The global neuralgia treatment market was valued at USD 1.8 billion in 2019 and is expanding at a CAGR of 6.0% during the forecast period, 2021-2028. The growth of the market is attributed to increasing number of diabetic patients and high rate of trigeminal neuralgia. Furthermore, conditions such as multiple sclerosis can cause neuralgia. Multiple sclerosis is a condition in which the body’s immune system attacks the myelin sheath, which in turn, causes neuralgia.
Neuralgia is a short, recurring pain in body parts or along a specific nerve. The sensation of pain may feel like stabbing, burning, or an electric shock. The condition is caused, due to the damage to the peripheral nervous system, beyond the brain, and is known as peripheral neuralgia.
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Market Trends, Drivers, Restraints, and Opportunities:
- Increasing number of patients with trigeminal neuralgia is driving the neuralgia treatment market.
- Rising geriatric population across the world propels the neuralgia treatment market.
- Increasing number of diabetic patients is anticipated to drive the market.
- High costs imposed on surgery is hampering the market growth.
- People belonging to low-income groups cannot afford the neuralgia treatment, as it is expensive. This factor is restraining the market growth.
- Adverse effects related to the neuralgia treatment and presence of alternative therapies may hamper the neural pain treatment market.
- Technological advancement leads to new opportunities in the neuralgia treatment market.
Surgery-based Treatment Market held a significant market share
Based on treatment, the neuralgia treatment market is fragmented into drug-based and surgery. The surgery-based treatment segment held the maximum market share in 2019 and is anticipated to grow significantly during the forecast period. The segment is driven by increasing awareness about various treatment options and high cost of surgeries. The surgery segment is sub-segmented into radiofrequency thermal lesioning, stereotactic radiosurgery, Microvascular Decompression (MVD), and others. MVD held a key market share in 2019.
Hospitals and Clinics segment held a key market share in 2019
On the basis of distribution channels, the neuralgia treatment market can be fragmented into hospitals, clinics, retail, and others. The hospitals and clinics segment is expected to dominate the neuralgia treatment market and hold a key revenue share during the forecast period. Increasing cases of neuralgia and rising number of surgical procedures are driving the market. As per the National Institute of Neurological Disorders and Stroke, trigeminal neuralgia is a progressive disorder and often becomes resistant to medication. Hence, the patients usually opt for surgeries.
The ambulatory surgery centers segment is expected to grow rapidly during the forecast period. The growth of the segment is attributed to increasing demand for a reduction in hospital stay. Treatment procedures such as radiofrequency rhizotomy are performed under general anesthesia. This procedure takes a few minutes in the operating room and few additional hours in the recovery room.
North-America dominates the global market
In terms of regions, the neuralgia treatment market is expected to grow rapidly during the forecast period. North America dominated the market and accounted for a revenue share in 2019. The market in North America is anticipated to grow rapidly during the forecast period. Availability of urinary drainage bags market in North America is driven by rising incidence of neuralgia and the presence of key market players in the region. Furthermore, increasing awareness regarding different treatment options is expected to boost the market in North America.
Compititive Landscape
Key players in the neuralgia treatment market include GlaxoSmithKline PLC, Pfizer Inc., Novartis AG, Biogen, Cadila Healthcare Limited, Lundbeck Pharmaceuticals LLC, Allergan Plc, GlaxoSmithKline Plc., Biogen Inc. and Abbott Laboratories. For instance, in February 2019, Zydus Cadila received FDA approval to market Carbamazepine, which is used in treatment of neuralgia.
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