Pune, July 11, 2024 (GLOBE NEWSWIRE) -- Peripheral Neuropathy Market Analysis:
“The Peripheral Neuropathy Market size was valued at US$ 1.48 billion in 2023, estimated to reach US$ 2.38 billion by 2032 with a compound annual growth rate (CAGR) of 5.46% over the forecast period 2024-2032, Say’s SNS Insider.”
Growth Is Surging Because Of Rising Number of People Demanding Neuropathy Therapeutics
Neuropathy itself is a type of nerve damage that invariably occurs peripheral however, diabetes is a top risk factor of neuropathy and its incidence continues to rise on a global scale. This "double threat" is triggering significant requirements in terms of the issues having an effective diagnosis, treating and practice management for peripheral neuropathy which leads to boost on Peripheral Neuropathy market.
While peripheral neuropathy can affect anyone, although according to a recent study emphasized the particular vulnerability of diabetic patients. The research, shows that 225-plus patients who have diabetes under the spotlight in terms of their diagnosis. This has only strengthened the argument for much needed public awareness campaigns and better diagnostics.
The screening of millions for peripheral neuropathy is a unique initiative, in the category where it falls under records zone and has found it is mention in Asia Book Records. This broad initiative served to increase understanding and awareness, as well as supplied critical epidemiological information on the real burden of this disease.
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Major Players Insights Listed in this Report are:
- GlaxoSmithKline plc
- Lupin Limited
- Abbott Laboratories
- Cipla Limited
- Bristol Myers Squibb
- Eli Lilly and Company
- Novartis AG
- Merck and Co. Inc.
- Pfizer Inc
- Reddy's Laboratories
- Other Players
Global Diabetes Crisis: A Major Market Driver
The rising trending of diabetes is expected to be the major driving factor for the Peripheral Neuropathy market. The IDF Diabetes Atlas 2021 study states that over 10% of adults have diabetes and half are even unaware. Worse still, projections for 2045 predict that an eye-popping 783 million people will suffer from diabetes - equating to 1 in 8 adults worldwide. Most of this increase is due to type 2 diabetes, a consequence of the obesity epidemic that arises from factors including social and economic determinants and correlates.
With aging populations and a pandemic of global obesity on the horizon, these are other significant worries at present. Those conditions are also parts of aging and contribute why older people are more prone to nerve damage. Obesity also increases the chance for individuals to develop diabetes, and different comorbidities of neuropathies. Moreover, increasing incidences of chronic disorders such as cancer, hypothyroidism and kidney diseases are expected to boost the peripheral neuropathy market.
Peripheral Neuropathy Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.48 Bn |
| Market Size by 2032 | US$ 2.38 Bn |
| CAGR | CAGR of 5.46% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Rising Cases of Diabetes, Obesity, and Chronic Disease as well as increasing Aging Population |
Research in this area is still ongoing, and it holds its hope for a future outcome. New medications and treatments, whether pharmacological or alternative therapies shed light for patients who are looking to get help The field is active with research - such as a recent Phase 2/3 clinical trial in testing venlafaxine for paclitaxel-induced neuropathy.
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Segmentation Dynamics
On the basis of type, diabetic peripheral neuropathy was dominated with 53.02% of the market share in 2023. This dominance is fuelled by two key trends like the alarming rise in young diabetics experiencing neuropathy and the increasing number of companies focusing on developing targeted treatments for this specific condition.
In terms of treatment, the peripheral neuropathy market relies more on pharmacological therapies (drugs) than others. These have a top stake in the market revenue, as of 2023 with key segments capturing approximately 58.09%. This would seem to underscore that they are the first-line agents for treating peripheral neuropathy.
Further analysis places the market concentration for different treatment settings, with hospitals and clinics easily dominating 76.03% of share by 2023. The reasons for this dominance are multifaceted like the increasing prevalence of chronic diseases, one of which (peripheral neuropathy) tends to lead people towards these facilities as well as hospitals and clinics are commonly associated with diagnosis as well as initial treatment. And so altogether they are the full package for patients combating this disease, with their skills and access to better treatments.
Peripheral Neuropathy Market Key Segmentation:
By Type
- Diabetic Peripheral Neuropathy
- Chemotherapy-induced Peripheral Neuropathy
- Idiopathic Peripheral Neuropathy
- HIV/AIDS Associated Peripheral Neuropathy
By Treatment
- Pharmacological Therapies
- Pain Relievers
- Anti-seizure Medications
- Antidepressants
- Non-Pharmacological Therapies
- Transcutaneous Electrical Nerve Stimulation
- Plasma Exchange
- Intravenous Immune Globulin
- Others
By End User
- Hospitals and Clinics
- Ambulatory Centers
- Others
Regional Analysis
North America had dominated region of the peripheral neuropathy market with 43.06% market share in 2023. This leadership position results from a combination of influences. One of the major drivers is the increasing burden of diabetes in North America which increases peripheral neuropathy market. Second, the established healthcare infrastructure allows for earlier diagnostic and treatment options. Finally, the increasing awareness of peripheral neuropathy in diabetic patients across North America is enhancing research and enabling early diagnosis & treatment-seeking to boost up the peripheral neuropathy market.
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Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Peripheral Neuropathy Market Segmentation, By Type
8. Peripheral Neuropathy Market Segmentation, By Treatment
9. Peripheral Neuropathy Market Segmentation, By End-user
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. Use Case and Best Practices
14. Conclusion
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