The global neuropathic pain market plays a crucial role in addressing chronic pain stemming from nervous system damage. Pharmaceutical companies invest in research to develop medications tailored to manage neuropathic pain, aiming to alleviate symptoms such as shooting or burning sensations. Additionally, advancements in medical devices such as neuromodulation devices offer alternative treatment avenues. This market's growth is fueled by the rising prevalence of neuropathic pain conditions worldwide and the demand for more effective and personalized treatment solutions. Ultimately, these efforts strive to enhance patients' quality of life by providing innovative pharmaceuticals and therapies.
The Global Neuropathic Pain Market valued at USD 5.86 billion in 2023, is projected to reach 11.86 billion by 2031 and will grow at a CAGR of 9.2% during the forecast period of 2022-2029.
Below are the Top Neuropathic Pain Companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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Medtronic
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As a global leader in medical technology, Medtronic offers neuromodulation therapies for neuropathic pain management. Their portfolio includes spinal cord stimulation systems and implantable drug delivery systems, providing innovative solutions to alleviate chronic pain and improve patient's quality of life.
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Europe, South America, Middle East and Africa, Asia-Pacific, and North America
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In November 2020, Medtronic announced that it has been ranked as one of the leading firms for sustainability by the Dow Jones Sustainability North America Index (DJSI North America). This recognition received by the company has increased its credibility in the market, leading to increased demand for its products.
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2.
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Boston Scientific Corporation or its affiliates
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Boston Scientific Corporation is known for its neuromodulation devices designed to treat neuropathic pain. Their products include spinal cord stimulators and peripheral nerve stimulation systems, offering patients alternative treatment options for chronic pain management with a focus on precision and effectiveness.
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Europe, Middle East and Africa, Asia-Pacific, and North America
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In December 2021, Boston Scientific Corporation announced that they had launched WaveWriter Alpha Spinal Cord Stimulator Systems. This product is used for chronic pain and can be used in neuropathic pain. This launch will add up to the revenue of the company and will gain market share in the forecasted period.
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3.
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Abbott
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Abbott is a key player in the neuropathic pain market, offering a range of neuromodulation therapies and devices. Their portfolio includes spinal cord stimulation systems and dorsal root ganglion stimulation systems, providing targeted relief for patients suffering from neuropathic pain conditions.
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SCS System
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Europe, Greater China, South America, Middle East and Africa, Asia-Pacific, and North America
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In January 2017, Abbott announced that they had completed the acquisition of St. Jude Medical, Inc., the company that has been considered a leader in medical devices. This acquisition helped the company to increase its market in terms of medical devices in the future. This completion of the acquisition helped the company to enhance its product portfolio in terms of devices branded and generic pharmaceuticals. It has also strengthened their global medical devices market and expanded their business in the future.
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4.
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NEVRO CORP.
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NEVRO CORP. specializes in developing innovative spinal cord stimulation systems for neuropathic pain management. Their flagship product, the Senza System, delivers high-frequency stimulation to the spinal cord, offering significant pain relief for patients while minimizing side effects commonly associated with traditional therapies.
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Europe, Asia-Pacific, and North America
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In December 2020, NERVO CORP. announced that they had submitted FDA application for Hf10 therapy for a patient suffering from diabetic neuropathy. This submission is a significant milestone in the evaluation of Nevro's proprietary HF10 high frequency spinal cord stimulation therapy to address the many PDN patients and, if approved, would accelerate the sale of the product in the forecasted period.
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5.
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Omron Healthcare, Inc.
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Omron Healthcare, Inc. provides non-invasive devices and solutions for pain management, including neuropathic pain. Their products may include TENS (Transcutaneous Electrical Nerve Stimulation) devices, offering drug-free relief by delivering gentle electrical pulses to nerve endings, effectively reducing pain perception for individuals with neuropathic conditions.
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Europe, Middle East and Africa, Asia-Pacific, and North America
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In June 2019, Omron Healthcare Inc. announced that they had been selected as Winner of 2019 Chicago’s “Best and Brightest Companies to Work For”. This will add up to the company’s achievement and will help the company with its future business goals and ideas.
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Conclusion
The neuropathic pain market is witnessing significant growth driven by advancements in medical technology and increasing demand for effective treatment options. Companies such as Medtronic, Boston Scientific Corporation, Abbott, NEVRO CORP., and Omron Healthcare, Inc. are at the forefront of innovation, offering a diverse range of pharmaceuticals, neuromodulation therapies, and non-invasive devices to address the complex needs of patients suffering from neuropathic pain. Their commitment to research and development underscores a collective effort to improve patient outcomes, enhance quality of life, and alleviate the burden of chronic pain on individuals worldwide.
