Diabetic neuropathy, also known as diabetic nerve damage, refers to nerve damage caused by diabetes. It may result in pain, numbness, tingling, and weakness. People suffering from diabetes often experience diabetic neuropathy as diabetes can damage nerves over time. This damage interferes with the ability to feel pain, temperature, vibration, and touch, usually in toes or feet but potentially extending up into the lower leg. The global Diabetic Neuropathy Market is estimated to be valued at US$ 3626.38 million in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing prevalence of diabetes is one of the major factors fueling the growth of the global diabetic neuropathy market. As per the International Diabetes Foundation, in 2019 around 463 million adults were suffering from diabetes. This number is expected to rise to 700 million by 2045. A majority of diabetes patients develop diabetic neuropathy over time. With rising diabetes population, the demand for drugs to treat diabetic neuropathy is also growing steadily. Moreover, increasing healthcare investments in R&D activities for novel drug development by leading players are further facilitating the market growth. For instance, Eli Lilly and Company is conducting phase 3 clinical trials for Taltz for treating diabetic peripheral neuropathy.
SWOT Analysis
Strength: The diabetic neuropathy market has strong growth opportunities due to the increasing prevalence of diabetes across the globe.
Weakness: High costs of drugs and therapies for diabetic neuropathy treatment pose a challenge.
Opportunity: Rising awareness about diabetic neuropathy and its management can boost the market sales. New drug innovations also present opportunities.
Threats: Stringent regulations for drug approval and side effects of existing medications are threats.
Key Takeaways
The global diabetic neuropathy market is expected to witness high growth.
Regional Analysis: The North American region currently dominates the market and is expected to continue its dominance over the forecast period. Factors such as the presence of major market players, increasing prevalence of diabetic neuropathy etc. are boosting the North American market growth. The Asia Pacific region is anticipated to witness the highest CAGR during the forecast period. Rapidly developing healthcare infrastructure, rising geriatric population, growing obesity rates leading to increased diabetes cases etc. are fueling the Asia Pacific market growth.
Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. These players are focusing on new drug development and product launches to strengthen their market position. Partnerships and collaborations are also witnessed amongst key players to expand geographic presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it