Neuralgia is an abnormal symptom that is a result of several effects of the irritated or injured nerve, with symptoms including sharp, burning, and most extreme pain. This damaged nerve can be found in any part of the human body. Such damage to the nerve can cause due to several factors such as multiple sclerosis, cardiovascular diseases, shingles infection, aging, and diabetes.
The advanced treatment of neuralgia is primarily targeted at relieving pain from its origin point. Potential treatment for such issues might need surgery to manage the blood sugar levels of patients suffering from diabetes. Neuralgia disorder is generally found among people aged above 50 years. People who are diagnosed with multiple sclerosis and diabetes become more prone to neuralgia.
Key Dynamics for Neuralgia Treatment Market
The increasing prevalence of diabetes is one of the key factors that are anticipated to boost demand for neuralgia treatment, thus augmenting potential prospects for market growth. In addition to this, growing investment by key market players to introduce advanced treatment methods is also contributing to the market growth.
Moreover, the global market for neuralgia treatment is driven by the increasing occurrence of common neuralgias such as glossopharyngeal, occipital neuralgia, postherpetic, and trigeminal. The COVID-19 pandemic has posed restrictions on the market growth due to enforced restrictions by government bodies, resulted in a temporary halt on business operations. However, it is projected that post-COVID-19, the market will swing back to its normal status.
Segmentation for Neuralgia Treatment Market
- As far as treatment type is concerned, the surgery-based treatment segment led the global market with the highest number of revenue shares and is projected to register a strong CAGR in the years to come.
- In terms of end-use, the hospitals & clinics segment held a majority of shares of the global neuralgia treatment market. This substantial growth is an outcome of an increasing number of surgical procedures conducted at these facilities.
- The surgery segment is predicted to gain a higher edge in the market due to increasing awareness among patients for the available treatment options and favorable reimbursement policies.
Regional Outlook and Analysis for Neuralgia Treatment Market
North America accounted for the largest revenue shares in the global market for neuralgia treatment and is expected to register substantial growth over the forecast period. The growth is attributed to increasing cases of neuralgia in the region and the presence of well-established market players. Asia Pacific market is also anticipated to grow at a healthy growth rate owing to the increasing prevalence of diabetes and a growing geriatric population in the region. In addition to this, increasing investments in research and development activities for the introduction of effective treatments are creating a positive environment for regional market growth.
Key market players are engaged in different strategic acquisitions, collaborations, mergers, and partnerships to increase their manufacturing capabilities and improve their product portfolio. In addition to this, they are looking to gain a competitive edge in the market by increasing their business reach by entering the untapped markets. Leading players dominating the global neuralgia treatment market include Abbott Laboratories, Biogen Inc., Pfizer Inc., Novartis AG, PixarBio Corporation, Lundbeck Pharmaceuticals LLC, Merz Pharma GmbH, Cadila Healthcare Limited, and GlaxoSmithKline PLC. Companies started investing more in research and development initiatives to develop more effective treatments at lower costs.
Deep-dive Insights on Neuralgia Treatment Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/neuralgia-treatment-market