Diabetic Neuropathy Market
Number of pages: 100 | Report Format: PDF | Published date: April 20, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 4.85 billion |
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Revenue Forecast in 2031 |
US$ 7.85 billion |
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CAGR |
5.5% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Disorder, Drug Class, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global diabetic neuropathy market is valued at US$ 4.85 billion in 2022 and is expected to register a revenue CAGR of 5.5% to reach US$ 7.85 billion by 2031.
Diabetic Neuropathy Market Fundamentals
Diabetic neuropathy is one of the most widespread conditions in the world, with a 30 to 50% prevalence among people with diabetes and a considerable morbidity and socioeconomic cost. It is a disease that worsens with time and, if neglected, can result in infections, foot ulcers, and even amputations. These consequences can be avoided with early detection and treatment, which will also enhance the quality of life for diabetic patients. Various novel technologies are being investigated for diabetic neuropathy diagnostic confirmation in certain situations and for use as alternate measures in clinical trials, with recently updated clinical criteria associated with the diagnosis. There is an increasing emphasis on the importance of metabolic variables in the genesis and progression of illnesses. Emerging knowledge suggests that different but related pathways underlie diabetic neuropathy in type 1 versus type 2 diabetes. Neuromodulation has been investigated as a therapeutic approach for painful diabetic neuropathy in several recent research. In individuals with diabetic neuropathy, neuromodulation treatments like transcutaneous electrical nerve stimulation and spinal cord stimulation have shown promise in lowering pain and enhancing the quality of life.
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Diabetic Neuropathy Market Dynamics
Diabetic neuropathy is significantly more likely to occur in people with diabetes. Diabetic neuropathy is becoming more common as diabetes prevalence increases worldwide. During the forecast period, the rise in diabetes prevalence will impact the expansion of the global diabetic neuropathy market for diabetic neuropathy. Additionally, obesity, cardiovascular disease, diabetic neuropathy, and other issues related to glucose management are thought to be the causes propelling the global diabetic neuropathy market revenue growth. The diabetic neuropathy market growth is also impacted by rising urbanization, which promotes unhealthy lifestyles like consuming junk food and sedentary behavior. The American Diabetes Association estimates that there were 171 million diabetic patients worldwide in 2000, which will rise to 366 million by 2030.
The market profits from rising point-of-care, healthcare spending, and other factors supporting diabetic neuropathy trends owing to increasing demand for early diagnosis and treatment. Additionally, it is expected that technological developments and the creation of novel medical devices will further accelerate market revenue growth. As a result, research and development efforts to introduce brand-new, innovative medications for diabetic neuropathic treatment are increasing. For instance, Novartis AG introduced Tegerton (carbamazepine), an anti-convulsant drug, to treat diabetic neuropathic pain by suppressing pain-producing nerve impulses. Additionally, Janssen Pharmaceuticals introduced Nucynta ER opioid analgesics painkillers, specifically used to treat nerve damage brought on by diabetes. Recently the FDA has approved Nucynta ER for use in patients with diabetic neuropathy, and clinical trials have yielded encouraging results. This launch represents a major advancement in the management of this crippling illness.
Healthcare professionals and patients are becoming more aware of the symptoms and indicators of diabetic neuropathy, which has sped up the process of identification and therapy. Additionally, favorable reimbursement policies for treating diabetic neuropathy are expected to fuel market revenue growth. Additionally, a strong pipeline contributes to lucrative opportunities in the global market for diabetic neuropathy.
However, the rising expense of medications used to treat diabetic neuropathy, and the expanding range of alternative therapies, are considered major diabetic neuropathy market challenges. In addition, the factor limiting the growth is the accessibility of other treatments like radiotherapy and physiotherapy, which are more convenient and may provide patients with better clinical outcomes. The strict regulations may also hamper the development of this market revenue, product recalls, delays in FDA clearances, and other similar issues from the regulatory landscape.
Diabetic Neuropathy Market Ecosystem
The global diabetic neuropathy market is analyzed from three perspectives: disorder, drug class, and region.
Diabetic Neuropathy Market by Disorder
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Based on the disorder, the global diabetic neuropathy market is segmented into peripheral neuropathy, autonomic neuropathy, proximal neuropathy, and focal neuropathy.
Peripheral neuropathy accounts for the largest revenue share of the diabetic neuropathy market in 2022. According to the recent finding of a Johns Hopkins University School of Medicine research study, peripheral diabetic neuropathy affects up to 50% of people with diabetes, and its prevalence increases with the duration of diabetes. In a large population-based study, the annual incidence of peripheral diabetic neuropathy was estimated at around 2%. Poor glycemic control, increased obesity and dyslipidemia, upsurge in smoking and leading sedentary lifestyle, and high blood pressure contribute to the high prevalence of diabetes and peripheral diabetic neuropathy. Therefore, due to the rising prevalence of peripheral neuropathy, the segment dominated the market with the largest revenue share.
