by Peripheral neuropathy refers to damage or dysfunction of peripheral nerves, located outside of the brain and spinal cord. Common symptoms include numbness, pain, tingling sensations, and weakness. The major types of peripheral neuropathy include carpal tunnel syndrome, diabetic peripheral neuropathy and chemotherapy-induced peripheral neuropathy. Peripheral neuropathy treatment helps manage neuropathic pain and improve nerve function. Some preferred treatment options include medications like pregabalin, duloxetine and gabapentin.
The global Peripheral Neuropathy Treatment Market is estimated to be valued at US$ 1863.31 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of diabetes is a key factor propelling the peripheral neuropathy treatment market growth. Diabetes is one of the major causes of peripheral neuropathy, accounting for approximately 50-70% of neuropathy cases. Rising global diabetes epidemic has led to a significant rise in peripheral neuropathy cases. As per International Diabetes Foundation, approximately 463 million adults were living with diabetes in 2019 and the number is anticipated to rise to 700 million by 2045. Furthermore, lack of physical activity and unhealthy dietary habits have also contributed to the diabetes burden. As peripheral neuropathy has no cure, chronic treatment is required to manage the symptoms, thereby driving the market demand. However, high treatment costs and lack of approved drugs for certain types of neuropathy continue to restrain the market to a certain level.
SWOT Analysis
Strength: The peripheral neuropathy treatment market is witnessing significant research and development activities leading to pipeline drugs with novel mechanisms of action. This is expected to offer more efficacious treatment options.
Weakness: High cost of treatment inhibits patients from adhering to therapeutics, especially in developing regions. Lack of approved drugs for certain complex forms of peripheral neuropathies restricts treatment opportunities.
Opportunity: Rising prevalence of neurological disorders and increasing cases of chemotherapy-induced peripheral neuropathy creates demand for improved therapeutic interventions. Growing healthcare spending in emerging nations creates growth potential.
Threats: Side effects associated with first line drugs reduces patient compliance. Risk of drug-drug interactions also challenges successful treatment. Stringent regulations for drug approval further delays market entry of novel drugs.
Key Takeaways
The Global Peripheral Neuropathy Treatment Market Size is estimated to be valued at US$ 1863.31 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
The global peripheral neuropathy treatment market is expected to witness high growth. Regional analysis comprises North America dominates currently due to high acceptability of advanced treatment options and increasing research activities. However, Asia Pacific region is anticipated to showcase fastest growth owing to rising healthcare spending, growing patient pool and increasing awareness.
Key players operating in the peripheral neuropathy treatment market are Abbott Laboratories, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Dr. Reddy€TMs Laboratories Ltd, Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., and NeuroBo Pharmaceuticals, Inc. Innovation focused on addressing unmet needs through different mechanisms of action will help these companies strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
