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Paresthesia Treatment Market Research Report Information By Types (Acute Paresthesia, Chronic Paresthesia), Treatment (Immunosuppressant, Anticonvulsants, Tropical Creams, Antivirals And Others), End Users (Hospitals, Clinics, Diagnosis Centers) - Forecast Till 2032


ID: MRFR/Pharma/0248-HCR | 106 Pages | Author: Kinjoll Dey| July 2024

Global Paresthesia Treatment Market Overview


Paresthesia Treatment Market Size was valued at USD 5.56 Billion in 2023. The Global Paresthesia Treatment industry is projected to grow from USD 5.80 Billion in 2024 to USD 8.12 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.20% during the forecast period (2024 - 2032).


Paresthesia Treatment Market


Paresthesia, a neurological disorder, makes an abnormal or spontaneous sensation on the skin. In this disorder, people feel a painless needle-like, itching, or burning sensation on the skin. It mostly occurs in the hands, toes, feet, and fingers. The possible and most common causes of paresthesia are neurological disorders, dehydration, hyperventilation, heavy metal poisoning, neuropathy migraines, and nerve irritation. There are some major causes as well such as vitamin deficiency, hyperventilation syndrome, and use of anesthesia.


There are various types of paresthesia, such as hyperventilation syndrome, transient ischemic attack (TIA), obdormition, whiplash, seizures, and panic attack. The various reasons it can happen are sleeping for a long time with hands twisted, sitting with cross legs. The problem has a tendency to become chronic in the worst-case scenarios. Apart from that, diseases like diabetes, cancer, or arthritis tend to increase the risk of this neurological disorder.


Lupin Limited, a worldwide pharmaceutical company, has recently launched the USP Thiamine Hydrochloride injection in the United States. This injection is prescribed for thiamine deficiency and symptoms such as loss of weight, anorexia, bewilderment, forgetfulness, feeble muscles and heart failure. Once Caplin Steriles Ltd., Lupins partner receives a nod from the US FDA; The New Product will be available in multi-dose vials of 200mg/2mL (100 mg/mL). The new product is therapeutically equivalent to Thiamine Hydrochloride Injection USP, 200 mg/2 mL (100mg/mL) of Fresenius Kabi USA LLC.


According to a press release on August 2023, Nevro of California is to give Boston Scientific Worldwide rights for non-paresthesia therapy with no current or future suitabilities below 1500Hz. In return, Boston Scientific also agreed to grant Nevro a worldwide, non-exclusive, non-transferable license under its claimed patent families and covenant not to sue. Boston Scientific will pay Nevro $85 million pursuant to the settlement agreement. However, in 2021, a U.S. court awarded Boston Scientific $20 million in damages because Nevro infringed two of its competitor’s patents. Its Precision line contributed $909 million toward the company’s $909 million revenue for neuromodulation products last year compared with over $386 million made by Nevro through their sales.


WaveWriter Alpha™ portfolio of Spinal Cord Stimulator (SCS) systems by Boston Scientific (NYSE: BSX) would see limited market release beginning January this year. Fast Acting Sub-Perception Therapy (FAST™), which provides profound paresthesia-free pain relief within minutes using SCS for the first time ever part of these four MRI conditional Bluetooth-enabled rechargeable and non-rechargeable implantable pulse generators (IPGs). Cognita™ Solutions is a set of digital tools supporting the systems for doctors and patients. Over fifty million Americans suffer from chronic pain, which means it lasts over six months, while 19.6 million adults in the USA have high-impact chronic pain that interferes with their daily life or work activities. SCS therapy works by delivering mild electric pulses to the spinal cord to block the transmission of pain senses in the brain.


Covid-19 impact


The impact of Covid-19 has been observed across industries in various forms and measures. The long-term effect of covid-19 has had a good impact in the overall scope of growth of the market for the upcoming years. There is an instant change in the generic customer behavior, demand formation system, and the patterns of the purchases. This will eventually redefine the supply–chain mechanism in a big way. However, with the recovery mode one, the market is slowly becoming steady for a solid revamp in the coming years. This report discusses on impacts of covid-19 in various perspectives on the Paresthesia Treatment Market.


Market dynamics


There are various aspects which going to impact the overall Paresthesia Treatment Market Size in various ways. This segment will cover the market drivers, challenges, and restraints for the overall growth of the market.


Drivers


There are several aspects that are going to impact the market growth across the world. The Paresthesia Treatment Market is primarily driven by factors like poor diet, rising prevalence of the disease, and changing lifestyle. In addition to this, the increase of diseases like cancer, arthritis, and diabetes is also going to play a pivotal role in shaping up the Paresthesia Treatment Market Trends in a huge way.


Opportunities


The Paresthesia Treatment Market is going to see new opportunities due to government support and investments in the R&Ds for better treatment and growth. These factors will play an important role in the future scope of the market.