Diabetic Neuropathy Market by Drug Class
Based on the drug class, the global diabetic neuropathy market is segmented into analgesics, anti-depressants, anti-convulsants, and others. The analgesic drug class includes non-steroidal anti-inflammatory drugs (NSAIDs), opioids, and others. Anti-depressants are further sub-segmented into tricyclic anti-depressants, selective norepinephrine reuptake inhibitors, selective serotonin reuptake inhibitors, and others.
The analgesics segment accounted for the largest revenue share of the global diabetic neuropathy market in 2022. Analgesics led the market expansion due to a rise in non-steroidal anti-inflammatory medications worldwide. Non-steroidal anti-inflammatory medicine prescriptions are more frequently prescribed to treat the illness, boosting the segment’s revenue growth effectively. This encourages the producers of non-steroidal anti-inflammatory medications to invest in research and development, which enriches the clinical pipeline. Non-steroidal anti-inflammatory drugs help decrease pain, fever, and others rapidly, improving healing faster. The development of novel gel formation therapies, an increase in innovative painkillers, and other advantages of opioids support the diabetic neuropathic market trends. Additionally, the increased number of doctors recommending opioids for treatment and increased patient acceptance fuel the global diabetic neuropathy market revenue growth. Moreover, anti-depressants and seizure medications can be used to treat diabetic neuropathy by raising the concentration of neurotransmitters in the brain; anti-depressants aid in reducing pain, issues brought on by insufficient sleep, and other issues.
Diabetic Neuropathy Market by Region
Based on the region, the global diabetic neuropathy market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global diabetic neuropathy market in 2022. The U.S. healthcare industry is expanding due to the rising incidence of chronic diseases like diabetes and the desire for tailored therapy, which makes it a desirable market for pharmaceutical and biotech firms. As a result, these businesses are increasingly competing with one another to provide novel medicines and treatments that can meet the wide range of needs of patients in the area.
In terms of diabetic neuropathy market size, the market is also growing with a significant revenue share in Europe. The market has been primarily driven by an increase in diabetic neuropathy cases and an aging population, particularly in Italy, Germany, France, and the United Kingdom. The market is expected to experience considerable expansion during the forecast period, nevertheless, as a result of key players emphasizing growing their presence in Europe and growing public awareness of the importance of early diagnosis and treatment of diabetic neuropathy. Additionally, encouraging government programs and financing for research and development activities are expected to support market revenue expansion.
Due to rising research and development activity in medication development, Asia-Pacific is anticipated to account for a significant diabetic neuropathy market revenue share during the forecast period. Additionally, it is anticipated that the rising prevalence of diabetes in the area will increase demand for treatments for diabetic neuropathy and propel market revenue expansion. People with diabetic neuropathy are becoming more common in Asia-Pacific due to poor posture brought on by aging, lifestyle changes, and genetic predisposition. In Asia, diabetic neuropathy is becoming a bigger issue. According to the Hindu Times report from 2019, China leads the list with over 116 million diabetics, and India has 77 million diabetics, the second-highest number in the world.
Diabetic Neuropathy Market Competitive Landscape
The major industry players are focusing on innovation and launching novel interventions to improve medicine efficacy to keep their competitive edge in a market that is becoming more crowded and to fulfill the growing demand for environmentally friendly products. These initiatives aim to lessen the risk of problems and enhance patient outcomes. These businesses also boost their R&D investments to keep their competitive advantage and market position. These businesses collaborate with academic institutions and other business partners to develop breakthrough cures faster and bring them to market. Along with enriching the firms engaged, this technique benefits healthcare as a whole. Additionally, companies across the region are putting effort into their expansion which is also expected to improve the diabetic neuropathy market outlook. Notable market participants account for the largest revenue share of the global diabetic neuropathy market include,
Diabetic Neuropathy Market Strategic Development
Diabetic neuropathy is a type of nerve damage that is one of the most prevalent diseases in diabetic patients.
Advanced treatment strategies and increased disease prevalence are the key driving factors to fuel the global diabetic neuropathy market revenue growth.
Stringent regulation for drug approval is potentially restricting the growth of the global diabetic neuropathy market.
Key companies operating the global diabetic neuropathy market are Pfizer, Inc., Lupin Ltd, Abbott Laboratory, Johnson & Johnson Private Limited, and Boehringer Ingelheim.
The global Diabetic Neuropathy market is expected to register a revenue CAGR of 5.5% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain