The diabetic neuropathy market will grow at highest pace owing to rising demand for pharmaceutical therapies. Diabetic neuropathy, also known as peripheral diabetic neuropathy, is caused by damage to the peripheral nervous system of people suffering from diabetes. It is a condition where nerves are damaged due to high blood glucose levels. Some common symptoms include pain, numbness, tingling sensation and weakness in the legs and feet.
The global diabetic neuropathy market is dominated by pharmaceutical therapies to manage the symptoms. Popular drugs for neuropathic pain include pregabalin, duloxetine and gabapentin. These drugs are also used to treat other conditions like fibromyalgia and chronic back pain. However, some key disadvantages include potential side effects like dizziness, drowsiness and weight gain. Neuropathy caused by diabetes is a progressive disease with limited treatment options. Hence, there is significant unmet need for effective therapeutic solutions in this market.
The Global diabetic neuropathy market is estimated to be valued at US$ 3626.38 mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. These major players have wide product portfolios and are continuously investing in R&D to develop advanced treatment options.
The growing diabetes patient pool is a major factor driving the demand for neuropathic pain therapies. According to IDF, around 537 million people globally suffered from diabetes in 2021. Rising obesity rates and sedentary lifestyles are propelling the incidence of diabetes and subsequent diabetic complications like neuropathy.
Technological advancements are expected to revolutionize the treatment of diabetic neuropathy. Companies are exploring new mechanisms of action like Sodium channel blockers and COX inhibition. Combination drug therapies and advanced drug delivery methods can potentially provide improved efficacy with less toxicity. Companies are also evaluating nerve growth factors, neurotrophic support agents and regenerative cell therapies for neuropathy.
Market Trends
-Combination therapies: There is an increased focus on developing fixed-dose combination drugs with two or more active ingredients to target multiple pain pathways simultaneously.
- Neuropathic pain management: Non-pharmacological options like nerve stimulation devices, physical therapy and implantable drug delivery systems are gaining prominence.
Market Opportunities
-Regenerative medicine: Stem cell therapies, tissue engineered grafts and gene therapies offer promising long term treatment strategies with the potential to reverse nerve damage.
-Early disease management: Managing blood glucose and lifestyle factors early can delay the onset and progression of diabetic neuropathy. Hence, there is scope for preventive interventions.
Geographical Regions with highest Diabetic Neuropathy Market value
The North American region holds the highest market value for diabetic neuropathy currently. This is mainly attributed to high prevalence of diabetes in countries like the US, increasing healthcare expenditures, rapid adoption of advanced treatment options and presence of key market players in the region. Asia Pacific is recognised as the fastest growing regional market and is expected to witness highest CAGR during the forecast period. Factors such as rising geriatric population, growing incidence of diabetes, improving access to healthcare and increasing healthcare investments are contributing to the market growth in Asia Pacific region.
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