The global Neuropathic Pain Treatment Market is being driven by several factors, including the rising prevalence of diabetic neuropathy and increasing healthcare expenditure. However, negative side effects of treatments and a lack of awareness about neurological conditions may hinder market growth.

The incidence of diabetic neuropathy is growing at a significant rate worldwide, with an estimated 420 million adults suffering from diabetes in 2016, and the disease is expected to affect 625 million by 2040. This expanding diabetic population is a major factor driving market growth.

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Government and non-governmental organizations have also increased their healthcare research budgets, further fueling market growth. The increasing incidence of nerve pain, cancer, and resultant neuropathic pain from chemotherapy, trauma from injury or accidents, and increasing penetration by market players are also contributing to market growth.

The market is segmented by indication, treatment, end user, and region. On the basis of indication, the market is segmented into diabetic neuropathy, chemotherapy-induced peripheral neuropathy, spinal stenosis, and others. Diabetic polyneuropathy (DPN) is the most common diabetic complication, with a lifetime prevalence of nearly 50%. DPN is a major cause of disability, and around 20% to 30% of patients with DPN suffer from neuropathic pain. DPN lowers the quality of life and increases healthcare costs associated with diabetes.

The market is also segmented by treatment, with various drug classes such as tricyclic antidepressants, opioids, capsaicin cream, and steroids. Opioids are considered some of the most effective drugs for pain management and are expected to hold a considerable revenue share in the coming years. The market is segmented by end user into hospitals, clinics, and research organizations, with hospitals expected to lead the market with the highest revenue share.

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The global neuropathic pain treatment market is divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the market due to an increase in the geriatric population, which leads to many disorders and diseases. Europe is expected to be the second-largest market during the forecast period, with an increasing number of cancer patients opting for chemotherapy expected to increase the demand for pain management products. Asia Pacific is estimated to be the fastest-growing region due to increasing demand for opioids and antidepressants drug products and expanding R&D in herbal supplements to subside the side effects of these drugs.

The prominent players in the global neuropathic pain treatment market include Eli Lily and Company, Pfizer Inc., Johnson & Johnson Services Inc., GlaxoSmithKline PLC, Bristol-Myers Squibb and Company, Sanofi SA, Baxter Healthcare Corporation, and Biogen Idec Inc.

Overall, the global neuropathic pain treatment market is expected to continue to grow in the coming years, driven by several factors such as the rising prevalence of diabetic neuropathy and increasing healthcare expenditure. However, negative side effects of treatments and a lack of awareness about neurological conditions may hinder market growth.

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