Diabetic neuropathy, also known as diabetic nerve damage, refers to damage to nerves due to diabetes. It is caused by high blood sugar levels damaging nerves over time. Symptoms range from pain or numbness to an increased susceptibility to injury. There is also currently no cure for diabetic neuropathy. The global Diabetic Neuropathy Market is estimated to be valued at US$ 3626.38 mn in 2024 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:
Increasing prevalence of diabetes around the world is expected to be a key driver for growth of the diabetic neuropathy market over the forecast period. According to estimates by the World Health Organization, the global prevalence of diabetes among adults over 18 years of age has risen from 4.7% in 1980 to 8.5% in 2014. This is expected to increase further in the coming years. Diabetes induced nerve damage affects between 30-50% of all people with diabetes. As a result, the rising diabetes patient pool globally will correspondingly raise demand for treatments and therapeutics for diabetic neuropathy management over the forecast period.
Segment Analysis
The global diabetic neuropathy market is segmented based on indication, treatment type, and end user. By indication, the diabetic peripheral neuropathy segment currently dominates the market due to rising number of diabetic patients suffering from nerve damage. By treatment type, the drugs segment holds the highest market share as drugs such as pregabalin, duloxetine, and gabapentin are widely prescribed for pain management.
Key Takeaways
The global diabetic neuropathy market is expected to witness high growth over the forecast period due to the rising global burden of diabetes.
Regional analysis: North America currently leads the global market and is expected to maintain its dominance during the forecast period. This is attributed to growing diabetic population, rising healthcare expenditure, and presence of key players in the region. Asia Pacific is anticipated to witness the highest growth rate owing to increasing incidence of diabetes, growing medical tourism, and improving healthcare infrastructure in emerging countries.
Key players: Key players operating in the diabetic neuropathy market are Eli Lilly and Company, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly and Company offers pregabalin under the brand name Lyrica for neuropathic pain associated with diabetic peripheral neuropathy. Pfizer provides duloxetine under the brand name Cymbalta for managing diabetic neuropathic pain and depressive disorders.
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