 million by 2030 and a monumental 783 million by 2045. As diabetes cases rise, so does the demand for neuropathic pain treatments, positioning it as a key driver for market growth.

4. Industry Titans: Leading the Charge

Major players shaping the neuropathic pain market include industry stalwarts such as Pfizer Inc., Johnson & Johnson Private Limited, Sanofi S.A., Bristol-Myers Squibb Company, Abbott Laboratories, and many more. These entities play a crucial role in steering the market’s trajectory through strategic initiatives, research endeavors, and the development of innovative treatments.

5. AI Pioneers: Transforming Neuropathic Pain Treatment

Integration of Artificial Intelligence Revolutionizes Neuropathic Pain Treatment

In a technological leap, major companies operating in the neuropathic pain market are embracing artificial intelligence for a holistic transformation. Nevro Corp., a US-based medical device company, has introduced the Senza HFX iQ spinal cord stimulation (SCS) system. This innovative technology leverages artificial intelligence to tailor pain relief for individual patients. The system adapts to patient responses and feedback through a unique algorithm based on extensive data. Patients can personalize their pain relief program via a smartphone app, creating a digital environment for data collection and potential updates. This breakthrough marks a significant advance in SCS therapy, enhancing pain relief through consistency and personalization.

6. Strategic Acquisition: Horizon Therapeutics Expands Portfolio

Horizon Therapeutics Expands Portfolio With Acquisition

In a strategic move in March 2021, Horizon Therapeutics PLC acquired Viela Bio, Inc. for $3.1 billion. This acquisition fortified Horizon Therapeutics’ position in autoimmune and severe inflammatory diseases. Viela Bio, Inc., a US-based biotechnology company, brought UPLIZNA, the first FDA-approved B-cell-depleting humanized monoclonal antibody for the treatment of neuromyelitis optica spectrum disorder (NMOSD), into Horizon’s portfolio. This move reflects the industry’s proactive stance in addressing neuropathic pain caused by autoimmune or inflammatory conditions.

7. Market Segmentation: Unveiling Complexity

The neuropathic pain market is multifaceted, with segmentation offering a nuanced understanding:

1. By Treatment:
   • Medications
   • Multimodal Therapy
2. By Diagnosis:
   • Imaging
   • Blood Tests and Physical Examination
3. By Indication:
   • Diabetic Neuropathy
   • Spinal Stenosis
   • Chemotherapy-Induced Peripheral Neuropathy
   • Other Indications
4. By End User:
   • Hospitals
   • Clinics
   • Home Healthcare
   • Ambulatory Surgical Centers
   • Other End Users

8. Regional Dynamics: North America Leading, Asia-Pacific Emerging

In 2023, North America asserted its dominance as the largest region in the neuropathic pain market. Looking ahead, Asia-Pacific is anticipated to emerge as the fastest-growing region in the forecast period, highlighting the dynamic shifts in the global landscape of neuropathic pain management.

View More On The Neuropathic Pain Market Report 2023 – https://www.thebusinessresearchcompany.com/report/neuropathic-pain-global-market-report

Request A Sample Of The Global Neuropathic Pain Market Report 2023:
https://www.thebusinessresearchcompany.com/sample_request?id=12922&type=smp

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

View More Related Reports –

Neurodegenerative Disorder Therapeutics Global Market Report 2023

Neurophysiology Devices And Equipment Global Market Report 2023

Neurostimulation Devices Global Market Report 2023

Contact us at:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708

Email us at [email protected]

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model