The peripheral neuropathy treatment market encompasses drugs and therapies that are used in the treatment of peripheral neuropathy. Some of the common symptoms observed in peripheral neuropathy include numbness, tingling sensation, pain, and muscle weakness. Peripheral neuropathy can occur as a result of various underlying medical conditions including diabetes, chemotherapy, chronic kidney disease and liver disease among others. The growing prevalence of diabetes as well as increasing cancer cases globally has significantly driven the demand for effective peripheral neuropathy treatments. Biologics such as antibodies target specific proteins or pathways associated with nerve damage and have shown promising results in pain management.
The Global peripheral neuropathy treatment market Demand is estimated to be valued at US$ 2146.54 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the peripheral neuropathy treatment market are DMedHOK, Inc., Safecare Technology, Octal IT Solution, McKesson Corporation, LS Retail ehf., Liberty Software, Inc., GlobeMed Group, Datascan, Cerner Corporation, Allscripts Healthcare, LLC, and Epicor Software Corporation, among others.
The market provides new opportunities for players involved in the development and commercialization of advanced biologics with novel mechanisms of action. Growing investments by pharmaceutical companies in R&D of biologic drugs will further fuel the market growth.
The integration of digital health technologies and wearable devices enables remote monitoring of neuropathic symptoms. This helps clinicians make timely interventions and improves treatment outcomes. Further, AI and big data analytics are leveraged to gain deeper insights into disease pathogenesis and accelerate drug discovery programs.
Market drivers
The increasing prevalence of diabetes is a major factor driving the peripheral neuropathy treatment market. It is estimated that over 460 million people worldwide have diabetes and the number is projected to rise to 700 million by 2045. At least 50% of diabetes patients develop some degree of neuropathy which progresses with time. Early pharmacological intervention can slow the progression of nerve damage. This has boosted the demand for neuropathy medications and therapies.
Current Challenges in Peripheral Neuropathy Treatment Market
Growing cases of peripheral neuropathy coupled with lack of curative treatment options pose significant challenges in the market. Limited awareness regarding effective treatment methods also impedes market growth. Moreover, high costs involved in neuropathy therapeutics hampers wider access and uptake. Side effects associated with drugs also discourage patients from prompt treatment seeking.
SWOT Analysis
Strength: Growing R&D into novel treatment avenues offers promise.
Weakness: Lack of curative options frustrates patients and physicians.
Opportunity: Increasing public health campaigns to boost awareness offers potential.
Threats: Patent expiries of blockbuster drugs open door to generic competition.
Geographically, North America dominates the global market, both in terms of value and volume, owing to high rates of peripheral nervous system disorders, strategic presence of key players, and growing adoption of innovative therapeutics. Asia Pacific shows potential for fastest growth over the forecast period with China and India emerging as key markets. Developed markets of Western Europe also account for a significant share.
The United States represents the most lucrative country market currently. However, India and China are likely to offer highest returns on new investments owing to rising incidence of diabetes and growing healthcare expenditure in these nations. Higher disease susceptibility in aging populations also contributes to market growth momentum across developed regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it