Peripheral neuropathy affects millions of people worldwide every year. It is a condition that results due damage or dysfunction of the peripheral nervous system, the vast communication network between the central nervous system (brain and spinal cord) and all other parts of the body. The most common causes are systemic diseases that affect the peripheral nerves like diabetes, autoimmune disorders, infections such as shingles, and inherited conditions. Treatment options include pain management, treatment of the underlying cause, and physiotherapy. The global peripheral neuropathy treatment market is estimated to be valued at US$ 2,820 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Peripheral neuropathy most commonly manifests as numbness, tingling, burning or pain. It typically affects the hands and feet. Left untreated, it can progress and interfere with daily activities like walking. With the rising worldwide prevalence of diabetes, one of the leading causes of peripheral neuropathy, the need for effective treatment options continues to surge. Globally, millions of people live with diabetes which if not managed can damage nerves over time. Drug therapies aim to reverse nerve damage, relieve symptoms, or slow progression. Non-drug approaches include physical therapy, exercises and pain coping strategies.

Market Dynamics:

The key driver for the peripheral neuropathy treatment market growth is the increasing prevalence of diabetes. According to the International Diabetes Federation, approximately 537 million adults between 20-79 years are living with diabetes globally in 2021 which is projected to rise to 643 million by 2030 and 783 million by 2045. Diabetes-induced neuropathic pain results due to hyperglycemia which damages blood vessels and nerves over time. Pharmacological therapies and devices specifically address the neuroprotective, glycemic control and symptomatic management needs in such patients. The other driver is the expected approval and launch of novel drugs with improved efficacy and safety profiles. Companies are conducting extensive research on advanced treatment approaches like cell-based therapies, gene therapies and neurostimulation devices to mitigate symptoms and slow progression.

SWOT Analysis
Strength: Peripheral neuropathy treatment demand is increasing due to rising cases of diabetes and chemotherapy induced neuropathy. The peripheral neuropathy treatment market is expected to grow multi-fold owing to the increasing research activities in novel therapy development. Biologics and advanced pain relievers are providing faster relief and recovery to patients.
Weakness: High cost of biologics and new advanced drugs remain a key challenge for wider patient access and market adoption. Lack of standardized diagnostic protocols for peripheral neuropathy causes difficulty in early detection and timely treatment.
Opportunity: The introduction of combination therapies and multidisciplinary treatment approaches present an opportunity to improve patient outcomes. Also, favorable regulatory guidelines for fast-track drug approvals will encourage R&D investment in this field. Emerging Asian markets like India and China offer lucrative prospects given the large patient pool.
Threats: Patent expiries of blockbuster drugs will increase generic competition. Side effects of some existing therapies continue to be a concern. Stringent regulations for new drug approvals also pose challenges.

Key Takeaways
The global Peripheral Neuropathy Treatment Market Growth  is expected to witness high growth in the coming years.

Regionally, North America dominates currently due to advanced healthcare infrastructure and large patient population. However, Asia Pacific region is anticipated to demonstrate fastest growth over the forecast period on account of rising healthcare awareness, improving diagnostic rates, and increasing collaboration between regional and global market players.

Key players operating in the peripheral neuropathy treatment market are Pfizer Inc., GlaxoSmithKline plc., Depomed Inc., Eli Lilly and Company, Biogen Inc. Actavis Plc., Teva Pharmaceutical Industries Ltd. , Abbott Laboratories and others. These leading players are actively focusing on new product launches, licensing agreements, and strategic collaborations to strengthen their market position. For instance, Depomed Inc. received FDA approval for Gralise tablets for postherpetic neuralgia in 2011.

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