Neuralgia Treatment Global Market Report 2024: Emerging Therapies, Market Size, and Competitive Landscape

"The Business Research Company recently released a comprehensive report on the Global Neuralgia Treatment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The neuralgia treatment market size has grown strongly in recent years. It will grow from $2.15 billion in 2023 to $2.3 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to rising prevalence of neuralgia, neuropathic pain awareness, rise in chronic pain conditions, presence of high disposable income, government initiatives.

The neuralgia treatment market size is expected to see strong growth in the next few years. It will grow to $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to aging population, emerging therapies, increasing incidences of diabetes, high healthcare expenditure. Major trends in the forecast period include advancements in pain management, innovative products, digital health integration, development of new drug delivery systems.

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Market Drivers and Trends:

The rising prevalence of chronic diseases, such as diabetes, is expected to propel the growth of the neuralgia treatment market going forward. Chronic diseases are problems that last a year or longer, necessitating continuing medical care, restricting everyday activities, or both. Diabetes is a long-term metabolic condition characterized by high blood glucose, also called blood sugar. Neuralgia treatment can treat diabetic neuropathy, the nerve damage that can occur in people with diabetes. For instance, in December 2021, according to the International Diabetes Federation, a US-based intergovernmental organization, diabetes affected 537 million adults (20-79 years old) in 2021 and it is predicted that the number will increase to 643 million people by 2030 and a total of 783 million by 2045. Therefore, the rising prevalence of chronic diseases, such as diabetes, is driving the growth of the neuralgia treatment market.

Major companies operating in the neuralgia treatment market are focused on developing innovative products and solutions to sustain their position in the market. For instance, in April 2023, in India, GlaxoSmithKline Pharmaceuticals Ltd., an India-based pharmaceutical company, launched Shingrix, the world's first non-live and recombinant subunit vaccine. This vaccine is designed to prevent shingles and post-herpetic neuralgia in adults aged 50 years and older and is administered intramuscularly in two doses. Shingrix combines the antigen glycoprotein E with the adjuvant system AS01B to produce a potent and long-lasting immunological response that can help counteract the immune system's deterioration with age. Clinical trials have shown that it is 97% effective in preventing shingles in adults. It also effectively prevents post-herpetic neuralgia, a painful complication of shingles.

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Major Key Players of the Market:

Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., Bayer AG, Novartis AG, Bristol-Myers Squibb Company, AstraZeneca PLC, Abbott Laboratories, GlaxoSmithKline PLC, Eli Lilly and Company, Gilead Sciences Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Astellas Pharma Inc., Biogen Inc., Daiichi Sankyo Company Limited, Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Limited, Horizon Therapeutics, Purdue Pharma, Dr. Reddy's Laboratories, Cipla Limited, Hikma Pharmaceuticals PLC, Zydus Lifesciences Ltd., Lupin Limited, Mallinckrodt Pharmaceuticals, Glenmark Pharmaceuticals, Tonix Pharmaceuticals.

Neuralgia Treatment Market 2024 Key Insights:

• The Neuralgia Treatment Global Report 2024 is expected to grow to $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Growing Prevalence Of Chronic Diseases, Including Diabetes, Fuels Growth In The Neuralgia Treatment Market
• Innovative Products Drive Market Advancements In The Neuralgia Treatment Industry
• North America was the largest region in the neuralgia treatment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in neuralgia treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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