Neuropathy Pain Market - Overview
Neuropathy pain occurs due to the damages in the peripheral nerves. Neuropathy pain triggers sensations such as burning pains, sharp pins and needles, and numbness that can heighten at night. Over the past few years, the number of people suffering from some peripheral neuropathy has been increasing continually. Diabetes and cancer patients suffer from neuropathic pain even more.
Of course, there are a number of treatments and medications available in the market to meet the exceeding demand for managing the condition. The augmenting demand for effective therapies led by the increasing number of patient pool predominantly drives the growth of the market. Moreover, the availability of many unique treatment methods and techniques is escalating the market on the global platform.
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The increasing number of cancer and diabetes cases act as a significant tailwind pushing up the market growth, causing the peripheral nerve damage. Moreover, factors such as the emergence of pain management centers and demand for generic drugs to alleviate pain levels, provide impetus to the growth of the market. The advent of various novel treatments such as Mirogabalin besylate, a calcium channel blocker, and their approvals are accelerating the growth of the market.
Conversely, factors such as the lack of awareness towards the condition and the effective ways to manage the same alongside the rising cost of treatment impede the market growth especially in underdeveloped regions. Nevertheless, technological advancement and the increasing number of ambulatory services are expected to support the growth of the market, making the treatment affordable for all.
Key players leading the global neuropathic pain market include Astellas Pharma Inc. (Tokyo), Eli Lilly and Company (U.S.), Biogen Inc. (U.S.), Pfizer, Inc. (U.S.), Baxter Healthcare Corporation (U.S.), Sanofi S.A. (France), AstraZeneca (U.K.), Abbott Laboratories (U.S.), Johnson & Johnson Services Inc. (U.S.), Depomed Inc. (U.S.), and GlaxoSmithKline plc (U.K.) among others.
Industry/ Innovation/ Related News:
March 6, 2019 --- NeuropathyLinen (the US), the world’s first bed linen that promotes a healthy sleep pattern and comfort for neuropathy sufferers launched its natural pain management product on the crowdfunding site Indiegogo. The quality bedding is available in a cotton flat sheet and microfiber blanket and its innovative design allow users to adjust the height of their sheet with its zipper design.
In addition to having a good night's sleep, users will wake up feeling their best. NeuropathyLinen is found to be excellent for people who rely on pharmaceutical drugs to maintain their neuropathic pain and patients of arthritis, restless legs syndrome, CRPS, and gout among others.
Global Neuropathic Pain Market - Competitive Landscape
Fiercely competitive the neuropathic pain market appears to be fragmented with the presence of several large and small players. These players incorporate strategic initiatives such as partnership, acquisition, expansion, product & technology launch, and collaboration to gain an edge over their competitors. These players are developing their product portfolio focusing on advanced technologies.
They substantially invest in R&D to develop technology and medical instruments useful in managing the pain. Huge government funding is also expected to motivate major companies to develop advanced novel treatments, suiting the needs of the patrons. Acquisitions of local manufactures by multinational companies are changing the market structure, increasing the profit of the company by reducing the competition significantly.
Neuropathic Pain Market - Segmentations
For ease of understanding, the market is segmented into seven key dynamics: -
By Type : Peripheral Neuropathy, Entrapment Neuropathy, Post Traumatic Neuropathy, Phantom Limb Pain, Post Herpetic Neuralgia (PHN), and Trigeminal Neuralgia among others.
By Indication : Diabetic Neuropathy, Spinal Stenosis, and Chemotherapy-Induced Peripheral Neuropathy among others.
By Methods of Diagnosis : Imaging, Blood Tests, and Physical Examination among others.
By Treatment : Medication and Multimodal Therapy among others.
By Distribution Channel : Online Pharmacies and Retail Pharmacies & Drug Stores among others.
By End-User : Hospitals, Clinics, and Research Organizations among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Neuropathic Pain Market - Geographical Analysis
The North American region, heading with the huge development in technology such as micro-particle treatment and its early adoption in formulizing in medicinal cannabis accounts for the leading market in the global neuropathic pain. Factors such as the availability of a range of pain management products and favorable government regulations are fostering the growth of the neuropathic pain market.
Also, vast technological innovations are acting as a tailwind pushing up the market growth in the region. Additional factors such as the increasing number of the patient population are expected to push the growth of the Neuropathic Pain market in the region, demanding effective treatment procedures and surgeries. Two of the major countries in the region such as Canada and the US are focusing on exporting surgical equipment, worldwide, which, in turn, is increasing the size of the market in this region.
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The neuropathic pain market in the European region accounts for the second-largest market, globally. Factors speeding up the growth of the regional market include the increase in the disorder that has led to an increasing number of sufferers and the well-proliferated healthcare sector. European countries such as France, Germany, and the U.K, backed by the significant expenditures in the field of manufacturing of medical and surgical devices, majorly contributes to the growth of the regional market.
The Asia Pacific neuropathic pain market is rapidly emerging as a promising market, globally. China, backed by the huge technological development in the medical device industry leads the regional market whereas, India stands second in terms of the market sieze, followed by Australia and Japan. Factors such as the presence of a large patient’s pool, spreading awareness about the disorder and the availability of treatment procedures are few of the driving forces pushing up the market in the region.
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