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The Global Peripheral Neuropathy Market is estimated to grow at a CAGR of around 3.4% during the forecast period 2021-2027. Astute Analytica predicted that the market accounted for US$ 0.976 Bn in the year 2019 and is anticipated to reach US$ 1.3 Bn by the end of the year 2027.
The prevalence of peripheral neuropathy among adults with diabetes in the United States is nearly 28%, whereas, in Japan, a population-based epidemiological survey with more than 5,000 respondents led to a neuropathic pain prevalence of 3.2%. The rapid growth of the geriatric and obese population across the world highly contributes to the risk of developing peripheral neuropathy.
Peripheral neuropathy results due to malfunctioning of nerves ending up in severe damage, which further leads to inappropriate signaling to various parts of the body. Diabetic neuropathy recorded as a major type of neuropathy with its prevalence rate estimated between 6-51% among adults with diabetes depending on age, duration of diabetes, glucose control, etc. According to the University of Chicago’s Centre for Peripheral Neuropathy (UCCPN), approximately 60% of people with diabetes have some type of nerve damage. Thus, rising cases of chronic diseases have aided in the growth of the peripheral neuropathy market.
It has been observed that geriatric and obese population largely propels the global market demand for peripheral neuropathy. Also, the rising awareness among people about peripheral neuropathy supports the growth of markets around the globe. There are few prescription drugs available for neuropathic pain, thus the market greatly depends upon the sales the off-label prescription.
There exists complexity in the drug target identification the pharmaceutical sector has been going through a lot of burdens in order to improvise the currently available therapeutic options. Lately, there has been a shift in the market towards the adoption of transdermal therapies for neuropathic pain.
The global peripheral neuropathy market is segmented on the basis of type, diagnosis, treatment, and end-user. These major segments are further categorized into sub-segments to study the market in detail.
Other factors contributing to the growth of the peripheral neuropathy market include growing cases of nerve pain or trauma from injury leading to nerve damage. Also, increasing penetration by existing and emerging market players has a great impact on the market size. Moreover, the attempts by government and non-governmental organizations to increase healthcare research expenditure have fuelled the overall market growth. However, the diagnosis and treatment of peripheral neuropathy is quite complex and has a high cost which might hinder its demand in the market.
Among various types, the Diabetic Peripheral Neuropathy segment holds the maximum share in the market owing to the growing prevalence of diabetes. As of now, the medications dominate the treatment paradigm. Though there is no definitive cure available to date for neuropathic pain, however, treatment slows down progression, relieves pain, and manages complications to some extent. The availability of advanced facilities and healthcare expertise makes hospitals the largest segment among the end-users in the market.
The global peripheral neuropathy market is dominated by North America due to the rising number of diabetic patients and the large obese population in the region. Also, initiatives taken by the federal government accounted for the market growth in the region. Europe's peripheral neuropathy market also holds a considerable share owing to its large geriatric population base. However, the Asia-Pacific peripheral neuropathy market is expected to grow at the highest CAGR in the forecast period, due to the rising population base and rising market penetration.
Though the current market of peripheral neuropathy does not witness many approved therapies and treatment options, its pipeline or emerging landscape is quite diverse providing room for better treatment options to boon its market in near future. Drug approvals by the major key companies are expected to propel the overall growth of the global peripheral neuropathy treatment market.
PledPharma, Solasia Pharma, Helixmith, Asahi Kasei Pharma America Corporation, Lexicon Pharmaceuticals, Abbott Laboratories, Cipla Limited, Eli Lilly and Company, GlaxoSmithKline plc, Lupin Limited, Merck and Co. Inc., Novartis, Pfizer Inc., Dr. Reddy's Laboratories, Bristol Myers Squibb and others are some major key players present in the global peripheral neuropathy market. Some major recent developments are: