Rising Prevalence of Neuropathic Pain in the U.S: A Comprehensive Analysis of the Treatment Market
Burlingame, March 06, 2023 (GLOBE NEWSWIRE) — According to Coherent Market Insights’ analysis, the U.S. neuropathic pain treatment market is estimated to be valued at US$ 2,064.9 Million in 2022 and expected to exhibit a CAGR of 4.8% during the forecast period (2022-2030).
Key Trends and Analysis of the U.S. Neuropathic Pain Treatment Market:
Key trends in the market include research and development activities related to drugs to treat neuropathic pain, increasing product approvals from regulatory authorities, and increasing number of acquisitions between market players
Increasing research and development activities is expected to fuel the U.S. neuropathic pain treatment market growth over the forecast period. For instance, In July 2022, Vertex Pharmaceuticals Incorporated, U.S. based biopharmaceutical company announced that the company intends to initiate a Phase 2 dose-ranging study of VX-548 in neuropathic pain by the end of 2022
Rising product approvals by regulatory authorities are expected to drive growth of the U.S. neuropathic pain treatment market. For instance, in March 2022, Daiichi Sankyo Company, Limited, a global pharmaceutical company, announced that it had received approval from Pharmaceuticals and Medical Devices Agency in Japan to change the indication of the analgesic “Tarlige Tablets” (mirogabalin besilate) from “peripheral neuropathic pain” to “neuropathic pain.”
Growing number of acquisitions between market players is expected to boost growth of the U.S. neuropathic pain treatment market over the forecast period. For instance, in October 2020, Eli Lilly and Company, a U.S.-based pharmaceutical company, announced a definitive agreement to acquire Disarm Therapeutics, a biotechnology company. As a result of this agreement, Eli Lilly and Company added Disarm’s SARM1 inhibitors, which is indicated for the treatment of peripheral neuropathy and other neurological diseases, to its product portfolio.
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U.S. Neuropathic Pain Treatment Market Report Coverage
|Base Year:||2021||Market Size in 2022:||US$ 2,064.9 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||4.8%||2030 Value Projection:||US$ 2,994.0 Mn|
|Companies covered:||Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Dr. Reddy’s Laboratories Ltd., Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., NeuroBo Pharmaceuticals, Inc., LEXICON PHARMACEUTICALS, INC., Asahi Kasei Corporation, Vertex Pharmaceuticals Incorporated, and Biogen|
|Restraints & Challenges:||
Key Market Takeaways:
Increasing prevalence of diabetes causing diabetic neuropathy is expected to drive the U.S. neuropathic pain treatment market growth over the forecast period. For instance, according to the data published by the Centers for Disease Control and Prevention in 2020, 34.2 million people of all ages, or 10.5% of the U.S. population had diabetes in 2018. 34.1 million adults aged 18 years or older or 13.0% of all US adults had diabetes.
Key players operating in the U.S. neuropathic pain treatment market include Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Dr. Reddy’s Laboratories Ltd., Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., NeuroBo Pharmaceuticals, Inc., LEXICON PHARMACEUTICALS, INC., Asahi Kasei Corporation, Vertex Pharmaceuticals Incorporated, and Biogen
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- U.S. Neuropathic Pain Treatment Market, By Drug Type:
- Pain Relievers
- Anti-seizure Medications
- Topical Treatments
- Pain Relievers
- U.S. Neuropathic Pain Treatment Market, By Indication:
- Diabetic Peripheral Neuropathy
- Chemotherapy-induced Peripheral Neuropathy
- Idiopathic Peripheral Neuropathy
- U.S. Neuropathic Pain Treatment Market, By Distribution Channel:
- Hospitals Pharmacies
- Retail Pharmacies
- Online Pharmacies
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