Peripheral neuropathy refers to damage or disease affecting any part of the peripheral nervous system, which consists of the spinal and cranial nerves outside of the brain and spinal cord. Symptoms vary depending on the nerves involved but may include pain, numbness, tingling, weakness, and temperature change. Peripheral neuropathy treatment aims to relieve symptoms and stop further nerve damage. The market offers a variety of treatments ranging from medication, therapies, and surgical interventions.
The global peripheral neuropathy treatment market is estimated to be valued at US$ 3.2 billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024-2032.
The rising geriatric population prone to age-related neuropathies and the increasing prevalence of diabetes, the primary cause of neuropathy, are the major drivers of market growth. Peripheral neuropathy can severely impact one’s mobility and quality of life. Thus, the need for effective treatment options for pain management and nerve regeneration is increasing.
Key Takeaways
Key players operating in the peripheral neuropathy treatment market include Pfizer Inc., GlaxoSmithKline plc., Jazz Pharmaceuticals PLC., Depomed Inc. (Assertio Therapeutics), Eli Lilly and Company, and Glenmark Pharmaceutical Inc. These players dominate the market with their innovative drug products and expansive distribution networks worldwide.
The rising geriatric population represents a significant Peripheral Neuropathy Treatment Market Growth opportunity for players. Neuropathies are highly prevalent in the elderly due to age-related disorders. Additionally, Asia Pacific and Latin America are emerging as highly lucrative markets for players owing to improving access to healthcare and rising healthcare expenditure in these regions. Major players are focusing on these high growth markets by establishing regional manufacturing and distribution facilities.
Market Drivers and Restraint:
The increasing prevalence of diabetes is a major market driver. Diabetes is accounted for approximately 60% of all neuropathies and its prevalence has doubled since 1980 globally. The overall diabetic population, especially Type 2 diabetes patients, drives significant demand for neuropathy therapies.
High treatment costs can hinder market growth. Peripheral neuropathy treatments range from medications and therapies to surgical interventions. Especially novel biologic drugs are expensive, limiting accessibility in developing regions with weak public funding for healthcare. Additionally, the lack of complete cure for many types of neuropathy limits long-term medication adherence.
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Segment Analysis
The Peripheral Neuropathy Treatment Market Regional Analysis is segmented based on indication, treatment, end user. Based on indication, the diabetic neuropathy segment dominates other segments as it accounts for more than 60% of cases of peripheral neuropathy. Diabetic neuropathy occurs due to nerve damage caused by long term high blood sugar levels in diabetes patients. Based on treatment, the drugs segment dominates the market as drugs are currently the first line treatment for peripheral neuropathy patients. Drugs such as pregabalin, duloxetine and gabapentin are widely used to reduce pain associated with peripheral neuropathy. Pain management medications are prescribed based on individual condition and response to first line drugs.
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Global Analysis
Regionally, North America is the fastest growing region in the peripheral neuropathy treatment market owing to growing prevalence of diabetes and high adoption of advanced treatment methods in the region. The region is estimated to account for around 45% of the overall market share by 2027. Meanwhile, Asia Pacific region is expected to witness highest growth during the forecast period. This can be attributed to increasing awareness regarding neuropathic disorders and rapidly changing healthcare infrastructure in emerging countries of China and India.
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