How is the Neuralgia Treatment Market Poised for Growth: Trends and Opportunities Through 2034
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How has the Neuralgia Treatment market grown in recent years?
The market size for neuralgia treatment has seen a robust growth in the past few years. It is projected to escalate from $2.3 billion in 2024 to $2.44 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%. This significant growth in the historical period can be credited to the increased instances of neuralgia, awareness about neuropathic pain, a rise in chronic pain conditions, high levels of disposable income, and government initiatives.
How is the neuralgia treatment market size expected to evolve during the forecast period?
The market size for neuralgia treatment is anticipated to experience substantial expansion in the forthcoming years, reaching $3.13 billion by 2029 with a compound annual growth rate (CAGR) of 6.4%. The spur in this predicted period is due to factors such as an increasing elderly population, the emergence of new therapies, a rise in diabetes incidents, and substantial healthcare spending. Key progressions expected during this period feature advances in pain management, product innovation, integration of digital health, and the establishment of new drug dispensing systems.
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Which key drivers are propelling the neuralgia treatment market’s growth?
The increase in chronic diseases, such as diabetes, is projected to fuel the neuralgia treatment market’s growth. Chronic ailments are conditions that persist for more than a year, necessitating ongoing medical attention and potentially limiting daily activities. Diabetes is a chronic metabolic disorder characterized by elevated blood glucose levels, also referred to as blood sugar. Diabetic neuropathy, a type of nerve damage prevalent in diabetic patients, can be treated using neuralgia treatments. For instance, the World Health Organization, a Switzerland-based United Nations specialized agency, reported 41 million deaths in September 2023, which accounted for 74% of fatalities triggered by non-communicable diseases (NCDs) or chronic diseases on a global scale each year. Hence, the surge in chronic diseases like diabetes is propelling the neuralgia treatment market’s growth.
Neuralgia Treatment Market Booster: Projected Escalation in Surgical Procedures Driving the Growth of the Neuralgia Treatment Market
What are the market segments in the neuralgia treatment industry?
The neuralgia treatment market covered in this report is segmented –
1) By Treatment: Drug Based, Surgeries
2) By Indication: Diabetic Neuropathy, Intercostal Neuralgia, Occipital Neuralgia, Peripheral Neuralgia, Postherpetic Neuralgia
3) By Distribution channels: Drug Stores, Hospital Pharmacies, Online Pharmacies, Retail Pharmacies
4) By End-Use: Hospitals And Clinics, Ambulatory Surgery Centers, Other End-Users
Subsegments:
1) By Drug Based: Anticonvulsants, Antidepressants, Opioids, Topical Treatments, Non-Steroidal Anti-Inflammatory Drugs (NSAIDs)
2) By Surgeries: Nerve Block Procedures, Decompression Surgery, Neurectomy, Spinal Cord Stimulation
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Which leading companies are shaping the growth of the neuralgia treatment market?
Major companies operating in the neuralgia treatment market are Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., Bayer AG, Novartis AG, Bristol-Myers Squibb Company, AstraZeneca PLC, Abbott Laboratories, GlaxoSmithKline PLC, Eli Lilly and Company, Gilead Sciences Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Astellas Pharma Inc., Biogen Inc., Daiichi Sankyo Company Limited, Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Limited, Horizon Therapeutics, Purdue Pharma, Dr. Reddy’s Laboratories, Cipla Limited, Hikma Pharmaceuticals PLC, Zydus Lifesciences Ltd., Lupin Limited, Mallinckrodt Pharmaceuticals, Glenmark Pharmaceuticals, Tonix Pharmaceuticals.
What key trends are currently impacting the neuralgia treatment market’s development?
Key players in the neuralgia treatment market are strategically focusing on the creation of innovative products to maintain their market standing. In particular, in April 2023, in India, GlaxoSmithKline Pharmaceuticals Ltd., a company based in the same country, introduced the world’s first non-live and recombinant subunit vaccine called Shingrix. The vaccine is specifically designed for the prevention of shingles and post-herpetic neuralgia in adults over the age of 50 and is applied through two intramuscular injections. Shingrix utilises the glycoprotein E antigen with the AS01B adjuvant system to generate a strong and enduring immune response which can effectively combat the immune system’s age-related decline. Clinical research has proven its effectiveness, with a 97% success rate in preventing shingles in adults. Moreover, it provides efficient protection against post-herpetic neuralgia, a painful shingles complication.
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Which geographic areas are influencing the growth of the neuralgia treatment market?
North America was the largest region in the neuralgia treatment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in neuralgia treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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