Top Growth Trends in the Neuralgia Treatment Market: Insights into Market Size and Opportunities for 2025-2034
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
How Are Key Drivers Contributing to the Growth and Expansion of the Neuralgia Treatment Market?
A surge in chronic illnesses such as diabetes is likely to fuel expansion of the neuralgia treatment sector. Chronic maladies are health issues persisting a year or more, requiring constant medical care and often hampering daily routines. Diabetes, a long-lasting metabolic disorder, results in elevated blood sugar levels. Neuralgia treatments offer a possible solution for diabetic neuropathy, a common issue for diabetes patients involving nerve damage. For instance, the World Health Organization, an UN subsidiary entity based in Switzerland, reported in September 2023 that out of the annual 41 million global deaths, 74% are due to non-communicable or chronic diseases. Hence, the climbing incidence of chronic illnesses, notably diabetes, is an impetus for growth in the neuralgia treatment industry. The Neuralgia Treatment Market is projected to broaden its scope by the projected rise in surgical procedures. Surgery, either via incision or minimally invasive techniques, allows medical practitioners to access and adjust organs or tissues within the body. The potential of surgical procedures to drive the neuralgia treatment market is significant, especially in cases where non-surgical approaches have proven ineffective, or when a specific anatomical issue can be resolved through surgery. For instance, National Healthcare Statistics, a US government agency, reported in February 2024 that the most frequent surgical procedure in 2022 was cataract surgery, with 39,347 cases, of which 98.3% were day procedures. Following after were 20,537 caesarean surgeries and 12,830 hip replacement surgeries, majority of which were inpatient procedures. Therefore, the escalating volume of surgical procedures is likely to spur the growth of the neuralgia treatment market.
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#What Long-Term Growth Rate is Expected for theNeuralgia Treatment Market Between 2025 and 2034?
In recent times, the market size for neuralgia treatment has seen a significant expansion. The market’s value is projected to increase from $2.3 billion in 2024 to $2.44 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.0%. The growth during the historical period is a result of factors such as a surge in the occurrence of neuralgia, heightened awareness of neuropathic pain, an increase in chronic pain conditions, the availability of high disposable income, and government initiatives.
The market size for neuralgia treatment is set to experience significant expansion in the coming years, with an expectation to reach $3.13 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.4%. Various factors such as the aging population, the emergence of new therapies, increasing cases of diabetes, and high healthcare spending are most likely to contribute to this market growth in the prediction period. The anticipated period also sees major trends such as advancements in pain management, innovation in product offerings, integration of digital health, and the evolution of new drug delivery systems.
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What New Market Trends Are Reshaping theNeuralgia Treatment Market and Its Opportunities?
Leading corporations in the neuralgia treatment industry are concentrating on the creation of cutting-edge products and solutions to maintain their market positions. For example, GlaxoSmithKline Pharmaceuticals Ltd., an Indian pharmaceutical firm, launched Shingrix, the first non-live and recombinant subunit vaccination globally, in India in April 2023. The vaccine is aimed at warding off shingles and post-herpetic neuralgia in adults aged 50 years and above and it is given in two intramuscular doses. Shingrix uses the antigen glycoprotein E along with the adjuvant system AS01B to stimulate a robust and enduring immune response capable of combating the decline of the immune system with age. Clinical trials demonstrated that it was 97% successful in averting shingles in adults and also effectively obstructs post-herpetic neuralgia, a painful consequence of shingles.
Who Are the Leading Market Players Fueling Growth in the Neuralgia Treatment Market Trend?
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.
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How is the Global Neuralgia Treatment Market Segemented?
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 Geographics 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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