Diabetic neuropathy is a medical condition that arises due to nerve damage in the body of people suffering from diabetes. It negatively impacts the proper functioning of various body parts like feet or legs. Left untreated, it can even lead to amputation. The various products available in the market for managing diabetic neuropathy include medicines and therapeutic devices. Medicines like pregabalin and duloxetine are effective in treating the symptoms of pain, nerve damage and numbness associated with diabetic neuropathy. Therapeutic devices help stimulate nerves and improve blood circulation. The global Diabetic Neuropathy Market is estimated to be valued at US$ 3626.38 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:
The rising cases of diabetes across the world, mainly due to obesity, sedentary lifestyles and unhealthy eating habits, has fueled the occurrences of diabetic neuropathy as its complication. It is estimated that over 460 million people globally were suffering from diabetes in 2019, and this number is expected to surge to 700 million by 2045. As a result of steep rise in diabetes prevalence, the instances of diabetic neuropathy have also grown substantially. As per some estimates, approximately 50% of all diabetic patients eventually suffer from some level of neuropathy condition. Therefore, the exploding diabetes population worldwide has emerged as a key growth driver for the diabetic neuropathy drugs market. The growing diabetes burden and its neurological complication have compelled individuals to seek effective treatment options, thus boosting the demand for neuropathy therapeutics over the forecast period.
Segment Analysis
The global diabetic neuropathy market can be segmented based on indication, treatment type, and end user. Among indication, diabetic peripheral neuropathy accounts for the largest market share owing to rising prevalence of diabetes and its complications. Among treatment, drugs is the dominating segment as drugs are the first line treatment options for diabetic neuropathy. Drugs cover majority of market share as they provide safe and effective pain relief.
Key Takeaways
The global diabetic neuropathy market is expected to witness high growth over the forecast period. The market is set to grow at a CAGR of over 6.9% during 2023 to 2030 to reach a value of over USD 3626.38 million by 2024.
Regional analysis: North America dominates the global diabetic neuropathy market and is expected to continue its dominance over the forecast period. This is attributed to growing prevalence of diabetes, availability of advanced treatment options and early diagnosis rate in the region. Asia Pacific is anticipated to witness fastest growth owing to growing patient population, improving healthcare infrastructure and flourishing medical tourism in the region.
Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly is one of the prominent players offering drugs such as pregabalin and duloxetine for diabetic neuropathy pain management. GlaxoSmithKline is also a leading player providing strong drugs portfolio in the market.
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