Pune, Nov. 04, 2020 (GLOBE NEWSWIRE) -- The global diabetic neuropathy market size is projected to reach USD 7.12 billion by the end of 2026. The highest prevalence of diabetes will bode well for the market in the coming years. According to a report published by Fortune Business Insights. The market was worth USD 3.61 billion and will exhibit a CAGR of 8.9% during the forecast period, 2019-2026. The market in North America is likely to emerge dominant in the coming years. The high prevalence of diabetic in several countries across this region will aid the growth of the market. As of 2018, the market in North America was worth USD 2.19 billion and this value is likely to increase further in the coming years.
Industry Developments:
July 2019: Laurus Labs Limited announced that it has launched newer version of its pain management capsules for patients suffering from diabetic neuropathy.
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Diabetic neuropathy is a severe disorder that mostly occurs in diabetic patients. It leads to nerve damage in legs and feet of the human body. As feet and legs are sensitive parts of the body, there is a huge focus on early detection and precaution of the disease. Besides nerve damages, the disorder has the potential to affect the digestive system and also have adverse effects on the urinary tract and heart. Accounting to the severity of the disease, regulatory authorities are compelled to approve more products and therapeutic procedures associated with the disease.
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Increasing Number of Regulatory Approvals Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product approvals by regulatory authorities across the world has made the highest impact.
In July 2019, Averitas Pharma announced that it received approval from the US Food and Drug Administration for a new product associated with the treatment of neuropathic pain associated with therapeutic procedures. The company received approval for ‘Quentaza’, a drug used to minimize pain in peripheral diabetic neuropathy. Averitas’ latest product will bode well for the market in the foreseeable future.
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North America to Emerge Dominant; Increasing Number of Diabetic Patients Will Provide Impetus to Market Growth
The report analyzes the ongoing diabetic neuropathy market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in North America is likely to emerge dominant in the coming years. The high prevalence of diabetic in several countries across this region will aid the growth of the market.
As of 2018, the market in North America was worth USD 2.19 billion and this value is likely to increase further in the coming years. The market in Asia Pacific will exhibit the highest CAGR in the coming years, driven by the increasing R&D activities in several countries across this region.
List of Companies Profiled in the Diabetic Neuropathy Market Report:
- Abbott
- Eli Lilly and Company
- Pfizer.Inc
- F. Hoffmann-La Roche Ltd
- GlaxoSmithKline plc.
- Janssen Pharmaceuticals, Inc.
- Lupin Pharmaceuticals, Inc.
- Astellas Pharma US, Inc.
- Others
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Diabetic Neuropathy Market Segmentations:
By Disease Type
• Peripheral
• Autonomic
• Proximal
• Focal
By Drug Class
• Non-Steroidal Anti-Inflammatory Drugs
• Opioid
• Anti-Depressants
• Anti-Seizure
• Others
By Distribution Channel
• Hospitals Pharmacies
• Retail Pharmacies & Stores
• Online Pharmacies
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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