Diabetic neuropathy is a common complication of diabetes that damages the peripheral nerves resulting in numbness and pain in hands and feet. Conditions such as peripheral diabetic neuropathy impairs sensation, motor function and autonomic nervous system functions impacting a patient's quality of life. Therapies that can relieve symptoms include anticonvulsants, antidepressants and opioids. The global Diabetic Neuropathy Market is estimated to be valued at US$ 3,626.38 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased adoption of novel therapies is one of the key trends driving the growth of the diabetic neuropathy market. Drug manufacturers are introducing new treatment options to effectively manage neuropathic pain associated with diabetic neuropathy. For instance, Eli Lilly and Company’s investigational treatment tanezumab which is a non-opioid treatment for chronic pain due to diabetic neuropathy. If approved, tanezumab will provide an alternative to current treatment standards including opioids. Similarly, Johnson & Johnson is evaluating efficacy and safety of amitriptyline for moderate to severe painful diabetic neuropathy. Amitriptyline is an antidepressant that effectively relieves nerve pain. These novel treatment options that demonstrate superior efficacy and safety profile will enable higher treatment rates fueling the diabetic neuropathy market growth over the forecast period.
Segment Analysis
The global Diabetic Neuropathy market is segmented on the basis of type, drugs, and end users. The type segment is further divided into peripheral neuropathy, autonomic neuropathy, proximal neuropathy, and focal neuropathy. Peripheral neuropathy dominates other sub segments due to high prevalence of peripheral nerve damage in diabetic patients. This segment accounts for over 60% of market share as most cases of diabetic neuropathy are associated with damage to peripheral nerves.
Key Takeaways
The global Diabetic Neuropathy market is expected to witness high growth during the forecast period from 2023 to 2030. The market is projected to grow at a CAGR of 6.9% during this period and reach a market size of USD 3626.38 Mn by 2023.
Regional analysis
North America is currently the largest and fastest growing regional market for diabetic neuropathy. High prevalence of diabetes and growing awareness about treatment and management of diabetic neuropathy are major factors driving market growth in this region. The US dominates the North American as well as global market and accounts for over 50% revenue share.
Key players
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 global market with its product duloxetine being one of the leading therapy options for diabetic neuropathy treatment worldwide.
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