by Peripheral neuropathy is a condition that causes numbness, pain, and weakness due to damage of the peripheral nerves, which connect the central nervous system to the rest of the body. It is often caused due to factors such as physical trauma, infections, metabolic disorders like diabetes, autoimmune disorders or exposure to chemical toxins. Peripheral neuropathy treatment aims to relieve the symptoms and improve function and quality of life of patients. Common treatments involve medications such as anti-seizure, antidepressant, and pain relief drugs, electrical stimulation therapy, surgery, physical therapy and dietary changes.
The Global Peripheral Neuropathy Treatment Market is estimated to be valued at US$ 2146.54 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031.
The growing geriatric population prone to developing Peripheral Neuropathy Treatment Market Demand conditions and the high incidence rate of diabetes, leading to diabetic neuropathy are major factors driving the demand for peripheral neuropathy treatments. In addition, increasing awareness regarding available treatment options and new product development holds promise for market growth.
Key Takeaways
Key players operating in the Peripheral Neuropathy Treatment market are DMedHOK, Inc., Safecare Technology, Octal IT Solution, McKesson Corporation, LS Retail ehf., Liberty Software, Inc., GlobeMed Group, Datascan, Cerner Corporation, Allscripts Healthcare, LLC, and Epicor Software Corporation, among others. Key players are focusing on developing innovative drugs and combination therapies to expand their product portfolios.
The growing prevalence of diabetes across the world and increasing diabetic population is anticipated to drive the demand for Peripheral Neuropathy Treatment Market Size And Trends. Peripheral neuropathy affects nearly 50% of diabetics. According to IDF Diabetes Atlas published by the International Diabetes Federation in 2021, approximately 537 million adults were living with diabetes in 2021 globally.
Geographic expansion into emerging markets and developing countries is one of the key strategies adopted by prominent players in the market. Companies are investing in research collaborations and new product launches, especially in Asia Pacific and Latin America with large patient pools and growing medical infrastructure and healthcare expenditures.
Market Key Trends
One of the key trends gaining traction in the peripheral neuropathy treatment market is the emerging therapies for genetically induced peripheral neuropathies. Companies are involved in research and clinical trials of therapies targeting underlying genetic mutations causing certain types of peripheral neuropathies. For instance, Takeda Pharmaceutical Company has a pipeline drug TAK-063, a mRNA therapy targeting the genetic causes of hereditary transthyretin-mediated (hATTR) amyloidosis to halt progression of neuropathy. Such targeted therapies hold promise to slow or halt progression and provide long term relief for certain forms of inherited neuropathies.
Porter’s Analysis
Threat of new entrants: Low setup and operational costs allow new companies to enter the market easily.
Bargaining power of buyers: The presence of many established pharmaceutical companies producing peripheral neuropathy treatment drugs and formulations provides buyers with high bargaining power and forces companies to offer competitive prices.
Bargaining power of suppliers: Established raw material suppliers and availability of substitute resources limits the bargaining power of suppliers in peripheral neuropathy treatment market.
Threat of new substitutes: Alternate treatment options like analgesics, antidepressants available but focused specifically on peripheral neuropathy symptoms control limits threat of substitution.
Competitive rivalry: Large number of companies producing similar drugs and formulations intensifies competition in peripheral neuropathy treatment market.
Geographical Regions
North America accounts for the largest share of the global peripheral neuropathy treatment market, primarily due to increase in diabetic population and rising healthcare expenditure in the region. The market in Asia Pacific is expected to grow at the highest CAGR during the forecast period, owing to improvement in healthcare infrastructure and increase in focus of key players on emerging markets in the region.
Regions
Europe is anticipated to exhibit substantial growth in the peripheral neuropathy treatment market over the forecast period. Factors such as rise in neurological disorders, increasing healthcare expenditure, and availability of treatment options are expected to drive the market in the region. Latin America and Middle East & Africa also offer lucrative opportunities for players operating in the peripheral neuropathy treatment market.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
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. LinkedIn Profile
