 |
| Peripheral Neuropathy Treatment Market |
Peripheral neuropathy refers to the damage or disease affecting the peripheral nervous system, specifically, the nerves outside of the brain and spinal cord known as peripheral nerves. It involves numbness, pain, and weakness affecting hands and feet. Some common causes of peripheral neuropathy include diabetes, HIV/AIDS, chemotherapy treatment for cancer, kidney diseases, connective tissue disorders. The current treatments for peripheral neuropathy involve medicines such as pregabalin, duloxetine, and gabapentinoids to relieve pain symptoms. The development of gene and cell-based therapies are increasingly adopted for personalized and regenerative treatment of peripheral neuropathy.
The global peripheral neuropathy treatment market is estimated to be valued at US$ 4.6 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 Dynamics:
Growing Adoption of Personalized Medicine: As highlighted in the heading, the
growing adoption of personalized medicine is expected to flourish the
peripheral neuropathy treatment market during the forecast period. Personalized
medicine aims to tailor medical treatment to an individual's characteristics,
such as genetic makeup or other biomarkers to provide targeted therapy. Genetic
testing helps in identifying specific genetic mutations responsible for certain
types of peripheral neuropathies. Based on genetic findings, novel targeted
drugs or gene therapies are developed to specifically address the underlying
cause. This enhances treatment efficacy and leads to better clinical outcomes.
Increasing Diabetic Population: Diabetes is one of the leading causes of
peripheral neuropathy globally. According to International Diabetes Federation,
approximately 537 million adults aged 20-79 years were living with diabetes in
2021 around the world and the number is projected to rise to 643 million by
2030 and 783 million by 2045. The growing diabetic population subsequently
increases the burden of diabetic peripheral neuropathy cases worldwide, thereby
propelling the peripheral neuropathy treatment market growth during the
forecast period.
Segment
Analysis
The peripheral neuropathy treatment market can be segmented into type,
treatment type, and end user. Based on type, the market has been segmented into
peripheral neuropathy and focal neuropathy. Peripheral neuropathy dominates the
market as it is the most common type of neuropathy. Due to its high prevalence,
peripheral neuropathy accounts for over 70% of the total market.
PEST Analysis
Political: Regulations regarding the approval of drugs and medical devices vary
across countries. Stringent regulations may delay the launch of new products.
However, favorable government policies to increase access to healthcare are
supporting market growth.
Economic: The rising healthcare expenditure and growing disposable income are
driving the market. However, high treatment costs pose a challenge,
specifically in developing nations.
Social: Increasing prevalence of diabetes and other lifestyle-related diseases
that cause neuropathy is a key factor augmenting the demand. Growing geriatric
population prone to neuropathic disorders further boosts the market.
Technological: Introduction of novel drug delivery systems, pain relief
devices, and stem cell therapy offer new opportunities. Advancements in
regenerative medicine may provide cure for certain neuropathies in the long
run.
Key Takeaways
The global Peripheral
Neuropathy Treatment Market Growth is expected to witness high growth.
Regional
analysis: North America dominates the market currently due to high awareness,
developed healthcare infrastructure, and rising prevalence of peripheral
neuropathy in the region. The Asia Pacific market is likely to grow at the
fastest pace during the forecast period supported by rising healthcare
expenditure, large patient pool and increasing focus of global players in
emerging Asian countries.
Key players operating in the peripheral neuropathy treatment market are Pfizer
Inc., Eli Lilly and Company, Actavis Pharma Inc., Cephalon Inc. Key players
operating in the peripheral neuropathy treatment market are Johnson &
Johnson, Sanofi, GlaxoSmithKline, Jazz Pharmaceuticals, and Biogen Inc. These
companies have extensive product portfolio and global presence. They also focus
on new product innovations through intensive research and development.
Partnerships and acquisitions are other strategies adopted by these companies
to consolidate their market position.
For more insights, read- https://www.newsstatix.com/peripheral-neuropathy-treatment-market-trends-size-and-share-analysis/
0 Comments