Pune, Sept. 15, 2023 (GLOBE NEWSWIRE) -- “Based on the SNS Insider report, the Diabetic Neuropathy Market reached a valuation of USD 5.25 Billion in 2022 and is projected to attain USD 10.23 Billion by 2030, exhibiting a CAGR of 8.7% during the period from 2023 to 2030.”
Market Overview
Diabetic neuropathy is a serious and often debilitating complication that can arise in individuals who have diabetes. It is a type of nerve damage that is directly linked to the long-term effects of high blood sugar levels, which are characteristic of diabetes. Proper care and lifestyle modifications can significantly improve the quality of life for individuals living with diabetes and reduce the risk of diabetic neuropathy. Preventive measures include regular monitoring of blood sugar, maintaining a healthy lifestyle with a balanced diet and exercise, and quitting smoking, as smoking can exacerbate neuropathic symptoms.
Market Analysis
The foremost driver of the diabetic neuropathy market is the global increase in diabetes cases. Diabetes is a chronic condition that affects millions of people, and a significant portion of these individuals will develop diabetic neuropathy over time. As diabetes rates surge, so does the potential patient pool for neuropathy treatments. Continuous innovations in diabetes management, including glucose monitoring devices and insulin delivery systems, have improved the overall quality of life for diabetics. This has led to longer life expectancy for diabetics, increasing the likelihood of developing neuropathy and thereby boosting the demand for neuropathy treatments. The aging population is more susceptible to both diabetes and neuropathy. As the global population continues to age, the number of people at risk for diabetic neuropathy rises significantly. This demographic trend is a substantial growth driver for the market.
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Major Players Included in this Report are:
- Lilly
- Pfizer Inc, LLC
- Janssen Global Services
- LUMITOS AG
- Teva Pharmaceutical Industries Ltd.
- Astellas Pharma Inc
- GSK PLC
- Lupin
- Glenmark Pharmaceuticals Ltd & Other Players
Diabetic Neuropathy Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 5.25 Bn |
| Market Size by 2030 | US$ 10.23 Bn |
| CAGR | CAGR of 8.7% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Diabetic Neuropathy Market Study
- The market is witnessing a significant shift, with the retail pharmacies and stores segment poised to dominate. Diabetic neuropathy, a debilitating condition affecting individuals with diabetes, has led to a surge in demand for medications and treatments. This evolving landscape presents a unique opportunity for retail pharmacies and stores to take center stage in catering to the needs of patients suffering from diabetic neuropathy.
- The anti-depressants segment plays a pivotal role in managing diabetic neuropathy by addressing the psychological aspects of the condition, providing pain relief, improving sleep quality, and enhancing overall quality of life. As healthcare providers increasingly recognize the importance of the mind-body connection in diabetic neuropathy, anti-depressants are expected to continue playing a key role in comprehensive treatment plans for affected individuals.
Recent Developments
- The FDA's recent approval of Proclaim XR Spinal Cord Stimulation marks a significant milestone in the treatment of Painful Diabetic Peripheral Neuropathy (PDPN). This innovative medical device offers new hope to millions of individuals who suffer from the debilitating and often excruciating pain associated with this common complication of diabetes.
- Releviate Therapeutics, a pioneering pharmaceutical company at the forefront of innovative healthcare solutions, has recently made a groundbreaking move in the field of chronic pain management. The company has announced the acquisition of an exclusive license for the development and distribution of cutting-edge human monoclonal antibodies tailored specifically for chronic pain indications.
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Market Dynamics Analysis
The diabetic neuropathy market is characterized by a complex interplay of drivers, restraints, challenges, and threats that shape its dynamics. One of the primary drivers propelling market growth is the escalating global prevalence of diabetes, particularly type 2 diabetes, which significantly increases the pool of potential patients at risk of developing neuropathic complications. Additionally, the aging population, often prone to both diabetes and neuropathy, further boosts market demand. Technological advancements in diagnostic tools and treatment options also drive market expansion, as they improve early detection and management of diabetic neuropathy. On the contrary, restraints include the high cost associated with neuropathy treatment and limited access to healthcare in some regions, hindering market penetration. Moreover, regulatory hurdles and the lengthy approval process for novel therapies pose challenges for market players. Threats in this landscape encompass the potential emergence of alternative treatments or preventive measures for diabetic neuropathy and increasing awareness about lifestyle modifications for diabetes prevention, which could reduce the patient pool.
Segments & Sub-Segments Listed in Diabetic Neuropathy Market are:
By Disease Type
- Focal
- Peripheral
- Proximal
- Autonomic
By Drug Class
- Non-Steroidal Anti-Inflammatory
- Anti-Depressants
- Opioid
- Anti-Seizures
- others
By Distribution Channel
- Retails Pharmacies & Stores
- Hospital Pharmacies
- Online Pharmacies
Key Regional Developments
North America, particularly the United States, has a substantial diabetic population. This high prevalence of diabetes contributes to a large diabetic neuropathy patient pool. The region's advanced healthcare infrastructure supports research and development activities for novel treatments and therapies. Europe is witnessing a steady increase in the number of diabetes cases, leading to a growing market. European countries are actively involved in clinical trials and research, contributing to the development of new therapies. International pharmaceutical companies are expanding their presence in the Asia-Pacific diabetic neuropathy market due to its growth potential. Countries like India and China have seen a rapid increase in diabetes cases, creating a significant market for diabetic neuropathy treatments.
Impact of Recession on Diabetic Neuropathy Market Growth
The ongoing recession has posed several challenges to the diabetic neuropathy market, including reduced patient spending, shifting priorities, and constraints on healthcare resources. However, it has also accelerated the adoption of cost-effective and innovative approaches to care. Adapting to these changes will be essential for stakeholders in the diabetic neuropathy market, from pharmaceutical companies to healthcare providers, to continue effectively addressing the needs of patients during these challenging economic times.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Diabetic Neuropathy Market Segmentation, By Disease Type
9. Diabetic Neuropathy Market Segmentation, By Drug Class
10. Diabetic Neuropathy Market Segmentation, By Distribution Channel
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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