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Peripheral Neuropathy Market Forecast
Peripheral Neuropathy Market is expected to hold a value of USD 314.50 Million by 2025 at a CAGR of 3.9%.
Peripheral neuropathy is a result of damage to the nerves outside of the brain, and spinal cord (peripheral nerves) causes numbness and pain, also weakness in your hands and feet. It can also affect other areas of your body. As peripheral neuropathy If left untreated, leads to serious effects, such as burning pain or paralysis; hence, companies are investing in peripheral neuropathy market to find the new drugs and treatment methods.
Technological advancements and product launches by key players in the peripheral neuropathy market are likely to act as a promising factor for the growth of the market in the near future.
Peripheral Neuropathy Market Drivers
- Growing prevalence of diabetes. For example, as per the survey, in 2017, in the whole world, approximately 425 million adults (20-79 years) were living with diabetes, and by 2045 the number will rise to 629 million. People with diabetes are likely to suffer from diabetes-induced peripheral neuropathy.
- Increasing mergers & acquisitions by prominent players in the peripheral neuropathy market. As the acquisition and mergers facilitate the companies to enter the new market with innovative technologies. For instance, In June 2016, Merck & Co. acquired Afferent Pharmaceuticals to expand the pharma giant’s pipeline for treating neurogenic conditions.
- Increasing chemotherapy treatments for cancer
- Rising awareness about peripheral neuropathy
- Increasing geriatric population
- Stringent government regulations
Peripheral Neuropathy Market Segmentation
- Diabetic Peripheral Neuropathy (DPN): Expected to hold the largest share, owing to the increasing prevalence of diabetic peripheral neuropathy in youth with diabetes. For example, as per survey, in 2017, in the US, the prevalence of diabetic peripheral neuropathy (DPN) was 7% in youth with Type 1 diabetes and 22% in youth with Type 2 diabetes.
- Chemotherapy-induced Peripheral Neuropathy (CIPN): This is expected to be the second-largest segment, owing to the rising prevalence of chemotherapy-induced peripheral neuropathy (CIPN). For example, according to an article published by The Foundation for Peripheral Neuropathy in 2016, 30-40% of all cancer patients have chemotherapy-induced peripheral neuropathy (CIPN)
- Idiopathic Peripheral Neuropathy: Idiopathic peripheral neuropathies occur typically in middle-aged and elderly individuals. The cause of idiopathic peripheral neuropathy is not known yet.
- HIV/AIDS Associated Peripheral Neuropathy: Human immunodeficiency virus (HIV) or AIDS is often accompanied by the development of peripheral neuropathic conditions.
- Pharmacological Therapies: This is expected to be the largest segment, as the pharmacological therapies are primary in the treatment of peripheral neuropathy.
- Non-Pharmacological Therapies: Non-Pharmacological therapies are further divided into Transcutaneous Electrical Nerve Stimulation (TNS) and Plasma exchange & intravenous immune globulin. This is expected to be the second-largest segment, as non-pharmacological therapies are used along with other treatment options for Neurotherapy.
- Others: Others include, physical therapy and surgery also used for the treatment of peripheral neuropathy
- Hospitals and Clinics: The largest segment, hospitals, and clinics are usually the first place for the diagnosis and treatment of patients. The availability of different treatment methods with expertise in the hospital and clinics is projected to drive the growth of this segment during the forecast period.
- Ambulatory Centers: Ambulatory care is provided in settings such as ambulatory surgical centers, dialysis clinics, hospital outpatient departments, and other health professionals.
- Others: This segment includes research organizations and academic institutions.
- Americas: The largest regional market. In countries such as the US and Canada, due to the increasing prevalence of diabetes in the US. For example, as per the survey, the population prevalence of diabetes in the US is approaching 10% and is increasing by 5% each year. Diabetic neuropathy is the most common complication associated with diabetes mellitus. Also, top players such as Eli Lilly and Company, Bristol Myers Squibb, Abbott Laboratories reside in the Americas. This contributes to the growth of the peripheral neuropathy market in this region.
- Europe: The increasing number of cases of cancer in Europe, coupled with rising awareness, peripheral neuropathy treatment options are expected to boost the growth of the peripheral neuropathy market in the European region. For Example, as per the survey in 2018, the total number of newly diagnosed 42,29, 662 cases of cancer were found in Europe. The chemotherapy treatments are widely used in cancer therapies leads to chemotherapy-induced peripheral neuropathy (CIPN).
- Asia-Pacific: Asia-Pacific is anticipated to be the fastest-growing region in the peripheral neuropathy market. The region is witnessing a growing number of geriatric populations afflicted with chronic diseases like diabetes and cancer. This increases the prevalence of peripheral neuropathy
- Middle East & Africa: The smallest market due to limited healthcare infrastructure and limited exposure to technological advancements.
Peripheral Neuropathy Market Key Players
- Abbott Laboratories (US)
- Bristol Myers Squibb (US)
- Novartis AG (UK)
- Eli Lilly and Company (US)
- Pfizer Inc (US)
- GlaxoSmithKline plc (UK)
- Merck and Co. Inc. (US)
- Cipla Limited (India)
- Lupin Limited (India)
- Reddy's Laboratories (India)
- Hoffmann-La Roche Ltd. (UK)
- RxFunction, Inc. (US)
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USD 314.50 Million
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Type, Treatment and End-User
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Abbott Laboratories (US), Bristol Myers Squibb (US), Novartis AG (UK), Eli Lilly and Company (US), Pfizer Inc (US), GlaxoSmithKline plc (UK), Merck and Co. Inc. (US), Cipla Limited (India), Lupin Limited (India), Reddy's Laboratories (India), Hoffmann-La Roche Ltd. (UK), RxFunction, Inc. (US)
Key Market Opportunities
Technological advancements and product launches by key players
Key Market Drivers
Increasing chemotherapy treatments for cancerRising awareness about peripheral neuropathy
Frequently Asked Questions (FAQ) :
The valuation of the peripheral neuropathy market is estimated to reach USD 314.50 Million by 2027.
The peripheral neuropathy market is projected to grow at approximately 3.9% CAGR during the forecast period (2021-2027).
Growing prevalence of diabetes.
North America holds the largest share in the peripheral neuropathy market, followed by Europe and the Asia Pacific, respectively.
Bristol Myers Squibb (US), Abbott Laboratories (US), Novartis AG (UK), Pfizer Inc (US), Eli Lilly and Company (US), GlaxoSmithKline plc (UK), Cipla Limited (India), Merck and Co. Inc. (US), Lupin Limited (India), Hoffmann-La Roche Ltd. (UK), Reddy's Laboratories (India), and RxFunction, Inc. (US), are some of the major players operating in the peripheral neuropathy market.