Market Trends of Neuropathic Pain Industry
Diabetic Neuropathy Segment is Expected to Register Healthy Growth Share Over the Forecast Period.
- The diabetic neuropathy segment is expected to register healthy growth over the forecast period. The major factors driving the growth of the segment are the increasing burden of the targeted diseases coupled with the launch of the products for their treatment.
- Sedentary and unhealthy lifestyles are major factors that contribute to the large prevalence of diabetes around the world. For instance, according to the article regarding epidemiology and classification of diabetic neuropathy updated in January 2021, diabetic polyneuropathy is the most common neuropathy in developed countries. It also reported that approximately 50% of patients with diabetes gradually develop neuropathy. Such studies demonstrating the chances of neuropathy in diabetic patients suggest that there is a growing burden of this disease. Hence, this market segment is expected to show growth over the forecast period.
- Additionally, the increasing research studies and clinical trials can lead to the development of new products and thus may drive the growth of the segment in the future. For instance, in May 2021, Pure Green Pharmaceuticals Inc. reported that in a Phase II trial, a cannabidiol (CBD) sublingual tablet reduced pain scores in patients with diabetic peripheral neuropathy by approximately 50%. Such positive results from the studies may propel the growth of the segment over the forecast period.
- Thus, owing to the abovementioned factors, such as the high burden of diabetic neuropathy and rising clinical trial developments, the market segment is expected to show growth over the forecast period.
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North America is Expected to Hold a Major Share in the Neuropathic Pain Market Over the Forecast Period
- North America is expected to hold a significant market share because of the high burden of neuropathic diseases, rising research and development spending, and the strong presence of market players.
- As per the International Diabetes Federation (IDF) 2021 report, the number of adults aged 20-79 with diabetes in the North American region was 49.3 million in 2021. The same source stated that the number of diabetes in the North American region is projected to reach over 55 million by 2030. The rising burden of diabetes in the region is expected to attract opportunities for market growth in the area.
- Additionally, according to the article published by the National Institute of Health (NIH) in May 2022, the estimated R&D spending in the United States for Peripheral Neuropathy was USD 194 million in 2022 and USD 200 million in 2022. The grant provided by the government for the research of Peripheral Neuropathy is expected to create opportunities for market players to develop an efficient drug that is further expected to propel market growth in the upcoming years.
- Furthermore, strategic initiatives such as research and development, launches, and partnerships by market players also contribute significantly to the market growth in the region. For instance, in September 2021, Biogen Inc. reported positive topline results from its Phase 2 CONVEY study of vixotrigine (BIIB074), a non-opioid investigational oral pain drug being evaluated for the treatment of small fiber neuropathy (SFN). The rising research initiatives boost the chances of developing innovative drugs for neuropathic pain in the upcoming years, thereby accelerating market growth.
- Thus, owing to factors such as high research and development and clinical trial activities, the studied market in North America is expected to show growth over the forecast period.
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