Diabetic neuropathy, also known as diabetic nerve damage is a medical condition caused by damages of the peripheral nerves due to diabetes. Symptoms of diabetic neuropathy include numbness, pain, and sometimes paralysis. If left uncontrolled, diabetic neuropathy can further damage the nerves and limit mobility and independence of the patient. With an increasing prevalence of diabetes worldwide, the global burden of diabetic neuropathy is expected to rise significantly in the coming years.
The global Diabetic Neuropathy Market is estimated to be valued at US$ 3626.38 Mn 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:
The increasing prevalence of diabetes is one of the major drivers of the global diabetic neuropathy market. As per the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Diabetic neuropathy affects around 50% of diabetes patients and early detection and management can help prevent further complications. Development of novel therapeutic drugs and devices for treating diabetic neuropathy is expected to provide lucrative opportunities in the market over the forecast period.
SWOT Analysis
Strength: The growing diabetic population and increasing demand for effective drugs for neuropathic pain management are driving the growth of this market.
Weakness: Lower penetration of drugs and lack of awareness about treatment options in underdeveloped regions are major challenges.
Opportunity: Emergence of newer molecules and development of novel drug delivery systems provide lucrative opportunities.
Threats: Patent expiries of blockbuster drugs and stringent regulations for drug approval are threats.
Key Takeaways
The global diabetic neuropathy market is expected to witness high growth. North America currently dominates the market and is expected to continue its dominance over the forecast period. Higher prevalence of diabetes, robust healthcare infrastructure, and presence of major players in the region drive the North American market.
Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly and Company offers Cymbalta for treating diabetic neuropathy. GlaxoSmithKline provides Horizant to manage postherpetic neuralgia and diabetic neuropathy. Pfizer offers Lyrica for neuropathic pain associated with diabetic neuropathy and postherpetic neuralgia. Johnson & Johnson provides Duragesic patch for management of chronic pain associated with diabetic neuropathy. Janssen Pharmaceuticals offers Nucynta ER for treating neuropathic pain associated with diabetic neuropathy.
The global diabetic neuropathy market is expected to witness high growth due to emerging novel drug classes, rapid expansion of clinical trial activities, and approval of new therapies. The market is dominated by developed regions owing to increasing incidence of diabetes and availability of advanced healthcare facilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it