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| Peripheral Neuropathy Treatment Market |
The peripheral neuropathy treatment market consists of products used for treatment of peripheral neuropathy caused due to conditions like diabetes, chemotherapy, infections, autoimmune disorders, hereditary conditions and others. Peripheral neuropathy can cause severe chronic pain, loss of sensation, tingling, numbness and other symptoms, affecting patient’s quality of life. Rising prevalence of neuropathic disorders globally due to lifestyle changes and increased cases of diabetes and cancer chemotherapy is driving the demand for effective peripheral neuropathy treatments. The global Peripheral Neuropathy Treatment Market is estimated to be valued at US$ 3.2 billion in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The key trend fueling the growth of peripheral neuropathy
treatment market is rising prevalence of neuropathic disorders. As per
research, over 20 million people in the US suffer from peripheral neuropathy
due to various conditions like diabetes. It is also estimated that over 60% of
all diabetic patients develop some form of neuropathy over time. Rising
geriatric population also contributes to the growth as elderly people are more
prone to develop neuropathies. With increasing cases of cancer and growing
acceptance of chemotherapy as treatment option, the instances of
chemotherapy-induced peripheral neuropathy have also risen significantly
creating high demand for neuropathy pain relief therapies and drugs.
Segment
Analysis
The global peripheral neuropathy treatment market is dominated by the drug
segment. Within the drug segment, the tricyclic antidepressants sub-segment
holds the largest share owing to strong presence of generic medications which
are easily accessible and relatively cheaper. Factors such as their
effectiveness in neuropathic pain relief along with availability of wide range
of generic drugs contribute to its leading position in the market.
Key Takeaways
The global Peripheral
Neuropathy Treatment Market Growth is expected to witness high growth in the
coming years.
Regional
analysis: The North America peripheral neuropathy treatment market holds a
significant share in the global market mainly due to rising geriatric
population and growing prevalence of diabetes in the region. Favorable
reimbursement policies for neuropathy drugs and presence of key players are
some other factors expected to drive the regional market growth during the
forecast period. Europe peripheral neuropathy treatment market is anticipated
grow at a steady pace with increasing diabetes patients in countries like U.K
and Germany.
Key players
operating in the peripheral neuropathy treatment market are Pfizer Inc., Eli
Lilly and Company, ACTAVIS, GlaxoSmithKline plc. Teva Pharmaceutical Industries
Ltd. Johnson & Johnson, Boehringer Ingelheim GmbH. and Others. Pfizer Inc.
is one of the leading players in the market with its blockbuster drugs like
Lyrica which is exclusively approved for treatment of painful diabetic
neuropathy. Eli Lilly's Cymbalta and GlaxoSmithKline's Lamictal are the other
top selling products in the market for different types of peripheral neuropathy
treatment.
For more insights, read- https://www.newsstatix.com/peripheral-neuropathy-treatment-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism
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