April 20, 2024
Peripheral Neuropathy Treatment Market

Peripheral Neuropathy Treatment Market Is Driven by Growing Incidence of Neurological Disorders

The peripheral neuropathy treatment market comprises products such as drugs, therapies, medical devices designed to manage and treat peripheral neuropathy, a condition affecting the peripheral nervous system. Non-opioid medications like pregabalin and duloxetine along with pain therapies like transcutaneous electrical nerve stimulation and nerve block are commonly used in the treatment of peripheral neuropathy. The growing incidence of diabetes, chemotherapy-induced neuropathy, and other neurological disorders has significantly driven the demand for peripheral neuropathy treatment worldwide.

The Global peripheral neuropathy treatment market Demand 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 2030.

Key Takeaways

Key players operating in the peripheral neuropathy treatment 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. These key players are focusing on new product launches and strategic collaborations to expand their market share. For instance, in 2022 McKesson Corporation launched a neurostimulation device to treat chronic pain associated with peripheral neuropathy.

The growing prevalence of diabetes and chemotherapy-induced neuropathy has significantly driven the demand for peripheral neuropathy treatment worldwide. As per the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 and the number is projected to rise to 783 million by 2045. Chemotherapy-induced peripheral neuropathy (CIPN) affects nearly 38% of all cancer patients undergoing chemo.

The increasing R&D initiatives and clinical trials to develop advanced treatment options along with rising healthcare expenditure are fueling the expansion of the global peripheral neuropathy treatment market. For example, DMedHOK, Inc. recently conducted a clinical trial to evaluate the safety and efficacy of its neurostimulation patch for diabetic peripheral neuropathy. In addition, growing awareness regarding available treatment options and increasing access to healthcare facilities especially in developing nations are some other factors contributing to the global market growth.

Market Key Trends

Neurostimulation therapeutics is one of the key trends gaining traction in the peripheral neuropathy treatment market. Non-invasive neurostimulation devices like TENS and neuromodulation devices are increasingly being used to manage neuropathic pain. Neurostimulation techniques help modulate pain signals transmitted by damaged peripheral nerves. Ongoing research and ongoing clinical trials to develop more efficacious neurostimulation systems through novel mechanisms of action like closed-loop stimulation are anticipated to boost the adoption of neurostimulation therapeutics for peripheral neuropathy over the forecast period.

Porter’s Analysis

Threat of new entrants: New entrants face high capital requirements and established brand loyalty of existing players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative treatment options.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the fragmented nature of raw material supplies.

Threat of new substitutes: Substitutes offer limited threat as they provide alternative therapies but peripheral neuropathy has limited treatment options.

Competitive rivalry: Intense competition exists among existing players to gain market share.

Geographical Regions

North America currently holds the major share of the global peripheral neuropathy treatment market owing to rising prevalence of diabetes and increasing R&D investments.

Asia Pacific is expected to witness the fastest CAGR over the forecast period due to growing healthcare spending, rising geriatric population, and increasing awareness regarding peripheral neuropathy treatment.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it