Impact of Outbreak of COVID-19 on Neuropathic Pain Management Market
Global Neuropathic Pain Management Market: Overview
The global neuropathic pain management market is prognosticated to see a steep growth in the coming years, bolstered by the surge in peripheral nerve problems. Trauma, infections, or dysfunction in the central nervous system is the root cause of neuropathic pain. Neuropathic pain management are techniques used to alleviate and control the issue. This includes medications such as anticonvulsants, antidepressants, and anesthetics. The emergence of advanced pain management devices and techniques such as non-opioid pain treatment solutions, analgesic pumps, etc.
This report provides an exhaustive analysis of the global neuropathic pain management market, with focus on market opportunities and possible constraints, along with the latest trends driving the market.
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Global Neuropathic Pain Management Market: Notable Developments
The global neuropathic pain management market is predicted to be influenced by a number of trend in the in the healthcare industry. Some of the key developments that are anticipated to affect the global neuropathic pain management market are as follows:
- Introduction of Grants towards Research
An IASP Developing Countries Project, which continued to March 2018, was launched in January 2018 by the International Association for Pain Studies (IASP), with the aim of increasing pain education and practice in developing countries by providing sufficient grants. Eellan Sivanesan, MD received the Chronic Pain Medicine Research Grant 2018 in November 2018 from the American Society for Regional Anesthesia and Pain Medicine (ASRA). The increasing awareness and funding activotoes offered by institutes and government organizations in this manner is expected to boost the global neuropathic pain management market.
- Vendors Gaining Approval for New Drugs
A new NDA application for Lasmiditan for migraine, with or without aura, migraine stage, for adults was presented by Eli Lilly and the company in November 2018 to the US Food and Drugs Administration (USFDA). This key development is anticipated to augur well for the global neuropathic pain management market in the coming years.
Prominent players operating in the global neuropathic pain management market are Medtronic plc, Eli Lilly and Company, Boston Scientific Corporation, Abbott Laboratories, AstraZeneca PLC, ecton, Dickinson and Company, Pfizer Inc., and Novartis AG.
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Global Neuropathic Pain Management Market Dynamics
The growing incidence of chronic ailments such as diabetes and other cardiovascular diseases is a key factor propelling the global neuropathic pain management market. According to statistics from the World Health Organization (WHO), over 422 million in 2014 were suffering from diabetes. This number is expected to magnify in the coming years, leading to high demand for neuropathic pain management.
The enhancing healthcare infrastructures, growing resource allocation towards research by pharma giants, and novel drug discovery techniques are further fuelling the global neuropathic pain management market.
However, the side effects of drugs such as steroids and opioids may hamper market demand to some extent. Additionally, the high cost of branded drugs could limit the growth of the neuropathic pain management market to some extent. These market limitations, however, may be overcome by the key trend of generic drugs, increased spending on healthcare, and rising demand for minimally invasive techniques.
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Asia Pacific to Register Brisk Growth with High Diabetes Incidence
North America is projected to be a dominant region in the global neuropathic pain management market in the coming years. This could be accounted to the region’s developed and established healthcare infrastructure, swift adoption of technological advances in pain management techniques, and presence of leading vendors in the neuropathic pain management market.
At the same time, Asia Pacific neuropathic pain management market is expected to show promising growth opportunities in the coming years. The growing prevalence of diseases such as diabetes and cardiovascular ailments is contributing to the growth of this regional market.
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