Neuropathic Pain Market Expected to Reach $13.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Neuropathic Pain Market," The neuropathic pain market size was valued at $7.7 billion in 2022, and is estimated to reach $13.3 billion by 2032, growing at a CAGR of 5.6% from 2022 to 2032. 

Neuropathic pain arises as a direct result of a lesion or disease affecting the somatosensory system, which includes the nerves responsible for detecting and transmitting sensory information. The mechanisms underlying neuropathic pain are complex and involve abnormal signaling and processing of pain signals in the nervous system. Those people who suffer from neuropathic pain always experience stabbing, burning, tingling, or shooting sensations. In addition, there are various diseases such as diabetes, cancer, trigeminal neuralgia, shingles, and spinal stenosis, which further causes neuropathic pain. Anticonvulsants, antidepressants, opioids, and capsaicin are the medications used for the treatment of neuropathic pain. 

An alarming rise in the cases of diabetic neuropathy, as well as an increase in the number of research related to medicine of neuropathic pain drives the growth of neuropathic pain market size. For instance, according to the annual report of Grünenthal 2022, more than 5 million people suffer from diabetic peripheral neuropathy (DPN), which is a debilitating complication of diabetes. In addition, chemotherapy drugs of cancer cause peripheral neuropathy, leading to neuropathic pain. Thus, the increase in cases of cancer, which requires chemotherapy, is the key factor that drives the growth of the neuropathic pain market share in developing countries such as India and China.

Furthermore, the increase in initiatives taken by various organizations for reducing the burden of the diseases and rise in number of clinical trials for the development of medicine for neuropathic pain are expected to boost the growth of neuropathic pain market share. 

Moreover, rise in R&D investments; significant increase in capital income in developed countries; and adoption of developmental strategies such as product launch, collaboration, merger, acquisition, and agreement by key players to stay competitive in the market are the neuropathic pain market trends. For instance, in March 2023, Confo Therapeutics, a company in the discovery of medicines targeting G-protein coupled receptors (GPCRs), announced a worldwide licensing agreement with Eli Lilly and Company for clinical stage CFTX-1554 and back-up compounds of Confo. CFTX-1554, a novel inhibitor of the angiotensin II type 2 receptor (AT2R) currently in Phase 1 clinical development, represents a non-opioid approach to treating neuropathic pain, a devastating condition caused by damage to the nerves outside of the brain and spinal cord, and potentially additional peripheral pain indications. Current treatment methods are often insufficiently effective and lead to serious side effects including addiction. Patients suffering from peripheral pain are therefore in urgent need of effective analgesics that are well-tolerated and do not impact quality of life. 

On the basis of drug class, the market is divided into antidepressants, anticonvulsant, opioids, capsaicin, and others. The capsaicin segment is expected to witness the highest CAGR during the forecast period, owing to a rise in demand for capsaicin, particularly in the U.S., where the product is indicated for treating postherpetic neuralgia and pain related to diabetic neuropathy of the feet. In addition, the increase in clinical trials of capsaicin for the treatment of post-surgical neuropathic pain (PSNP).

On the basis of indication, the market is classified into diabetic neuropathy, spinal stenosis, chemotherapy-induced peripheral neuropathy, and others. The chemotherapy-induced peripheral neuropathy segment is expected to witness the highest CAGR during the forecast period, owing to a rise in cancer patients who taken chemotherapy drugs and cause peripheral neuropathy and availability of products in pipeline for the treatment of chemotherapy-induced peripheral neuropathy. 

On the basis of distribution channel, it is segregated into hospital pharmacies, drugs stores & retail pharmacies, and online pharmacies. The online pharmacies segment is expected to witness the highest CAGR during the forecast period, owing to convenience in shopping, increase in e-commerce sales, improvements in logistics services, and ease in payment options. In addition, the easy accessibility and heavy discounts & offer provided by these online platforms drives the growth of online pharmacies during forecast period.

On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to witness the highest CAGR during the forecast period due to increase in population, unmet medical demand, surge in healthcare expenditure, and increase in cases of neuropathic pain. 

Key findings of the study

• On the basis of drug class, the anticonvulsant segment held the largest share in the neuropathic pain industry in 2022.
• On the basis of indication, the diabetic neuropathy segment held the largest share in the neuropathic pain market analysis in 2022.
• On the basis of distribution channel, the drugs stores & retail pharmacies dominated the neuropathic pain industry in 2022.
• On the basis of region, North America was the major shareholder in 2022. However, Asia-Pacific is expected to witness the highest CAGR during the neuropathic pain market forecast period.