The peripheral neuropathy treatment market comprises various therapeutic treatments used to manage neuropathic pain associated with conditions such as diabetes, chemotherapy-induced peripheral neuropathy, chronic kidney disease, Charcot Marie Tooth disease and others. Therapeutic products include drugs like pregabalin, duloxetine and gabapentin that alleviate symptoms of burning sensation, numbness and pain in legs and feet. The global Peripheral Neuropathy Treatment Market is estimated to be valued at US$ 4.6 billion in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Rising prevalence of diabetes peripheral neuropathy, one of the key drivers of the peripheral neuropathy treatment market. It is estimated that more than 50% of diabetes patients suffer from some form of peripheral neuropathy over their lifetime. High blood sugar levels damage neurons and fibers transmitting signals to and from the peripheral nervous system. As the global prevalence of diabetes continues to increase rapidly worldwide, the incidence of diabetes-induced peripheral neuropathy is expected to amplify significantly. This will propel the demand for analgesic and other medicinal treatments, boosting the peripheral neuropathy treatment market during the forecast period.
SWOT Analysis
Strength: The peripheral neuropathy treatment market has a large patient pool suffering from various forms of peripheral neuropathies. Moreover, the increasing research and development activities for developing novel and advanced treatment options present growth opportunities.
Weakness: High cost associated with treatment and lack of effective treatment are the major challenges faced in this market.
Opportunity: Rising incidence rates of diabetes and cancer are driving the demand for effective peripheral neuropathy treatment options. Emerging economies also present untapped growth opportunities.
Threats: Strict regulatory guidelines for drug approval and long approval timelines can significantly delay the product launches. Various patent expiries of blockbuster drugs also present competition.
Key Takeaways
The global Peripheral Neuropathy Treatment Market Growth is expected to witness high growth in the coming years.
North America currently dominates the market owing to the rising prevalence of diabetes and increasing healthcare expenditure. However, Asia Pacific is anticipated to register the fastest CAGR over the forecast period due to rising geriatric population, growing healthcare awareness and healthcare infrastructure development in major Asian countries.
Key players operating in the peripheral neuropathy treatment market are Pfizer Inc., Depomed Inc., Eli Lilly and Company, GlaxoSmithKline plc. , Bristol-Myers Squibb Company and Biogen Inc. These players are focusing on inorganic growth strategies like mergers, acquisitions and collaborations to expand their product portfolio and strengthen market presence.
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Peripheral Neuropathy Treatment Analysis is expected to hold a value of USD 292.40 Million by 2025 at a CAGR of 3.9%.The Peripheral Neuropathy Treatment Analysis In-Depth competition analysis of the major companies in the report, sector of the report includes the market depictions, requirements, and product portrayals, manufacture, competence, contact figures, cost, and revenue.Major Key PlayersThe key strategies followed by the players operating in the global Peripheral Neuropathy Treatment Analysis were innovation, product development, acquisition, and expansion.Abbott Laboratories (US)Bristol Myers Squibb (US)Novartis AG (UK)Eli Lilly and Company (US)Pfizer Inc (US)GlaxoSmithKline plc (UK)Merck and Co. Inc. (US)Cipla Limited (India)Lupin Limited (India)Reddy's Laboratories (India)Hoffmann-La Roche Ltd. (UK)RxFunction, Inc. (US)Market Segment AnalysisThe Global Peripheral Neuropathy Treatment Analysis has been segmented based on type, treatment, and end user.The market, based on type, has been divided into diabetic peripheral neuropathy (DPN), chemotherapy-induced peripheral neuropathy (CIPN), idiopathic peripheral neuropathy, and HIV/AIDS-associated peripheral neuropathy.The diabetic peripheral neuropathy (DPN)segment is likely to be the largest during the review period due to their increasing prevalence of diabetic peripheral neuropathy in youth with diabetes.The chemotherapy-induced peripheral neuropathy (CIPN) segment is predicted to be the fastest-growing due to increasing chemotherapy for the treatments of cancer patients.
Many market players come up with different treatment methods and devices with advanced technologies.
For instance, in June 2019, RxFunction launched sensory prosthesis for people with peripheral neuropathy.The global Peripheral Neuropathy Treatment Analysis has been segregated, on the basis of treatment, into pharmacological therapies, non-pharmacological therapies, and others.Regional AnalysisGeographically, the global Peripheral Neuropathy Treatment Analysis has been divided into the Americas, Europe, Asia-Pacific, and the Middle East and AfricaBrowse Full Report Page Enabled with complete Table of Content at https://www.marketresearchfuture.com/reports/peripheral-neuropathy-market-8485 About Market Research Future: MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.Contact:+1 646 845 9312 | Email: [email protected]
