June 19, 2024

The Growing Diabetic Neuropathy Market is in Trends by Rising Prevalence of Diabetes

Diabetic neuropathy refers to nerve damage caused by diabetes. It typically occurs when diabetes causes nerve damage over many years due to high blood sugar levels. The symptoms may include pain, numbness, tingling or burning sensation in hands and feet. Diabetic neuropathy can significantly impact the quality of life. Medications like pregabalin and duloxetine are commonly used to manage neuropathic pain caused by diabetic neuropathy. With rising prevalence of diabetes globally, the diabetic neuropathy market is estimated to grow at a significant rate in the coming years.

The Global Diabetic Neuropathy Market is estimated to be valued at US$ 3626.38 mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the Diabetic Neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly and Company generates the highest revenue in this market with its drug pregabalin being a first line therapy for neuropathic pain.
The growing geriatric population and increasing prevalence of diabetes globally is driving the demand for diabetic neuropathy treatments. According to International Diabetes Federation, over 537 million adults are living with diabetes worldwide in 2021 which is projected to rise to 643 million by 2030.
Major pharmaceutical companies are focusing on emerging markets for future growth opportunities in diabetic neuropathy segment. Eli Lilly and Company, Janssen Pharmaceuticals and Pfizer are expanding their presence in Asia Pacific and Latin American countries to tap the latent demand.

Market Key Trends
One of the key trends witnessed in the diabetic neuropathy market is the adoption of newer drug delivery routes apart from oral formulations. Pharmaceutical companies are developing transdermal and injectable formulations to improve medication adherence and overcome challenges with oral therapies. For example, Xenon Pharmaceuticals is developing XEN901, a NaV1.7 inhibitor for post-herpetic neuralgia and diabetic neuropathic pain which may be available as a dermal gel or patch. These innovations are expected to open new growth opportunities in the market.

Porter’s Analysis
Threat of new entrants: High capital requirement and government regulations pose significant barrier for new companies to enter this market.

Bargaining power of buyers: Large pharmacy chains and institutions have bargaining power over drug pricing due to high volume purchases.

Bargaining power of suppliers: Major pharmaceutical companies hold patents on core drugs used to treat diabetic neuropathy limiting competition in the market.

Threat of new substitutes: Limited substitutes exist for drugs used in treatment limiting threat, though alternative treatment options like physiotherapy pose some threat.

Competitive rivalry: Intense competition exists amongst major players to gain higher market share through new product launches and strategic collaborations.

Geographical Regions
North America holds the major share of the global diabetic neuropathy market in terms of value due to high healthcare spending and early adoption of new treatment options in the region.

The Asia Pacific region is expected to witness the fastest growth over the forecast period given the rising prevalence of diabetes owing to changing lifestyles and growing geriatric population in major countries like India and China.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it