Pune, July 12, 2024 (GLOBE NEWSWIRE) -- Diabetic Neuropathy Market Size & Analysis:
“According to SNS Insider, The Diabetic Neuropathy Market size is valued at US$ 4.36 Billion in 2023 and is anticipated to surpass US$ 8.38 Billion, with a compound annual growth rate (CAGR) of 7.81% over the forecast period 2024-2032.”
The good news is that breakthroughs in medical technology and pharmaceutical research have led to great strides forward concerning novel treatments for diabetic neuropathy. Secondly, the National Institutes of Health (NIH) said some newer treatments are powerful enough to cut neuropathic pain in half. There is also a 30% increase in patient adherence to these advanced therapies over traditional treatments, the CDC adds. By doing so, these advances not only increase the effectiveness of interventions but also contribute to better health outcomes for patients creating a probable market extension by 7.5% per year according to research from the U.S. Dept of Health and Human Services.
Further, rising government awareness campaigns related to diabetic neuropathy and its management such as the initiatives of the Centers for Disease Control (CDC) and National Institute of Health (NIH), contribute significantly towards market growth due to increasing demand from healthcare professionals & patients. These efforts have resulted in a 25% increase in early diagnosis and a 20% increase in timely intervention, the CDC said. The increasing prevalence of type 1 & type 2 diabetes, the growing aging population, and the introduction of advanced medical therapies for treatment are expected to present this market with lucrative growth opportunities as a result of expanding at the CAGR over the forecast period suggested by HHS.
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Major Players Analysis Listed in this Report Are:
- Abbott
- Novartis
- Pfizer Inc.
- Boehringer Ingelheim GmbH
- Lupin Pharmaceuticals
- Janssen Pharmaceuticals, Inc.
- Glenmark Pharmaceuticals Ltd.
- Eli Lilly and Company
- Astellas Pharma Inc.
- Medtronic PLC
- Other Players
Diabetic Neuropathy Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 4.36 Billion |
| Market Size by 2032 | US$ 8.38 Billion |
| CAGR | CAGR of 7.81% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers | •Surged Cases of Diabetes have Generated the Need for Diabetic Neuropathy Propelling the Market Growth. •The Rising Awareness About Diabetes Complications is Surging Demand for Diabetic Neuropathy Procedures. |
Segmentation Dynamics
Nonsteroidal anti-inflammatory drugs maintained the largest market share in 2023 which is 39.45%. NSAIDs are a conventional choice for diabetic neuropathy because they can control which is why they are prescribed as the first line of medication. NSAIDs work by targeting inflammation, and they block the synthesis of prostaglandins - compounds that help to manage pain sensation as well as inflammation.
By decreasing inflammation and inhibiting the production of prostaglandins, NSAIDs help to relieve pain and discomfort in diabetic neuropathy. One of the best things about NSAIDs is that they are readily found. Several NSAIDs can be obtained without a prescription, meaning they represent an accessible treatment to patients. This is especially useful for people with diabetic neuropathy who need continuous pain relief. Moreover, affordability plays a crucial role in selecting NSAIDs as a cheaper option by most people ever considering their budget or absent proper health coverage.
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Diabetic Neuropathy Market Key Segmentation:
By Disorder
- Peripheral Neuropathy
- Autonomic Neuropathy
- Proximal Neuropathy
- Focal Neuropathy
By Drug Class
- Capsaicin
- Opioid
- Non-steroidal anti-inflammatory Drugs (NSAIDs)
- Antidepressants
- Others
By Distribution Channel
- Hospitals Pharmacies
- Retail Pharmacies
- Others
Regional Analysis
North America dominates (2023) with a market share of 38.01% in the diabetic neuropathy market. North America has a well-developed healthcare system which includes advanced hospitals, clinics, and research centers. This presents a significant demand for treatments and medications around diagnosis, treatment, and management of diabetic neuropathy through enabling infrastructure used effectively. The prevalence of diabetes has been rising rapidly in the US and Canada as many people are leading sedentary lifestyles, consuming diets high in sugars like fructose corn syrup, and living to an older age. This is mainly due to the higher prevalence of diabetes and the fact that it constitutes one of the common causes of diabetic neuropathy emergence, which acts as a contributory factor in churning out more inquiries regarding the needful treatment of diabetic neuropathies. The financial aid to help patients get proper and timely management for their health issues has led these regions to dominate the diabetic neuropathy treatment market share in North America.
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)
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Recent Developments
- In December 2023, Vertex Pharmaceuticals Incorporated Reported Positive Topline Results from Its Phase 2 Trial Evaluating VX-548, NaV1; Considering the 8 inhibitors when managing patients with painful diabetic peripheral neuropathy (DPN).
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Diabetic Neuropathy Market Segmentation, By Disorder
8. Diabetic Neuropathy Market Segmentation, By Drug Class
9. Diabetic Neuropathy Market Segmentation, By Distribution Channel
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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