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Diabetes-induced nerve damage, also known as diabetic neuropathy, severely impacts patients’ quality of life as it leads to numbness, tingling, and sharp pain in hands, feet, and other areas. Diabetic neuropathy arises because high blood glucose levels damage nerves over time in people with diabetes. The constant exposure of nerve fibers to high blood glucose levels disrupts their ability to carry signals to and from the brain. This causes a loss of sensitivity and normal sensations. Diabetic neuropathy manifests itself in different forms like peripheral diabetic neuropathy affecting feet and hands, proximal diabetic neuropathy impacting hips and thighs, and fcal and multifocal neuropathy.
The global diabetic neuropathy market size is estimated to be valued at USD 3626.38 million in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period of 2023 to 2030. Rising incidences of diabetes owing to obesity, unhealthy lifestyles, and increasing geriatric population are major drivers of this market’s growth. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 globally and the number is anticipated to rise to 643 million by 2030 and 784 million by 2045. Diabetic neuropathy products provide relief from chronic pain and help improve nerve conduction thus enhancing patients’ quality of life.
Key Takeaways
Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals.
Growing incidences of diabetes cases and lack of curative treatment options are fueling the demand for diabetic neuropathy drugs globally.
Companies are exploring new markets in Asia Pacific and Latin America for greater sales opportunities due to increasing healthcare expenditures and large diabetes patient pools in these regions.
Market Key Trends
One of the major trends witnessed in the diabetic neuropathy market is the shift towards functional medicines. Companies are developing nutritional supplements and medical foods containing ingredients like alpha-lipoic acid, acetyl-L-carnitine, and vitamin B1 that provide antioxidant and neuroprotective effects to help manage neuropathic pain and improve nerve health. Functional diabetic neuropathy products are gaining popularity as they allow patients to proactively manage their condition through dietary modifications in addition to medications.
Porter’s Analysis
Threat of new entrants: The established presence of major players makes market entry difficult for new players due to high investment required.
Bargaining power of buyers: Growing prevalence of diabetes has increased bargaining power of buyers, enabling them to negotiate for lower prices.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and established buyers in the market.
Threat of new substitutes: Alternative therapies like pain medication provide low threat of substitution.
Competitive rivalry: Strong competition exists among existing players to launch new and innovative products.
Geographical Regions
North America currently dominates the market due to growing incidence of diabetes and supportive reimbursement policies in the US and Canada.
The Asia Pacific region is expected to witness the fastest growth during the forecast period due to rising diabetic population, increasing healthcare expenditure, and growing awareness about neuropathic pain treatment.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
