Neuropathic Pain Therapeutics Market to Reach US$ 10.2 Bn by the end of 2030: TMR Study

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Oct 12, 2022, 13:30 ET

Firms keenly pursuing novel therapeutic approaches for management of neuropathic pain; growing R&D on enriching drug pipeline to fuel tremendous growth opportunities in neuropathic pain therapeutics market
Rising awareness of safe and affordable prescription drugs to steer market growth; prevalence of diabetic neuropathy nudge players to expand product portfolio notably in anticonvulsants

WILMINGTON, Del., Oct. 12, 2022 /PRNewswire/ -- The neuropathic pain therapeutics market size is forecast to reach US$ 10.2 Bn by the end of 2030. An in-depth market intelligence study scrutinizes the growth dynamics and provides neuropathic pain therapeutics market overview in terms of emerging R&D avenues and recent strategic moves made by various key players. Pharmaceutical companies and research institutes are exploring novel therapeutic approaches. Furthermore, the abundant demand for anticonvulsants will propel revenue generation during the forecast period of 2020 – 2030.

Rise in elderly population has aggravated the risk of chronic pain, and has contributed to incidence and prevalence of neuropathic pain with different pathological mechanisms. This presents an unmet need for novel drugs in therapeutics, which a growing number of companies are aggressively pursuing, observed the authors of the study on neuropathic pain therapeutics market.

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A number of preclinical and clinical studies in North America and Europe have tested the therapeutic potential of spate of drug candidates. On the other hand, several product approvals in the regions especially by the U.S. FDA are bolstering the revenue potential for players in the global neuropathic pain therapeutics market.

Key Findings of Neuropathic Pain Therapeutics Market Study

Thriving Pipeline of Drugs and Therapeutics for Neuropathic Pain Management Boosting Market: Most key players have grown their research spending to develop more effective medications. Firms in neuropathic pain therapeutics market are leaning on expanding their product portfolio by enriching pipeline of drugs and therapeutics. Companies are looking to gain competitive advantage by developing treatments for peripheral neuropathic pain.
Commercialization of Prescription Drugs Generating Sizable Revenues: Rise in demand for prescription medicines has steered massive revenue streams for the drug manufacturers over the years. Awareness of their ease of availability has catalyzed their sales. Thus, companies are also focusing on marketing strategies on making these medications affordable and easily accessible. Need for quick relief in neuropathic pain will spur the demand for medications, as is evident in a recent in-depth neuropathic pain therapeutics market analysis. On the other hand, players are keenly looking to evaluate new pharmacological approaches with an aim to launch novel drugs, thus expanding the horizon in the neuropathic pain therapeutics market.
Firms Lean on New Product Approvals: A number of players are leaning on bagging approvals from regulatory agencies in all key regions, as deep-dive neuropathic pain therapeutics market analysis underscores. This will help them garner stable revenue streams in Europe and North America of note.

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Neuropathic Pain Therapeutics Market: Drivers

Growing prevalence of diabetic neuropathy and awareness of the associated risks is a key driver of neuropathic pain therapeutics market. There is an unmet need for effective drugs for management of neuropathic pain that stems from diabetic peripheral neuropathy.
Ongoing clinical trials on the underlying cellular and molecular mechanisms will enrich the efficacy and safety of pharmacological treatments, thus paving way for new avenues in neuropathic pain therapeutics market.

Neuropathic Pain Therapeutics Market: Competition Landscape

The study evaluates the competition landscape and offers a critical assessment of the major marketing strategies by leaders and other key players in recent years.

Some of the key market players are Teva Pharmaceutical Industries Limited, Merck & Co., Inc., Endo Pharmaceuticals, Inc., Abbott, Johnson & Johnson, Eli Lilly and Company, GlaxoSmithKline, AstraZeneca, Novartis AG, and Pfizer.

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Neuropathic Pain Therapeutics Market Segmentation

Drug Class

Anticonvulsants
Antidepressants
NSAIDs
Opioids
Steroids
Others

Indication

Diabetic Neuropathy
Post-herpetic Neuralgia
Cancer-related Pain
Spinal Cord Injury
Others

Route of Administration

Oral
Topical
Others

Distribution Channel

Retail Pharmacies
Hospital Pharmacies
Online Pharmacies

Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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