The Postherpetic Neuralgia Market is Anticipated to Witness High Growth Owing to Growing Geriatric Population
The Postherpetic Neuralgia Market is Anticipated to Witness High Growth Owing to Growing Geriatric Population
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Postherpetic neuralgia (PHN) is a painful condition that develops from shingles, or herpes zoster virus. It occurs as a painful rash and itching or tingling feeling in an area of skin where shingles occurred. Postherpetic neuralgia happens when the pain associated with shingles persists for months or even years after the rash has healed. It usually affects older adults who have a weakened immune system.
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 operating in the postherpetic neuralgia market are copyright Inc., Merck & Co. Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., and Endo Pharmaceuticals Inc. The growing geriatric population is susceptible to herpes zoster infection due to weakening of the immune system with age.
This presents a huge patient pool for postherpetic neuralgia treatment. North America dominates the global postherpetic neuralgia market owing to the increasing prevalence of herpes zoster and growth in elderly population. The Asia Pacific region offers high growth opportunities for players in the postherpetic neuralgia market due to rising healthcare infrastructure, increasing awareness about postherpetic neuralgia treatment, and growing geriatric population.
Key drivers of the Postherpetic Neuralgia Market include the rising elderly population worldwide susceptible to herpes zoster infection and postherpetic neuralgia. According to the WHO, the global population aged 60 years and older is expected to more than double from current levels of around 962 million to reach nearly 2.1 billion in 2050. This vast geriatric population pool presents a huge market opportunity. Moreover, the growing awareness about the available treatment options for managing postherpetic neuralgia pain further drives the market growth.
However, the high cost of branded drugs for postherpetic neuralgia treatment and side effects associated with drugs such as dizziness, nausea act as a market restraint. Moreover, lack of awareness about postherpetic neuralgia in developing countries and misdiagnosis also hinders the market growth.
Market drivers and restraint:
The growing geriatric population worldwide is a major market driver as elderly people over 60 years are highly susceptible to herpes zoster infection leading to postherpetic neuralgia. According to the UN, the percentage of global population aged over 60 years will nearly double from 12% to 22% between 2015 and 2050. This vast geriatric population pool fuels the demand for postherpetic neuralgia treatment drugs and therapies.
However, the high cost of branded drugs for postherpetic neuralgia treatment acts as a market restraint. Drugs like pregabalin, gabapentin, and lidocaine patches offer some relief for postherpetic neuralgia pain but they are expensive. This out-of-pocket expenditure deters many patients from opting for standard treatment. Moreover, side effects like dizziness, headache, and nausea associated with drugs also hampers market growth by restricting the number of patients tolerant to medications.
Segment Analysis
Postherpetic neuralgia market can be segmented based on treatment type, distribution channel and geography. On the basis of treatment type, the market is divided into drugs and therapy. Drugs segment dominated the market and is expected to witness higher growth rate during the forecast period. This is mainly due to the effective results shown by drug treatment as compared to other alternatives. Drugs are preferred first line of treatment for postherpetic neuralgia patients owing to ease of administration. Within drugs segment, topical lidocaine and oral antidepressants dominate the market.
Geographically, the postherpetic neuralgia market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America currently leads the regional market landscape and is expected to dominate the market during the forecast period. This is attributed to rising demand for effective postherpetic neuralgia treatment options and new product launches in the region. Asia Pacific is expected to register fastest growth rate during the forecast period owing to increasing healthcare expenditure and growing awareness regarding availability of treatment.
Global Analysis
Regionally, North America accounted for largest share of the global postherpetic neuralgia market. However, Asia Pacific is expected to witness highest growth rate over the forecast period. This is owing to increasing geriatric population, rising incidences of herpes zoster and growing healthcare expenditure in emerging economies such as China and India in this region.
Within Asia Pacific, China dominates the regional market and is projected to grow at a considerable pace during the forecast period. Increasing access to healthcare and availability of new treatment alternatives are encouraging PHN patients to opt for effective treatment options in China, thus driving the market.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)