Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Neuralgia Drugs Market size is poised to grow at over 6.3% CAGR during the forecast period i.e., between 2025-2037.
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.
Neuralgia Drugs Sector: Growth Drivers and Challenges
Growth Drivers
- Growing Prevalence of Trigeminal Neuralgia
- Increasing Incidence Rate of Diabetes Around the World
Challenges
- Poor Efficacy of Several Available Neuralgia Drugs
Neuralgia Drugs Segmentation
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 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.
Our in-depth analysis of the global market includes the following segments:
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Customize this ReportNeuralgia Drugs Industry - Regional Synopsis
On the basis of geographical analysis, the neuralgia drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is likely to hold largest revenue share by 2037, on the back of 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.
Companies Dominating the Neuralgia Drugs Landscape
- Pfizer, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Novartis AG
- Biogen Inc.
- Cadila Healthcare Limited
- Lundbeck Pharmaceuticals LLC
- GlaxoSmithKline PLC
- Teva Pharmaceutical Industries Ltd.
- Mylan N.V.
- Endo Pharmaceuticals Inc.
- Teikoku Pharma USA, Inc.
In the News
August 2021- Yuyu Pharma and Novartis Korea entered into an agreement in which Yuyu acquired the exclusive distribution rights for 3 prescription medicines, including Tegretol, a medicine containing carbamazepine used to treat conditions including epilepsy and trigeminal neuralgia.
Author Credits: Radhika Pawar
- Report ID: 3469
- Published Date: Dec 24, 2024
- Report Format: PDF, PPT
