Global Sodium Channel Blockers Market Poised for Growth on Account of Rising Incidences of Chronic Pain

Global Sodium Channel Blockers Market Poised for Growth on Account of Rising Incidences of Chronic Pain

The global sodium channel blockers market is one of the fast-growing therapeutic areas owing to the rising demand for pain management drugs. Sodium channel blockers are a class of analgesic drugs that work by blocking sodium ion channels in nerve cells, interrupting the transmission of pain signals to the brain. These drugs play a crucial role in treating various chronic pain conditions like neuropathic pain, fibromyalgia, back pain, arthritis, and multiple sclerosis. According to estimates, more than 1.5 billion people suffer from chronic pain globally. With the growing geriatric population and rising prevalence of lifestyle diseases, the incidence of chronic pain is expected to increase substantially in the coming years.

The global sodium channel blockers market is estimated to be valued at US$ 5.64 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the global sodium channel blockers market are Biogen, Merck & Co., Parion Sciences, AlphaNavi Pharma, Vertex Pharmaceuticals, SK biopharmaceuticals, UCB Biopharma, Mylan Pharmaceuticals, Daewoong Pharmaceutical Co. Ltd., and Bio-Techne. These leading companies are focusing on expanding their product portfolios through acquisitions and licensing deals. For instance, in 2022, Bio-Techne acquired ACD/Labs to enhance its pain portfolio.

The key opportunities in the global Sodium Channel Blockers market include the development of novel drug delivery systems, expanding indications, and focus on rare diseases. Catheter-based drug delivery systems and long-acting injectables are being researched to improve patient compliance. Additionally, companies are investigating the role of sodium channel blockers in other neurological conditions like epilepsy and migraine.

Globally, the sodium channel blockers market is anticipated to witness high growth in the Asia Pacific and Latin American regions. Factors such as the rising burden of chronic diseases, increasing healthcare expenditure, and growing awareness about pain management are expected to drive the adoption of sodium channel blockers in emerging markets. Large pharmaceutical players are actively pursuing partnerships and joint ventures with regional companies to strengthen their presence outside core markets.

Market Drivers

Growing geriatric population: According to the UN, the number of elderly people aged 65 years or older is projected to rise from 727 million to 1.5 billion between 2020 and 2050 globally. The aged population is more prone to chronic pain conditions. This increasing pool of geriatric population acts as a high-impact driver for this market.

According to the UN, the number of elderly people aged 65 years or older is projected to rise from 727 million to 1.5 billion between 2020 and 2050 globally. The aged population is more prone to chronic pain conditions. This increasing pool of geriatric population acts as a high-impact driver for this market. Increasing awareness: Rising awareness about pain management options and availability of effective drugs is fueling the adoption of sodium channel blockers. Government initiatives and campaigns targeted toward patients and healthcare professionals are enhancing awareness. This factor is promoting early diagnosis and treatment of pain-related issues.

Market Restraints

Side Effects: Common side effects associated with sodium channel blockers include drowsiness, dizziness, headache, nausea, constipation, dry mouth, and blurred vision. Long-term use may also lead to tolerance and dependency. The risk of side effects limits the wide adoption of these drugs.

Patent Expiries: Major patents on blockbuster sodium channel blocker drugs are set to expire in the next 5-10 years. This will increase competition and pricing pressure as generic versions enter the market. It may restrain the growth of innovator companies to some extent.

Segment Analysis

The global sodium channel blockers market can be segmented based on product type, indication, and distribution channel. The product type segment can further be classified into local anesthetics, antiarrhytmics, and anticonvulsants. The local anesthetics sub-segment dominates the market owing to its widespread usage for post-operative pain management, dental surgeries, and other localized indications.

Within the regional analysis, North America represents the largest market for sodium channel blockers. The rising prevalence of epilepsy, cardiovascular diseases, and neuropathic pain conditions in the US and Canada is driving regional market growth. Additionally, the presence of major pharmaceutical companies engaged in the development and commercialization of sodium channel blocking agents boosts market revenue. Europe also holds a significant share in the global market due to the growing geriatric population and increasing research initiatives for pain management therapies. However, Asia Pacific is expected to witness the fastest growth over the forecast period owing to improving healthcare infrastructure, increasing awareness regarding chronic diseases, and rising healthcare expenditure in developing countries such as India and China.

What Are The Key Data Covered In This Global Sodium Channel Blockers Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Global Sodium Channel Blockers's growth between 2024 and 2031.

:- Accurate calculation of the size of the Global Sodium Channel Blockers and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Global Sodium Channel Blockers Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Global Sodium Channel Blockers vendors

FAQ’s

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Author Bio:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)