April 20, 2024
Peripheral Neuropathy Treatment Market

Peripheral Neuropathy Treatment Market to Witness High Growth Due to Rising Prevalence of Diabetes

The peripheral neuropathy treatment market encompasses drugs used for treating peripheral neuropathy. Peripheral neuropathy involves damage to the peripheral nervous system, which transmits information from the brain and spinal cord to every other part of the body. This damage causes numbness, pain, tingling, and weakness usually in the hands and feet. Some common causes of peripheral neuropathy include chemotherapy, diabetes, HIV/AIDS, kidney failure, excessive alcohol consumption, etc. However, diabetes is the leading cause of peripheral neuropathy, with nearly 50% of patients with diabetes reporting some form of nerve damage. The increasing prevalence of diabetes around the world owing to the rising obesity rates and sedentary lifestyles is driving the need for effective peripheral neuropathy treatment options.

According to estimates, the Global peripheral neuropathy treatment market Demand is projected to be valued at US$ 2146.54 billion in 2024 and is expected to exhibit a CAGR of 19% over the forecast period of 2024-2030.

Key Takeaways

Key players: Key players operating in the peripheral neuropathy treatment market include 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 players are focusing on developing advanced and innovative treatment methods for peripheral neuropathy.

Key opportunities: Growing healthcare expenditure in emerging economies and increasing research & development activities for new treatments present high-growth opportunities for players in the peripheral neuropathy treatment market. Moreover, the rising acceptance of digital health solutions during and post the COVID-19 pandemic can further aid market expansion.

Global expansion: Leading companies are also exploring opportunities across geographies through partnerships, mergers, acquisitions, and collaborations to strengthen their global distribution networks and market presence. Furthermore, conducive regulatory guidelines in various countries are encouraging manufacturers to penetrate untapped regional markets.

Market drivers: The rising prevalence of diabetes due to obesity, sedentary lifestyles, and unhealthy dietary habits is a key growth driver for the peripheral neuropathy treatment market. According to the International Diabetes Federation, approximately 537 million adults suffered from diabetes in 2021 worldwide. This number is projected to increase to 643 million by 2030 and 784 million by 2045. The growing diabetes population indicates a substantial demand for neuroprotective therapeutics in the coming years.

PEST Analysis
Political: The government policies and regulations impact the peripheral neuropathy treatment market. Regulations around drug approvals and pricing play a key role.
Economic: Growing healthcare expenditure and increasing disposal income are boosting spending on peripheral neuropathy treatment. The rising diagnosis rates also fuel market growth.
Social: Increasing geriatric population across regions is augmenting the patient base requiring neuropathy treatment. Growing awareness about available treatment options expands the customer base.
Technological: Advancements in drug delivery methods and equipment used for treatment procedures are improving clinical outcomes. Telehealth and digital tools help monitor patients remotely.

Geographical Regions with High Market Concentration
North America accounts for the major share of the global market value due to established healthcare infrastructure and significant research initiatives. The growing diabetic population and launch of novel treatment drugs also contribute to market growth.
Asia Pacific is emerging as the fastest growing regional market led by China, Japan and India. Factors like rising healthcare spending, increasing prevalence of neuropathy cases, growing medical tourism and expanding health coverage are boosting the regional market.

Fastest Growing Regional Market
Asia Pacific peripheral neuropathy treatment market is demonstrating impressive growth rate ascribed to the rapidly developing economies and heightened efforts by market players. The increasing healthcare access, escalating burden of neuropathic disorders and growing focus on research are underpinning the regional market expansion. Initiatives by governments to strengthen healthcare infrastructure also aid market penetration in Asia Pacific countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it