Postherpetic Neuralgia Market is Estimated to Witness High Growth Owing to Increasing R&D Activities in Novel Drug Development and Treatment Options
Postherpetic neuralgia refers to the painful condition that occurs after an infection by the varicella zoster virus that causes shingles. It is a complication of shingles where nerve pain or paresthesia persist long after the rash has gone away. The incidence of postherpetic neuralgia increases with age. Current treatment options for postherpetic neuralgia include antidepressants, anticonvulsants, and topical lidocaine. However, the need for safer and more effective treatment modalities is driving increased research and development activities in this market.
The postherpetic neuralgia market is estimated to be valued at USD 756.1 Mn in 2024 and is expected to reach USD 1,157.5 Mn by 2031, growing at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the Postherpetic Neuralgia market are Pfizer Inc, Depomed Inc, Daiichi Sankyo, Endo Pharmaceuticals, Acorda Therapeutics, Mylan, and Teva Pharmaceuticals.
Key opportunities: Increasing geriatric population who are at higher risk of developing Postherpetic Neuralgia presents significant growth opportunities. Also, ongoing R&D for novel treatment options especially non-opioid and non-pharmacological therapies will further propel market growth.
Global expansion: Major players are investing in clinical trials to expand indications and geographical reach of their Postherpetic Neuralgia drugs. Emerging markets of Asia Pacific and Latin America with growing healthcare expenditures present lucrative expansion opportunities.
Market drivers
The increasing R&D activities focused on developing novel drugs and treatment options for Postherpetic Neuralgia is a key market driver. Major pharmaceutical companies have ongoing clinical trials evaluating efficacy and safety of new pipeline molecules. Also, the rising geriatric population globally who have higher susceptibility to shingles infection and Postherpetic Neuralgia complications is expected to fuel market demand over the forecast period.
PEST Analysis
Political: The regulations and legal framework surrounding the usage of pharmaceutical products are very well established and strictly monitored in developed regions like North America and Europe. This provides stability to the market growth.
Economic: The rising healthcare expenditure and increasing disposable income in developed markets allows more patients to access advanced treatment options for postherpetic neuralgia, positively impacting the market revenues.
Social: Greater awareness about postherpetic neuralgia and its management options through patient advocacy groups and social media influence treatment-seeking behavior, ultimately increasing the uptake of prescription medications.
Technological: Innovations in drug delivery mechanisms like topical patches and gels enhance patient compliance for long-term therapy. Development of drugs targeting specific pathophysiological mechanisms of neuropathic pain also aid clinical effectiveness.
Geographical concentration
The North American region accounts for the largest market share in terms of value, owing to the presence of major market players, favorable reimbursement policies, and availability of advanced pain management therapies. The growing geriatric population and increasing incidence of associated health conditions like shingles amplify the burden of postherpetic neuralgia.
Fastest growing region
The Asia Pacific region is projected to witness the highest growth rate over the forecast period. This can be attributed to factors like rising income levels, growing health awareness, expansion of healthcare infrastructure as well as increasing government initiatives to widen healthcare access across developing countries. Additionally, a rapidly aging demographic in countries like China and Japan also positively impacts the disease prevalence.
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