Neuralgia Treatment Market to Grow with a CAGR of 11.80% through 2028

Pharmaceutical innovations, increased awareness, and collaborations are expected to drive the Global Neuralgia Treatment Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Neuralgia Treatment Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Neuralgia Treatment Market stood at USD 1011.65 million in 2022 and is anticipated to grow with a CAGR of 11.80% in the forecast period, 2024-2028. This can be attributed to collaborations and partnerships. Collaborations and partnerships between pharmaceutical companies, medical device manufacturers, healthcare institutions, and research organizations have facilitated the development and commercialization of new neuralgia treatment options. These alliances bring together expertise and resources to accelerate research and ensure that innovative therapies reach patients in need.

Moreover, as patient empowerment becomes a central focus of healthcare, the neuralgia treatment market is expected to shift towards patient-centered care. This trend involves actively involving patients in treatment decisions, considering their preferences, values, and quality of life, and tailoring treatments accordingly.

The growing demand for neuralgia treatment is attributed to several key factors. Firstly, the rising prevalence of diabetes and the elevated incidence rate of trigeminal neuralgia play a significant role in driving this demand. Additionally, conditions like multiple sclerosis can also lead to neuralgia. Multiple sclerosis is a neurodegenerative ailment characterized by the immune system attacking the myelin sheath, causing neuralgia.

According to the Multiple Sclerosis Trust in the U.K., in 2020, approximately 2,500,000 individuals worldwide were grappling with multiple sclerosis. Public Health England reported in 2018 that the prevalence rates of multiple sclerosis in England, Wales, Northern Ireland, and Scotland were approximately 190, 179, 258, and 290 per 100,000 population, respectively. These statistics reveal a growing trend in multiple sclerosis cases, primarily due to improved diagnostic criteria and better access to neurology services, consequently bolstering the market for neuralgia treatment.

Moreover, the increasing incidence of diabetes is a major driver behind the surge in neuralgia cases, thus propelling the market. According to the American Diabetes Association, in 2018, 34.2 million Americans, or 10.5% of the total population, were living with diabetes. Among them, approximately 1.6 million had Type I diabetes, including 187,000 adolescents and children. Diabetes prevalence is particularly high among individuals aged 65 and older, contributing significantly to the growth of the neuralgia treatment market.

Furthermore, the rising prevalence of trigeminal neuralgia is expected to be a driving force in the market's growth trajectory. The National Organization for Rare Disorders reports that there are roughly 10,000 to 15,000 new cases of trigeminal neuralgia reported annually in the United States, with a higher incidence in individuals aged 50 and above. According to the NCBI, the annual incidence of trigeminal neuralgia is 12.6 per 100,000 population, with a greater prevalence in the geriatric population. These factors collectively contribute to the upward trajectory of the neuralgia treatment market over the forecast period.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Neuralgia Treatment Market.”

Based on its treatment, the surgical treatment category dominated the market in 2022 and is expected to experience substantial expansion throughout the projected period. This growth is primarily attributed to the increasing awareness of diverse treatment alternatives and the substantial expenses associated with surgical procedures. To provide some context, the typical costs for neuralgia surgery stand at approximately USD 40,000 for microvascular decompression, USD 38,000 for stereotactic radiosurgery, and USD 3,900 for percutaneous stereotactic radiofrequency rhizotomy.

Based on region, North America held a dominant position in the market in 2022 and is projected to experience substantial growth in the coming forecast period. The urinary drainage bags market in North America is primarily being propelled by the increasing occurrence of neuralgia and the presence of key industry players in the region. Additionally, the growing awareness surrounding various treatment alternatives is expected to further stimulate market growth in North America.

Conversely, the Asia Pacific region is expected to witness the most rapid growth rate during the forecast period. This growth can be attributed to the escalating prevalence of diabetes and the expanding elderly population in the area. For instance, the adult diabetes prevalence rate in India stands at 8.9%, a substantial figure that is poised to drive the market for neuralgia treatment.

Major companies operating in Global Neuralgia Treatment Market are:

• GSK PLC
• Pfizer Inc
• Novartis AG
• Biogen Inc
• Cadila Pharmaceuticals Ltd
• Lundbeck Pharmaceuticals Ltd

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“The Global Neuralgia Treatment Market is on the cusp of transformative changes driven by technological advancements, innovative treatments, and patient-centered approaches. These upcoming key trends promise to enhance the accuracy of diagnosis, increase treatment options, and improve the overall quality of care for individuals suffering from neuralgia-related conditions. As healthcare providers, researchers, and pharmaceutical companies embrace these trends, the future of neuralgia treatment looks increasingly promising, offering hope and relief to millions of patients around the world,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Neuralgia Treatment Market By Treatment (Drug-Based, Surgery), By Indication (Diabetic Neuropathy, Intercostal Neuralgia, Occipital Neuralgia, Peripheral Neuralgia, Postherpetic Neuralgia, Trigeminal Neuralgia), By Distribution Channel (Hospital Pharmacies, Online Pharmacies, Retail Pharmacies), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Neuralgia Treatment Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Neuralgia Treatment Market.

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