Peripheral neuropathy refers to damage or diseases affecting the peripheral nervous system. Peripheral neuropathy has diverse causes, including diseases such as diabetes, infections, immune disorders, toxic chemicals, inherited conditions, and physical trauma. Symptoms of peripheral neuropathy may include numbness, tingling, pain and weakness which are usually more pronounced in the hands and feet or legs. There are several treatment options available for peripheral neuropathy such as medication, physical therapy, assistive devices and pain management techniques. Medications mainly aim at symptom relief or slowing the progression of the disease and include opioid pain relievers, anticonvulsants and antidepressants. Non-medication therapies include exercises, application of heat or cold, acupuncture and Transcutaneous Electrical Nerve Stimulation (TENS) therapy to manage pain.
The global peripheral neuropathy treatment market is estimated to be valued at US$ 1863.31 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Peripheral Neuropathy Treatment Market is Expected to be Flourished by High Prevalence of Neuropathy Diseases
One of the key drivers expected to boost the growth of the peripheral neuropathy treatment market includes rising prevalence of diabetes and chemotherapy-induced neurotoxicity. Peripheral neuropathy is quite common in diabetes patients as high blood sugar levels over long periods can damage nerves. Around 50% of diabetes patients suffers from some type of peripheral neuropathy. Chemotherapy drugs used in cancer treatment are also neurotoxic and can cause peripheral nerve damage. Increasing incidence of diabetes globally due to changing lifestyles and obesity is leading to a rise in diabetic peripheral neuropathy cases. According to the International Diabetes Federation, around 537 million adults aged between 20-79 years suffered from diabetes worldwide in 2021 and this number is expected to rise to 643 million by 2030 and 784 million by 2045. Rising cancer prevalence will also fuel demand for peripheral neuropathy treatment drugs to manage chemotherapy-induced nerve damage.
Segment Analysis
The peripheral neuropathy treatment market is segmented by treatment type, disorder type, and end-user. Under treatment type, the medication segment is dominating as it holds more than 50% of the market share. Medication treatment is preferred first line treatment for peripheral neuropathy as it provides symptomatic relief and has lesser side effects as compared to other treatment types like physiotherapy.
PEST Analysis
Political: The market is favorably impacted by increasing healthcare expenditures by various governments to provide better treatment facilities for chronic diseases like peripheral neuropathy.
Economic: Rising disposable income in developing countries has increased the ability of people to afford expensive neuropathy treatment therapies.
Social: Growing prevalence of medical conditions causing peripheral neuropathy like diabetes, chemotheraphy, etc and increasing awareness about availbale treatment options is driving the market growth.
Technological: Advancements in drug delivery systems and novel pain management therapies are expanding treatment options and improving clinical outcomes for peripheral neuropathy patients.
Key Takeaways
The Global Peripheral Neuropathy Treatment Market Growth is expected to witness high at a CAGR of 3.8% during the forecast period of 2023 to 2030.
The North America region currently dominates the market due to growing geriatric population and high adoption of new technologies.
Key players operating in the peripheral neuropathy treatment market are Abbott Laboratories, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Dr. Reddy€TMs Laboratories Ltd, Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., and NeuroBo Pharmaceuticals, Inc. Key players are engaging in new product launches and partnerships to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
