Diabetic Neuropathy Market Poised to Grow at a Robust Pace Due to Rising Prevalence of Diabetes
The diabetic neuropathy market involves treatment therapies and medications for diabetic neuropathy condition. Diabetic neuropathy, one of the most common and chronic complications of diabetes, is a nerve damage caused by diabetes. It typically affects the feet and legs but can also affect other parts of the body such as hands, arms, digestive tract. The signs and symptoms of diabetic neuropathy include numbness, pain, and weakness. The medications for diabetic neuropathy include pregabalin, duloxetine, gabapentin and some topical pain-relieving medications.
The global diabetic neuropathy market is estimated to be valued at US$ 3626.38 million in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period of 2023 to 2030.
Key Takeaways
Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly and Company dominates the market with their products Cymbalta (Duloxetine) and Lyrica (Pregabalin).
The growing prevalence of diabetes worldwide has opened lucrative opportunities for market players in the form of improving access to care and developing innovative treatments. According to the International Diabetes Federation (IDF), 537 million adults are likely to have diabetes by 2030.
The major players are expanding their geographical reach through strategic collaborations and licensing agreements to strengthen their global footprint especially in emerging regions such as Asia Pacific and Latin America.
Market Drivers
Rising aging population - The risk of developing diabetic neuropathy increases with age. According to the United Nations data, the proportion of worldwide population aged over 60 years will nearly double from 12% to 22% between 2015 and 2050.
Increasing prevalence of type 1 and type 2 diabetes - Diabetic neuropathy is one of the most common complications associated with long-standing diabetes. The increasing prevalence of diabetes is directly fuelling the growth of diabetic neuropathy market.
Market Restrains
Stringent regulatory environment - All drug candidates must go through rigorous clinical testing and approval processes of regulatory bodies like FDA which delays product launches. This poses a major challenge for market players.
Expensive treatment options - Currently available treatment options are often inadequate and expensive which limits their adoption in low and middle-income countries. This restrain the market growth potential.
Segment Analysis
The diabetic neuropathy market is segmented based on treatment type, disorder type and end user. Based on treatment type, the market is segmented into drugs, therapies and others. The drugs segment is further divided into analgesics, anticonvulsants and antidepressants. Among these, anticonvulsants are dominating the segment as they helps in pain management and are preferred treatment option for nerve pain caused due to diabetic neuropathy. The disorder type segment includes peripheral neuropathy, autonomic neuropathy and proximal neuropathy. Here, peripheral neuropathy accounts for the largest share as it is most common and affects foot and lower leg initially. Under end user segmentation, the market covers hospitals, clinics and retail pharmacies. Hospitals dominate the segment due to availability of advanced treatment options and skilled healthcare professionals.
Regional Analysis
Geographically, North America is the fastest growing as well as dominating regional market for diabetic neuropathy. Factors such as increasing healthcare expenditure, rising geriatric population, growing prevalence of diabetes and technological advancements are boosting the North America market growth. In terms of revenue, the United States contributes around 80% share of the regional market. Europe holds the second position in the global market supported by rising government funding for research & development activities. Meanwhile, the Asia Pacific region will witness highest growth over the forecast period due to improving healthcare infrastructure, growing medical tourism industry and rising healthcare awareness in developing countries like India and China.
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
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