According to SNS Insider, Peripheral Neuropathy Market is projected to reach USD 7.95 Billion by 2031 and grow at a CAGR of 8.9% over the forecast period of 2024-2031.
What are the key trends analysed by SNS Insider impacting the overall demand for the market?
- Diabetes is a major reason behind peripheral neuropathy. As per International Diabetes Federation estimates, nearly 463 million people live with diabetes globally, with projections indicating a rise to 700 million by 2045. This increase in diabetic individuals translates to a proportional increase in potential peripheral neuropathy cases, fueling market demand for diagnostic tools, medications, and pain management solutions.
- The global population is rapidly aging, with the number of individuals aged 60 and above projected to reach 2 billion by 2050. This demographic shift is a significant contributor to the peripheral neuropathy market as older adults are more susceptible to age-related nerve degeneration.
- The arrival of novel diagnostic techniques like advanced nerve conduction studies and new treatment modalities, including gene therapies and neuroprotective agents, is creating exciting opportunities within the peripheral neuropathy market. These advancements offer improved diagnosis, personalized treatment plans, and potentially curative solutions, supporting market expansion.
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List of Peripheral Neuropathy Companies Profiled in Report:
- Abbott Laboratories
- Bristol Myers Squibb
- Novartis AG
- Eli Lilly and Company
- Pfizer Inc.
- GlaxoSmithKline
- Merck and Co. Inc.
- Cipla Limited
- Lupin Limited
- Reddy’s Laboratories
Peripheral Neuropathy Industry Segmentation as Follows:
By Type
- Diabetic Peripheral
- Neuropathy
- Chemotherapy-induced Peripheral Neuropathy
- Idiopathic Peripheral Neuropathy
- HIV/AIDS Associated Peripheral Neuropathy
By Treatment
- Pharmacological Therapies
- Pain Relievers
- Anti-seizure Medications
- Antidepressants
- Non-Pharmacological Therapies
- Transcutaneous Electrical Nerve Stimulation,
- Plasma Exchange
- Intravenous Immune Globulin
- Others
By End User
- Hospitals and Clinics
- Ambulatory Centers
- Others
Segment Analysis:
Segment analysis by type unveils the dominant forces within the peripheral neuropathy market. Diabetic peripheral neuropathy is the dominator, capturing a sizeable share exceeding 50-70%. This dominance stems from the rising prevalence of diabetes globally. Chemotherapy-induced peripheral neuropathy follows closely behind, projected at a significant market share of likely between 15-25%. The increasing use of chemotherapy in cancer treatment fuels this segment’s growth. Idiopathic peripheral neuropathy, where the cause remains unknown, constitutes a moderate portion of the market at around 10-15%. HIV/AIDS associated peripheral neuropathy holds the smallest share due to advancements in HIV management; however, it remains a relevant market segment.
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Overview of Regional Dynamics:
North America currently dominates the peripheral neuropathy market due to factors like high healthcare expenditure, extensive research & development activities, and a well-established healthcare infrastructure. However, the Asia Pacific region is anticipated to witness the fastest growth rate in the coming years. This can be attributed to the expanding diabetic population, improving healthcare access in developing economies, and rising disposable income.
Impact of Economic Slowdown:
Economic slowdowns can adversely impact the peripheral neuropathy market. Reduced consumer spending power can lead to delayed diagnoses and treatment decisions. Additionally, budget constraints might hinder government healthcare spending and limit reimbursement policies for novel, potentially expensive therapies. Market players need to strategize for economic downturns by focusing on cost-effective treatment options, expanding their reach in emerging markets, and advocating for continued healthcare investments.
Recent Developments:
The peripheral neuropathy market is witnessing a blow of activity with key players like Pfizer Inc., Eli Lilly and Company, Abbott Laboratories, Merck & Co., Inc., and Johnson & Johnson spearheading developments.
Pfizer Inc.: In 2023, Pfizer announced positive Phase III clinical trial results for their investigational drug candidate for treating diabetic peripheral neuropathic pain. This development holds promise for offering patients a more effective pain management solution.
Eli Lilly and Company: Eli Lilly is actively involved in research on novel therapies for diabetic peripheral neuropathy. Their ongoing clinical trials for new drug candidates targeting nerve damage mechanisms illustrate their commitment to the market.
Key Takeaways:
- The peripheral neuropathy market presents a promising growth path fueled by rising disease prevalence, an aging population, and continuous advancements in diagnosis and treatment.
- However, navigating economic fluctuations and ensuring affordability will be crucial for sustained market expansion.
- By focusing on innovation, accessibility, and cost-effectiveness, key players can capitalize on the vast potential of this market and improve the lives of millions suffering from peripheral neuropathy.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Peripheral Neuropathy Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Peripheral Neuropathy Market Segmentation, By Type
Chapter 9 Peripheral Neuropathy Market Segmentation, By Treatment
Chapter 10 Peripheral Neuropathy Market Segmentation, By End User
Chapter 11 Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
Continued…
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