Sales Revenue of Neuropathic Pain Market to Escalate in the Coming Years Owing to Rapid Growth in Consumer Adoption

10/giu/2020 10:25:21 persistencemarketresearch Contatta l'autore

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New York City, United States -- Since the COVID-19 infection flare-up in December 2019, the malady has spread to right around 100 nations around the world with the World Health Organization proclaiming it a general wellbeing crisis. The worldwide effects of the coronavirus sickness 2019 (COVID-19) are now beginning to be felt, and will essentially influence the Healthcare Industry in 2020.

 

Reaching the revenues of over US$ 6 Bn at the end of 2019, the global neuropathic pain management market is projected for a healthy CAGR during the forecast period (2019 – 2029). Increasing prevalence of neuropathic pain disorders and growing awareness about pain medication are boosting the demand for pain management drugs.

Pipeline strategies by manufacturers are focused on introducing advanced drugs with minimum side effects to increase market share. For instance, Pfizer sponsored drug Pregabalin, effective in treating neuropathic (nerve) pain resulting from peripheral nerve trauma that is in phase 3 clinical trials. Increasing research and development activities to develop medications for indications such as post-herpetic neuralgia are creating significant opportunities for manufactures to flourish in the market.

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Company Profiles

  • Pfizer Inc.
  • Johnson & Johnson Services, Inc.
  • Bristol-Myers Squibb Company
  • Sanofi S.A
  • GlaxoSmithKline plc
  • Eli Lilly and Company
  • Teva Pharmaceutical Industries Ltd
  • Baxter International Inc

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Key Takeaways – Neuropathic Pain Management Market Study

  • Attributed to less side effects, tricyclic antidepressant drugs are expected to be popular as compared to opioids and steroids during the forecast period.
  • North America is expected to be significant revenue generator owing to emergence of several regional market players and well-developed healthcare infrastructure.
  • Retail pharmacies are expected to be dominant distribution channels in the neuropathic pain management market.

Increasing prevalence of diabetic neuropathy and availability of approved neuropathy pain medications have significantly added to the opportunities for market growth, thereby fostering the rate of adoption of neuropathic pain management drugs.

Increasing R&D Spending by Pharmaceuticals Companies Shaping Future

One of the key factors observed to impact the neuropathic pain management market growth is the development of new drugs for treatment of neuropathic and chronic pains. Companies are focusing on clinical trials to develop drugs for efficient treatment of neuropathic pain. For instance, Eli Lilly and Company developed Duloxetine (LY248686) for Diabetic Peripheral Neuropathic Pain (DPNP) that is under phase 4 clinical trial.

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