Targeting a large market with high growth
Among the worldwide adult population, up to 10 percent of people are said to be suffering from neuropathic pain at any one time.
The Global Pain Management Therapeutics Market is expected to grow to 77.3 billion EUR in 2025. North America accounts for the largest market share (approx. 40%) followed by Europe (approx. 26%)1. The growth is driven by, among other things, aging populations with increasing prevalence of chronic disorders and favourable healthcare reforms.
The global market for neuropathic pain was valued at around EUR 7 billion in 2022 and is expected to reach over EUR 13 billion by 20332. Market growth is driven by an aging global population with increasing incidences of diseases that can cause nerve pain, including type 2 diabetes, cancer, and shingles. Other drivers include greater awareness of nerve pain among doctors as well as patients. The company’s primary indications – allodynia and hyperalgesia – affect about twenty-five per cent of people suffering from nerve pain
Market growth is driven by an ageing global population with an increasing prevalence of diseases that can cause neuropathic pain, including type 2- diabetes, cancer and shingles. Other driving forces are increased knowledge of neuropathic pain in both doctors and patients. The company's first indication is neuropathic pain characterized by allodynia , (pain produced by a normally innocuous stimulus) (extreme sensitivity to pain), which affects approximately 25% of neuropathic pain patients.
PharmNovo also sees clinical potential for PN6047 in other areas, such as post-surgical and cancer pain, migraine, pruritus (itch) and chronic cough.
Also addresses mood disorders
PharmNovo’s drug candidate PN6047 also addresses an associated problem: neuropathic pain patients frequently suffer from anxiety and depression, which exacerbates their pain and generates a vicious cycle of low mood and increasing pain. DOR agonists can attenuate both pain and the associated emotional disorders. which will have enormous market potential.
If PharmNovo’s DOR agonist PN6047 can attenuate pain and the associated emotional disorders, it will have enormous market potential. A new neuropathic pain medicine such as PN6047 would aid patients’ return to work, increase efficacy and reduce direct health service costs.
1 ZION Market Research. Global Pain Management Therapeutics Market 2016-2025.
2 https://www.persistencemarketresearch.com/market-research/neuropathic-pain-market.asp
