The global neuralgia drugs market is estimated to garner a sizeable revenue and grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing prevalence of trigeminal neuralgia, increasing incidence rate of diabetes around the world, and rise in occurrence of diseases such as multiple sclerosis. According to the World Health Organization (WHO), 422 million people worldwide are suffering from diabetes, out of which 1.6 million people succumb to this disease every year. Along with these, rapidly growing geriatric population since the last two decades and rising governmental support regarding the manufacture of post herpetic neuralgia treatment products are also expected to drive market growth in the upcoming years. Furthermore, surge in development of healthcare infrastructure worldwide coupled with escalating disposable income of the global population are projected to provide profitable opportunities for market growth in the near future.
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The market is segmented by distribution channel into hospital pharmacies, retail pharmacies, online pharmacies, and others, out of which, the hospital pharmacies segment is anticipated to hold the largest share in the global neuralgia drugs market on account of the fact that frequent interactions of prescriber and other health professionals are promoted in a hospital facility, and it offers improved input in making efficient drugs related decisions. Additionally, on the basis of type, the segment for anticonvulsants is estimated to acquire the largest share during the forecast period, which can be credited to the high usage of carbamazepine, which is an anticonvulsant, for the initial treatment of trigeminal neuralgia across the globe. Apart from these, effectiveness of these drugs in calming hyperactivity in the brain is also predicted to boost the growth of the market segment in the future.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global neuralgia drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing occurrence of diabetes and rising elderly population in the region. In addition, growing development of large specialty hospitals in countries namely China and India, is also projected to drive the region’s market growth in the coming years. Moreover, the market in North America is assessed to grab the largest share during the forecast period owing to the rising awareness associated with the availability of several treatment options, increase in healthcare spending and strong presence of prominent market players in the region. According to the National Health Expenditure Accounts (NHEA), total healthcare spending in the United States grew 4.6 percent in 2019, reaching $3.8 trillion or $11,582 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent.
The global neuralgia drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the global neuralgia drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are growing prevalence of trigeminal neuralgia and increasing incidence rate of diabetes around the world.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Poor efficacy of several available neuralgia drugs is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing occurrence of diabetes and rising elderly population in the region.
The major players in the market are Pfizer, Inc., Novartis AG, Biogen Inc., Cadila Healthcare Limited, Lundbeck Pharmaceuticals LLC, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, distribution channel, and by region.
The anticonvulsants segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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