Peripheral Neuropathy Market Size & Forecast 2021 to 2027

The recent report by Astute Analytica on the global Peripheral Neuropathy Market covers all the factors which will impact the market in the coming years. The report discusses several sections, such as Market Overview, Trends, Key Players, segments, etc. Moreover, it also outlines the list of past innovations and ongoing events to give an overview of the trends.

Market Overview of Peripheral Neuropathy Market

The Global Peripheral Neuropathy Market is estimated to grow at a CAGR of around 3.4% during the forecast period 2021-2027. Astute Analytica predicted that the market accounted for US$ 0.976 Billion in the year 2019 and is anticipated to reach US$ 1.3 Billion by the end of the year 2027.

The prevalence of peripheral neuropathy among adults with diabetes in the United States is approximately 28%. In contrast, a population-based survey in Japan, involving over 5,000 respondents, found a neuropathic pain prevalence rate of 3.2%. The risk of developing peripheral neuropathy is significantly influenced by the global rise in both the geriatric and obese populations.

Peripheral neuropathy arises due to nerve malfunction, leading to substantial damage and inappropriate signaling to different parts of the body. Diabetic neuropathy, which is a major type of this condition, exhibits varying prevalence rates among adults with diabetes, ranging from 6% to 51%, depending on factors such as age, diabetes duration, and glucose control.

Notably, the University of Chicago’s Centre for Peripheral Neuropathy (UCCPN) reports that approximately 60% of individuals with diabetes experience some form of nerve damage. Consequently, the growth of chronic diseases on a global scale has further accelerated the expansion of the peripheral neuropathy market, emphasizing its pivotal role in the healthcare landscape.

Driving Force in the Peripheral Neuropathy Market:

The predominant force propelling the Peripheral Neuropathy Market forward is the escalating incidence of chronic illnesses, particularly diabetes. Diabetic neuropathy, a prevalent form of peripheral neuropathy, closely correlates with diabetes. The surge in global diabetes cases, driven by factors such as an aging population, sedentary lifestyles, and poor dietary habits, is fostering an increased demand for treatments and therapeutic solutions for peripheral neuropathy.

Emerging Trends in the Peripheral Neuropathy Market:

Cutting-edge Therapeutic Approaches

A discernible trend is the pursuit of cutting-edge therapeutic approaches for peripheral neuropathy. These encompass pioneering interventions like regenerative medicine, such as stem cell therapy, alongside innovative pharmaceutical treatments and medical devices, aiming to offer more efficacious and precisely targeted therapeutic options.

Personalized Healthcare

A notable trend is the inclination toward personalized healthcare within the peripheral neuropathy domain. Healthcare providers are increasingly customizing treatment regimens to align with individual patient requisites, taking into account factors such as the type and severity of neuropathy, underlying causal factors, and patient-specific attributes.

Telehealth and Remote Monitoring

The adoption of telehealth and remote monitoring technologies is gaining traction for managing peripheral neuropathy. These technologies enable patients to receive consultations, keep tabs on their condition, and obtain guidance from healthcare professionals, all while minimizing the necessity for frequent in-person visits.

Enhanced Patient Education and Awareness

A discerning trend underscores the significance of bolstered patient education and heightened awareness regarding peripheral neuropathy. Patients are being encouraged to attain a more comprehensive understanding of their condition, actively manage symptoms, and institute lifestyle modifications conducive to attenuating the progression of neuropathy.

Continuous Research and Development

An ongoing trend centers on persistent research and development endeavors, aimed at identifying novel therapeutic targets and diagnostic tools for peripheral neuropathy. The exploration encompasses potential treatments designed to address the fundamental causes underpinning neuropathic conditions.

Integration of Digital Health Solutions

The seamless integration of digital health solutions, encompassing wearable devices and mobile applications, is revolutionizing the monitoring and management of neuropathy. These digital tools empower patients to track their symptoms and share vital data with healthcare providers, facilitating more informed clinical decisions.

Global Market Proliferation

A significant trend underscores the expansion of the peripheral neuropathy market on a global scale, with a heightened focus on emerging markets. As these regions witness enhancements in healthcare infrastructure and a rise in awareness, they offer substantial growth prospects for neuropathy treatment solutions.

Key Takeaways

Multiple Growth Factors

The growth of the peripheral neuropathy market is driven by several factors, including the increasing incidence of nerve pain or trauma leading to nerve damage. Additionally, the market benefits from the expanding presence of both established and emerging market players. Government and non-governmental organizations’ efforts to boost healthcare research expenditure also contribute to overall market growth. However, it’s important to note that the diagnosis and treatment of peripheral neuropathy are complex and costly, which could potentially limit market demand.

Dominance of Diabetic Peripheral Neuropathy

Among various types of peripheral neuropathy, Diabetic Peripheral Neuropathy holds the largest market share due to the growing prevalence of diabetes. Currently, medications are the primary treatment approach. Although there is no definitive cure for neuropathic pain, available treatments slow down its progression, alleviate pain, and manage associated complications to some extent.

Hospitals as Key End-Users

Hospitals constitute the largest segment among the end-users in the peripheral neuropathy market. This is likely because hospitals offer advanced facilities and access to healthcare expertise, making them a primary choice for patients seeking treatment and management of peripheral neuropathy.

Regional Insights into the Global Peripheral Neuropathy Market

North America takes the lead in the global peripheral neuropathy market, driven by a growing diabetic population and a significant presence of obese individuals. Government initiatives have further bolstered market expansion in the region. Meanwhile, Europe’s peripheral neuropathy market commands a substantial share, propelled by its large geriatric demographic. In the forecast period, the Asia-Pacific peripheral neuropathy market is poised for the highest Compound Annual Growth Rate (CAGR), fueled by a burgeoning population and increasing market penetration.

Top Key Players

PledPharma
Solasia Pharma
Helixmith
Asahi Kasei Pharma America Corporation
Lexicon Pharmaceuticals
Abbott Laboratories
Cipla Limited
Eli Lilly and Company
GlaxoSmithKline plc
Lupin Limited
Merck and Co. Inc.
Novartis
Pfizer Inc.
Dr. Reddy’s Laboratories
Bristol Myers Squibb

Segmentation Overview of the Global Peripheral Neuropathy Market

The global peripheral neuropathy market is segmented on the basis of type, diagnosis, treatment, and end-user. These major segments are further categorized into sub-segments to study the market in detail.

By Type

Chemotherapy-induced
Diabetic
HIV/AIDS Associated
Idiopathic

By Diagnosis

Blood test
Biopsy
Imaging
Others

By Treatment

Medications
Antidepressants
Anti-seizure medication
Pain reliever
Topical treatment
Therapies
Nerve stimulation
Plasma exchange
Physical Therapy
Surgery
Others

By End-User

Hospitals
Clinics
Ambulatory Centres

Conclusion:

The Peripheral Neuropathy Market is driven by factors such as the increasing prevalence of conditions like diabetic neuropathy, growth in cases of nerve damage due to trauma, and expanding efforts by government and non-governmental organizations to boost healthcare research expenditure. However, the complexity and high cost of diagnosis and treatment pose challenges. Diabetic Peripheral Neuropathy leads the market, and while no definitive cure exists, available treatments mitigate symptoms. Hospitals, with their advanced facilities, play a pivotal role as the primary end-users in this market, providing hope for those affected by neuropathic conditions.

Content Source: Peripheral Neuropathy Market

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