Rockville, MD , Jan. 07, 2025 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global Polyneuropathy Treatment Market is set to reach US$ 2.05 billion in 2024 and further expand at a CAGR of 4.9% from 2024 to 2034.
Polyneuropathy represents the simultaneous malfunction of several peripheral nerves throughout the body. The polyneuropathy treatment market is witnessing growth, driven by advancements in medical research, a growing focus on pain management, disease awareness, and an increasing emphasis on personalized medicine.
There is a huge opportunity for developing innovative medications and therapies to address unmet market needs. To provide more durable and effective treatments, this includes focuses on neuroregeneration, gene therapy, stem cell therapy, and neuromodulation techniques. Researchers have made significant progress in the last 10 years in understanding the mechanisms underlying neuropathic pain. As a result, ongoing efforts to create novel therapies with more efficacy rather than symptomatic treatment are contributing to market expansion.
An increasing number of pipeline products for the treatment of various types of neuropathies is forecasted to drive the polyneuropathy treatment market growth over the forecast period.
- Neuralace Medical Inc. recently announced that it has started the enrollment of patients in January 2023 for the Axon Therapy and Painful Diabetic Neuropathy (AT-PDN) trial.
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Key Takeaways from Market Study:
- The global polyneuropathy treatment market is forecasted to reach US$ 3.31 billion by the end of 2034.
- The United States market is estimated at US$ 662.8 million in 2024.
- Technological advancements and an increasingly proactive regulatory environment are complementing market growth in Germany.
- Demand for polyneuropathy treatment solutions in China is projected to increase at a CAGR of 7.4% through 2034.
- Demand for anticonvulsant drugs is forecasted to rise at a CAGR of 5.8% from 2024 to 2034.
“Rising prevalence of diabetes and chronic infections along with poor lifestyle habits is primarily boosting worldwide demand for polyneuropathy treatment solutions,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Polyneuropathy Treatment Market:
Leading providers of polyneuropathy treatment solutions are Pfizer Inc., Abbott Laboratories, Johnson & Johnson (Janssen Global Services LLC), Lupin Limited, Eli Lilly & Co., Glenmark Pharmaceuticals Ltd., Glenmark Pharmaceuticals Ltd., Teva Pharmaceuticals, Medtronic, AbbVie, Zydus Healthcare Ltd., Astellas Pharma Inc., Depomed Inc., Helixmith Co Ltd., OMRON Healthcare, Inc., Viatris Inc., Nevro Corp., Dr. Reddy’s Laboratories Ltd., and Grünenthal Group. Key market players are demonstrating excellence in research, clinical trial leadership, and global market expansion.
Competitive Analysis:
Companies are actively engaging in strategic collaborations and partnerships with other industry players, research institutions, and healthcare organizations. Collaborations are fostering innovation and enhancing the overall competitiveness of key market players. Partnership agreements for joint drug development, licensing, and distribution agreements are boosting their market reach and profits.
Country-wise Analysis:
The Polyneuropathy Treatment Market in the United States is projected to grow steadily, with a market value of US$ 662.8 million in 2024 and a forecasted CAGR of 4.8% from 2024 to 2034, reaching US$ 1.05 billion by 2034.
Factors such as poor lifestyle choices, consumption of processed foods, improper nutrition, lack of exercise, and a growing aging population are driving the demand for effective therapeutic approaches. Additionally, increasing investments in research, a well-developed healthcare infrastructure, the launch of novel therapies, and rising regulatory approvals are creating lucrative opportunities for polyneuropathy treatment companies in the country.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global polyneuropathy treatment market, presenting historical demand data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights on the market based on type (diabetic polyneuropathy, chemotherapy-induced polyneuropathy, idiopathic polyneuropathy, HIV/AIDS-associated polyneuropathy, and autoimmune polyneuropathy), treatment (drugs and other treatments), and distribution channel (hospitals, clinics, retail pharmacies, and online pharmacies), across seven major regions of the world (North America, Latin America, Western Europe, East Asia, South Asia & Pacific, Eastern Europe, and MEA).
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