Global Diabetic Neuropathy Market Is Estimated To Witness High...

Global Diabetic Neuropathy Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Diabetes & Increasing Research Activities

Veröffentlicht 2023-08-21 09:10:31

A) Market Overview:

Diabetic neuropathy is a type of nerve damage that occurs due to uncontrolled blood sugar levels in individuals with diabetes. The condition primarily affects the legs and feet, causing pain, tingling, and numbness. The market offers various products such as anticonvulsants, antidepressants, and opioids for managing the symptoms associated with diabetic neuropathy. These products aim to provide relief from pain and improve the quality of life for patients.

B) Market Dynamics:

Two key drivers contribute to the growth of the Diabetic Neuropathy Market. Firstly, the rising prevalence of diabetes worldwide is fueling the demand for effective management of its complications, including diabetic neuropathy. According to the International Diabetes Federation, the global prevalence of diabetes is expected to reach 700 million by 2045. Secondly, increasing research activities in the field of diabetic neuropathy are leading to the development of innovative treatment options. For instance, Eli Lilly and Company, one of the key players in the market, has been actively researching and developing novel therapies for diabetic neuropathy.

The global Diabetic Neuropathy Market is estimated to be valued at USD 3876.6 million in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

C) Segment Analysis:

One segment dominating the market for diabetic neuropathy is the anticonvulsants segment. These drugs are commonly used for managing neuropathic pain associated with diabetic neuropathy. Anticonvulsants such as pregabalin and gabapentin provide significant pain relief and are widely prescribed by healthcare professionals.

D) PEST Analysis:

Political: Governments are investing in diabetes management programs and initiatives to control the impact of diabetes on public health.

Economic: The growing economic burden of diabetes and its complications is driving the demand for effective treatment options for diabetic neuropathy.

Social: Increasing awareness among the general population about the complications of diabetes and the importance of early diagnosis and management is contributing to market growth.

Technological: Advancements in medical technology, such as wearable devices and remote patient monitoring, are enabling better management of diabetes and its complications.

E) Key Takeaways:

- The global Diabetic Neuropathy Market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to the increasing prevalence of diabetes and the growing focus on innovative treatment options.

- North America is the dominating region in the global diabetic neuropathy market, attributed to the high prevalence of diabetes and the availability of advanced healthcare infrastructure.

- Key players operating in the global diabetic neuropathy market include Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson, and Janssen Pharmaceuticals. These companies are actively engaged in research and development activities to expand their product portfolios and cater to the growing demand for diabetic neuropathy treatment options.