Market opportunity


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Pain therapy market » Market opportunity

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.



  • Treatment of chronic pain is still a clearly unmet medical need.

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July 17, 2024

17.5m EUR blended funding from EIC

PharmNovo is very pleased to announce that we have been awarded a 2.5m EUR grant and an opportunity for up to 15m EUR equity investment from the European Innovation Council (EIC) for innovative pain treatment. The equity part being contingent on investments of equal amounts from co-investors.

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June 5, 2024

PharmNovo presenting at the Global Forum

On May 29–30, BioStock hosted the Global Forum. The event is the first of its kind, aimed at bringing together growth stage Nordic life science companies looking to expand into new markets and experts armed with a profound knowledge of how business is done across the globe.

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March 21, 2024

Positive final Phase I results

The final results from the Phase I clinical for our neuropathic pain drug candidate PN6047, demonstrates safety and tolerability and a lack of the adverse effects commonly associated with conventional opioids. The findings from the Phase I trial show that PN6047 is safe and well-tolerated at the doses tested, with no serious adverse events reported.

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March 10, 2024

Meet Bengt von Mentzer, founder and Chief scientific advisor

Bengt von Mentzer founded PharmNovo 16 years ago, and today, his visionary approach and scientific process still drive the development of the groundbreaking compound PN6047. At the intersection of innovation and scientific leadership, Bengt von Mentzer is paving the way for how to reshape the landscape of chronic pain treatment.

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