Neuropathic Pain Management Market | Growing Geriatric Population susceptible to Chronic Diseases opens Avenues for Vendors in Market
Rising incidence of diabetes that has risk of developing into neuropathic pain is fuelling the neuropathic pain management market. According to estimates, the number of people with diabetes is projected to double from current figures by 2030. The most common complication of diabetes - diabetic polyneuropathy - over a long term leads to neuropathic pain.
On the other hand, surge in expenses in diabetes associated with diabetic polyneuropathy, which amounts to almost fourfold increase due to increased requirement of drugs and surgical procedures further boosts the neuropathic pain management market.
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Management of neuropathic pain associated with certain types of cancers provides immense opportunities to the neuropathy pain market. For certain types of cancer, neuropathic pain develops as a late stage complication, thus fueling the neuropathic pain management market.
A number of chronic diseases lead to the occurrence of neuropathic pain, principal among them being diabetes. Other causes of neuropathic pain include nerve root avulsions, postherpetic neuralgia, and other causes of nerve inflammation. Anesthetics, anticonvulsants, and antidepressants are some of the usual medications prescribed for neuropathic pain.As per TMRR, as geriatric population sees an increase its number, such cases would rise, driving the global neuropathic pain management market on a sturdy growth curve over the forecast period of 2019 to 2029.
Growing geriatric population in several parts of the world, which is expected to increase to 22% to make about 2 billion of the world’s population by 2050, susceptible to developing chronic diseases is another key reason for rise in neuropathy cases.
Solid Medical Logistics makes North America Frontrunner
Led by the U.S., North America is a key region in the neuropathy pain management market. The presence of some top-notch market players and good medical logistics, substantial awareness, and heavy investments for advanced healthcare and monitoring technologies bode well for the growth of neuropathy pain management market in the region.
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The presence of major market players and a good medical logistical sector, increased awareness and a rising investment in the country for advanced health care and monitoring technologies is set to boost growth in this region in the near future.The Asia Pacific region is expected to witness steady growth in the neuropathic pain management market due to an increased emphasis on palliative care services and reimbursements policies for economically weaker sections of society, which frequently bear the brunt of these chronic diseases.
Asia Pacific is expected to witness steady growth in the neuropathic pain management market in the years ahead. Factors such as increased emphasis on improvement palliative care services and improving reimbursement policies for economically weaker strata of the society are indirectly aiding the neuropathy pain management market in the region. In developing countries of the region, rising awareness for neuro spinal disorders such as neuropathy pain that were usually left untreated is expanding the scope of growth of neuropathy pain management market.
Competitive Analysis:
AstraZeneca, Biogen Inc., Eli Lilly and Company, GlaxoSmithKline Plc, Johnson & Johnson, Pfizer, Inc., Sanofi.
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