Diabetic Neuropathy refers to nerve damage caused by diabetes. It usually affects the feet and legs but can also affect other areas like hands, arms, digestive tract. The symptoms range from numbness, tingling pins and needles sensation to burning pain. Diabetic neuropathy products help in managing the pain and other symptoms. The global Diabetic Neuropathy Market is estimated to be valued at US$ 3626.38 million in 2023 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 a major factor driving the growth of diabetic neuropathy market. As per estimates, nearly 1.6 million people in the U.S. were diagnosed with diabetes in 2018. Diabetic neuropathy typically occurs in 60-70% of people with diabetes and is considered as one of the most frequent late complications of diabetes. Moreover, risk of developing diabetic neuropathy increases with duration of diabetes. Thus, rising cases of diabetes globally is expected to increase the burden of diabetic neuropathy subsequently fueling the demand for neuropathy treatment products over the forecast period.
SWOT Analysis
Strength: Growing diabetic population globally is driving the market. Rising healthcare expenditure is also boosting the market growth.
Weakness: High cost of advanced treatment options is a major challenge. Lack of awareness about diabetic neuropathy in developing regions is also a weakness.
Opportunity: Increasing research and development activities is opening new opportunities. Untapped markets in developing regions present lucrative opportunities.
Threats: Delayed diagnosis poses a major threat. Side effects associated with medications can also threaten the market. Stringent regulatory policies can hamper the market growth.
Key Takeaways
The global diabetic neuropathy market is expected to witness high growth.
North America is currently the largest as well as the fastest growing regional market. Rise in obesity and sedentary lifestyle have contributed significantly to the diabetic population in the region. Availability of advanced healthcare facilities and growing health awareness among people are other factors supporting the market in North America.
Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly and Company dominates the global market with its strong product portfolio and large geographical presence. GlaxoSmithKline holds a significant share owing to its robust pipeline of drugs for treating diabetic neuropathy.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
