by Trigeminal neuralgia, also known as tic douloureux, is a chronic pain condition that affects the trigeminal or 5th cranial nerve, which supplies sensation to the face. The products used in trigeminal neuralgia treatment are medications such as anticonvulsants, local anesthesia, the combination of medication and microvascular decompression surgery. The global Trigeminal Neuralgia Treatment Market is estimated to be valued at US$ 242.95 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing incidences of trigeminal neuralgia disorder is one of the key trends projected to propel the growth of trigeminal neuralgia treatment market over the forecast period. Trigeminal neuralgia is a rare long-term facial pain condition that affects the trigeminal or 5th cranial nerve, which supplies sensation to the face. Although it can occur at any age, it most commonly affects those over 50 years old and women are affected more often than men. According to a study published by National Institute of Neurological Disorders and Stroke in 2017, around 1 in 25,000 people in the United States have trigeminal neuralgia. Moreover, changing lifestyle and dietary habits leading to increased stress levels is also resulting in rising prevalence of trigeminal neuralgia disorder worldwide thereby, boosting the trigeminal neuralgia treatment market growth.
SWOT Analysis
Strength: The trigeminal neuralgia treatment market is growing rapidly due to increasing prevalence and recurrence of trigeminal neuralgia cases. Rising R&D investments by major players for developing advanced treatment options also supports market growth.
Weakness: High costs associated with trigeminal neuralgia treatment options and surgeries can hamper market growth. Lack of awareness about the condition in developing regions also acts as a challenge.
Opportunity: Presence of significant unmet needs in trigeminal neuralgia treatment presents scope for players to develop novel treatment approaches. Emergence of new technologies like neurostimulation therapies is expected to create new opportunities in the market.
Threats: Strong competition existing among major market players makes it difficult for smaller players to grow their business share. Stringent regulations can lead to delays in approvals and commercialization of new products.
Key Takeaways
Global Trigeminal Neuralgia Treatment Market Growth is expected to witness high growth over the forecast period of 2023-2030.
Regional analysis: North America dominates the global trigeminal neuralgia treatment market currently due to growing prevalence in the region and presence of advanced healthcare facilities. Asia Pacific market is expected to grow at a fast pace due to improving access to healthcare and increasing patient awareness.
Key players operating in the trigeminal neuralgia treatment market are F. Hoffmann-La Roche Ltd. (Switzerland), Teva Pharmaceutical Industries Ltd. (Israel), Sanofi (France), Pfizer Inc. (U.S.), GSK plc (U.K.), Novartis AG (Switzerland), AstraZeneca (U.K.), Johnson & Johnson Private Limited (U.S.), Sun Pharmaceutical Industries Ltd. (India), Merck & Co., Inc. (U.S.), Bristol-Myers Squibb Company (U.S.), Abbott (U.S.), Hikma Pharmaceuticals PLC (U.K.), Allergan (Ireland), Eli Lilly and Company (U.S.), Aurobindo Pharma (India), Lupin (India), SHIONOGI & Co., Ltd. (Japan), AbbVie Inc. (U.S.). Key players are focused on product launches and approvals to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
