Peripheral neuropathy refers to damage to the peripheral nerves, resulting in symptoms such as pain, tingling, numbness, and weakness, often in the hands and feet. Several companies are involved in the development of treatments, therapies, and diagnostic tools for peripheral neuropathy.
Latest Peripheral Neuropathy Treatment Companies Update
April 2023: Neuspera® Medical, a medical device business focused on the development of implanted devices for individuals with chronic conditions, has recently disclosed the attainment of approval from the U.S. Food and Drug Administration (FDA) for the advanced Neuspera ultra-miniaturized system. The system consists of a micro-implant that administers neurostimulation treatment via a wireless platform, which includes a wearable transmitter and an iPad-based clinician programmer. The Neuspera system offers a wireless and adaptable platform for delivering peripheral nerve stimulation (PNS), which is less invasive compared to existing commercially available technologies. This PNS device represents a significant advancement as it introduces an ultra-miniaturized alternative, potentially enhancing the patient's experience and providing increased procedural adaptability. The device in question is approximately 75 times smaller than the smallest implanted pulse generator now available in the commercial market.
Peripheral Neuropathy Market Size was valued at USD 2.39 billion in 2023 and is projected to grow from USD 2.52 billion in 2024 to USD 7.43 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.01% during the forecast period (2024 - 2032). The increasing prevalence of peripheral neuropathy and the growing prevalence of diabetes are the key market drivers boosting the growth of the peripheral neuropathy market.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Peripheral neuropathy refers to the many conditions that involve damage to the peripheral nervous system. The rapid growth of the geriatric and obese population across the world highly contributes to the risk of developing peripheral neuropathy. The etiology of peripheral neuropathy includes physical injury (trauma), diabetes, vascular and blood-related problems, or diseases, systemic (body-wide) autoimmune diseases, hormonal imbalance, kidney and liver disorders, certain cancers and benign tumors, chemotherapy drugs, and certain infections.
It is also due to the malfunctioning of nerves ending up in severe damage, which further leads to inappropriate signaling to various parts of the body. Diabetic neuropathy is recorded as a major type of neuropathy. The rising prevalence of diabetes worldwide will lead to an increase in the number of people with peripheral neuropathy. Thus, the increasing prevalence of diabetes across the world is expected to drive the growth of the market during the forecast period.
The peripheral neuropathy market segmentation, based on type, includes diabetic peripheral neuropathy, chemotherapy-induced peripheral neuropathy, idiopathic peripheral neuropathy, and HIV/AIDS associated peripheral neuropathy. The diabetic peripheral neuropathy type segment held the majority share in 2022 in respect to the peripheral neuropathy market revenue. This is primarily owing to the increasing prevalence of diabetic peripheral neuropathy in youth with diabetes and the increasing number of market players.
September 2021 Biogen Inc. (US) reported positive topline results from its Phase 2 CONVEY study of vixotrigine (BIIB074), a non-opioid investigational oral pain drug being evaluated for the treatment of small fiber neuropathy (SFN). Such positive results in different phases of the clinical studies could lead to the development of the drug in the future
The peripheral neuropathy market segmentation, based on treatment, includes pharmacological therapies, non-pharmacological therapies, and others. The pharmacological therapies segment dominated the market in 2022 in respect to the peripheral neuropathy market. This is attributed to the primary in the treatment of peripheral neuropathy.
February 2021 Mendel AI (US) a late clinical-stage company and Cairo University (Egypt) initiated phase 2/3 clinical trial study of the potential protective role of venlafaxine versus paclitaxel-induced peripheral neuropathy
The peripheral neuropathy market segmentation, based on indication includes hospitals and clinics, ambulatory centers, and others. The hospitals and clinics held the largest market share in 2022 with respect to the peripheral neuropathy market revenue. This is due to the rising incidence of chronic diseases, and it is also 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.
