Peripheral neuropathy is a medical condition caused by damage to the peripheral nervous system, which transmits information from the brain and spinal cord to every other part of the body. People with peripheral neuropathy may experience various symptoms like numbness, tingling, pain or weakness. There are numerous causes of peripheral neuropathy including diabetes, HIV/AIDS, autoimmune disorders, physical trauma and exposure to toxic substances. Treatments options for peripheral neuropathy aim to manage pain, prevent further nerve damage and nerve regeneration. Peripheral neuropathy is a chronic condition requiring long-term management strategies.
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. The rising prevalence of diabetes is a major factor driving the growth of the peripheral neuropathy treatment market. According to the International Diabetes Federation, around 463 million adults were living with diabetes in 2019. Technological advancements in drug delivery systems are also augmenting market growth.
Market Trends
Growing investment in research and development of novel peripheral neuropathy therapies is one of the key trends witnessed in the market. Biologics and monoclonal antibody therapies are some of the advanced treatment options being investigated. Cell therapies using stem cells are also gaining popularity in regenerative peripheral nerve treatment. Another trend is the rise of minimally invasive procedures like focused ultrasound therapy for pain management in peripheral neuropathy.
Market Opportunities
Launch of advanced therapeutics is one of the key opportunities for market players. Drugs targeting specific nerve regeneration pathways offer promising prospects. Combination therapies using biologics with neuropathic pain drugs present an emerging opportunity. Development of nerve regeneration stimulating medical devices and wearables also provide new opportunities.
Impact of COVID-19 on Peripheral Neuropathy Treatment Market
The COVID-19 pandemic has significantly impacted the peripheral neuropathy treatment market. During the early phase of the pandemic, many elective procedures and non-emergency patient visits were either cancelled or postponed. This led to a decline in the number of diagnosis and treatment procedures performed. With travel restrictions and fear of infection, patients avoided visiting hospitals and clinics for their treatment and management of peripheral neuropathy symptoms.
However, as the pandemic progressed and safety protocols were established, healthcare facilities resumed providing treatment. With the use of digital and telehealth solutions, many physicians could effectively interact with and care for patients remotely during lockdowns. This ensured continuity of care. Going forward, as the world learns to live with COVID-19, demand for peripheral neuropathy treatment is projected to gradually increase from current levels. Pharmaceutical companies are also advancing their R&D efforts to develop more effective therapies. Telemedicine is further expected to play a key role in the market's post-pandemic growth by improving access and continuity of care.
The United States accounts for the major share of the global peripheral neuropathy treatment market in terms of value. This is owing to factors such as the high prevalence of risk factors associated with peripheral neuropathy in the country, growing geriatric population, high healthcare spending, and presence of leading pharmaceutical manufacturers. Within the US, states such as California, Texas, and New York hold largest market value respectively due to their huge population bases and concentration of major hospitals and clinics.
Meanwhile, Asia Pacific region is poised to witness fastest growth during the forecast period primarily due to increasing cases of diabetes and rising healthcare expenditure in developing countries like India and China. Government initiatives to strengthen public healthcare infrastructure also favors market expansion in Asia Pacific region.
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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]