Challenges & Restrains


Apart from the driving factors and opportunities, the market growth might get slowed down by the unavailability, and lack of effectiveness associated with the treatment during the forecast period. Moreover, the span of time required to get the necessary drugs approved and stringent process applied by governments and regulatory bodies can play a spoilsport in the process of growth for the market. Therefore, Paresthesia Treatment Industry Analysis the Key players must take the necessary steps to deal with such issues.


Cumulative market growth


The market of paresthesia treatment will reach a significant market revenue during the assessment period. In fact, the trend has been quite encouraging consistently for the last few years. In spite of the covid impact, the market is ready to go for a revamp during the forecast period. Primarily a lot would depend on how the local players deal with issues related to cost-cutting and sustainability.


It is not be noted that America is and will remain as the most dominant region on the basis of Paresthesia Treatment Market Growth.


Regional analysis


The regional market of paresthesia treatment is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.


Primarily, America is the most dominant region on the basis of Paresthesia Treatment Market Growth. Moreover, North America has the largest Paresthesia Treatment Global Market Share in the paresthesia treatment market. The growth in this region is due to government support in the treatment market.


Europe is anticipated to have the second-largest Paresthesia Treatment Industry Value during the forecast period due to the rising prevalence of paresthesia in the region. Germany, Italy, France, the U.K, Russia, Spain, are the dominant countries in the Paresthesia Treatment Market of the European region.


The Asia Pacific region is expected to witness the fastest Paresthesia Treatment Global Market Growth during the forecast period. The significant growth in this market is due to the presence of some prominent key players in the market and therefore, many opportunities. In the Asia Pacific, countries like China and India are likely to be the largest and fastest-growing countries due to the huge population base and the rapidly growing economy.


The Middle East and Africa are expected to witness the lowest share in the Paresthesia Treatment Market.


Competitive landscape


The future of the Paresthesia Treatment Market will be decided by the way the key players will approach every aspect related to the market growth and expansion for themselves. Primarily a lot would depend on how the local players deal with issues related to cost-cutting and sustainability. In addition to this, there have been several collaborations and partnership deals which is going to impact the market in a positive manner for sure.


Recent developments


There are several recent tie-ups and collaborations which will impact the overall Paresthesia Treatment Market growth opportunities in a huge way for sure. This report will discuss those aspects in detail.


Major key players



  • Medtronic (UK)

  • Omron Healthcare, Inc. (US)

  • Boston Scientific Corporation (US)

  • Stimwave LLC, (US)

  • Nevro Corp. (US)

  • Cyberonics, Inc. (US)

  • EnteroMedics Inc. (US)

  • St. Jude Medical, LLC. (US)

  • Bio-Medical Research Ltd. (UK)

  • Baxter (US)

  • Stryker (US)

  • GlaxoSmithKline plc.(UK).


Paresthesia Treatment Market Segment Analysis


Paresthesia Treatment Types Outlook



  • Chronic Paresthesia

  • Acute Paresthesia


Paresthesia Treatment Treatment Outlook



  • Immunosuppressant

  • Anticonvulsants

  • Topical creams

  • Antivirals

  • Others


The Immunosuppressant is further classified into prednisone, intravenous gamma globulin, and others.


Paresthesia Treatment End-User Outlook



  • Hospitals

  • Clinics

  • Diagnosis centers

  • Others


Paresthesia Treatment Regional Outlook


Based on region, the Paresthesia Treatment Market is further segmented into, North America, Europe, APAC, Latin America, MEA


Report overview


The report comprises of several aspects such as - 



  • Market overview

  • Covid-19 impact

  • Market dynamics

  • Drivers

  • Challenges

  • Restrains

  • Opportunities

  • Segmentation overview

  • Regional analysis

  • Competitive landscape

  • Recent developments

Report Attribute/Metric Details
  Market Size   USD 8.12 Billion (By 2032)
  CAGR   4.20%
  Base Year   2023
  Forecast Period   2024-2032
  Historical Data   2022
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Types, Treatments, and End Users
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Medtronic (UK), Omron Healthcare, Inc. (US), Boston Scientific Corporation (US), Stimwave LLC, (US), Nevro Corp. (US), Cyberonics, Inc. (US), EnteroMedics Inc. (US), St. Jude Medical, LLC. (US), Bio-Medical Research Ltd. (UK), Baxter (US), Stryker (US), GlaxoSmithKline plc.(UK).
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers ·  Increasing prevalence of the paresthesia ·  Changing lifestyle ·  Poor diet


Frequently Asked Questions (FAQ) :

Based on the Paresthesia Treatment Market Forecast, the market is expected to grow at a CAGR of 4.20% during the forecast period.

The Paresthesia Treatment Market is primarily driven by factors like poor diet, rising prevalence of the disease, and changing lifestyle. Also, the increase in diseases like cancer, arthritis, and diabetes is also going to play a pivotal role in generating the demand.

The market growth might get slowed down by the unavailability, and lack of effectiveness associated with the treatment. Moreover, the span of time required to get the necessary drugs approved and stringent process applied by governments and regulatory bodies can play a spoilsport.

The market could be segmented into several parts like Type, Treatment, End-user & Region.

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