May 2021 Pure Green Pharmaceuticals Inc. (US) reported that in a Phase II trial, a cannabidiol (CBD) sublingual tablet reduced pain scores in patients with diabetic peripheral neuropathy by approximately 50%
July 2020 Grünenthal (Germany) and its United States subsidiary, Averitas Pharma, Inc. (US) received United States Food and Drug Administration (FDA) approval for QUTENZA (capsaicin) 8% patch for the treatment of neuropathic pain associated with diabetic peripheral neuropathy (DPN) of the feet in adults. It is a topical, non-systemic, non-opioid pain treatment delivered in the form of a patch and is the first and only treatment of its kind to deliver prescription-strength capsaicin directly into the skin
Figure 2 Peripheral Neuropathy Market, by End User, 2023 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. North America peripheral neuropathy held the largest market share in 2022. This is attributed to the increasing prevalence of diabetes, health care infrastructure, and an increase in diabetic patients’ awareness of peripheral nephropathy.
Further, the major countries studied are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3 PERIPHERAL NEUROPATHY MARKET SHARE (%) BY REGION 2023
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Peripheral Neuropathy market accounts for the second-largest market share due to the rising peripheral neuropathy treatment options, rising awareness, and increasing number of pipeline products are boosting the market growth. Further, the Germany peripheral neuropathy market held the largest market share, and the UK peripheral neuropathy market was the fastest-growing market in the European region.
The Asia-Pacific Peripheral Neuropathy market is expected to grow at a significant growth rate during the forecast period. This is due to the increased healthcare spending, and the growing number of geriatric populations afflicted with chronic diseases like diabetes and cancer are factors expected to boost the market over the forecast period. Moreover, China peripheral neuropathy market held the largest market share, and the India peripheral neuropathy market was the fastest-growing market in the Asia-Pacific region. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2023–2030.
Peripheral Neuropathy Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the peripheral neuropathy market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the peripheral neuropathy industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the peripheral neuropathy industry to benefit clients and expand the peripheral neuropathy market sector is to manufacture locally to reduce operating costs.
Helixmith Co Ltd. (South Korea), discovers and develops DNA, protein-based therapeutics, herbal medicines, and nutraceuticals for treating various ischemic diseases or neurodegenerative disorders. The company developed Engensis (VM202), a plasmid DNA therapy used to express two isoforms of hepatocyte growth factor and treat various neurodegenerative diseases such as diabetic peripheral neuropathy, diabetic foot ulcer, and coronary artery disease. Helixmith also investigated various programs to treat chronic wounds, peripheral arterial diseases, and claudication. The company uses plasmid DNA (pCK) and AAV vector technology to treat neuromuscular and muscle diseases. For instance, in November 2020, Helixmith announced the start of a new trial for patients with diabetic neuropathy. The company was focusing on using gene therapy to treat diabetic peripheral neuropathy.
Key Companies in the Peripheral Neuropathy Market Includes
Peripheral Neuropathy Industry Developments
In January 2023 Salk Institute (US) in Nature revealed that low levels of amino acid serine increased the risk of developing peripheral neuropathy for diabetic mice. These new findings could be used to explore the use of serine supplementation to alleviate the symptoms of neuropathy symptoms and possibly take us one step closer to developing a possible cure
In January 2023 Neuralace Medical Inc. (US) announced the enrollment of the first patients for its Axon Therapy and Painful Diabetic Neuropathy (AT-PDN) study with a target of around 80 patients. The study was estimated to be conducted at five clinical sites and led by Dr. Lora Brown at TruWell Health, Florida
In August 2022 Yostra Labs (India) announced that it had raised USD 484,16 million in a seed funding round that was led by Villgro Innovations Foundation, Indian Angel Network, and other investors. The company has a specialized portfolio of products for the management and diagnosis of peripheral neuropathy. The company was expected to use the raised capital to expand its workforce and marketing teams
Peripheral Neuropathy Market Highlights:
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