“Global Diabetic Neuropathy Treatment Market to reach a market value of USD 7.4 Billion by 2031 growing at a CAGR of 7.3%”
The Global Diabetic Neuropathy Treatment Market size is expected to reach $7.4 billion by 2031, rising at a market growth of 7.3% CAGR during the forecast period.
The demand for diabetic neuropathy treatment in North America is increasing due to several factors. Increasing diabetes prevalence in the region is among the primary factors. Thus, the North America region captured 39.5% revenue share in the market 2023. With high rates of smoking in Canada, there is a greater prevalence of diabetes and diabetic neuropathy among the population, leading to increased demand for this.
Advancements in treating diabetic neuropathy have made significant progress in recent years, offering patients a broader array of options to manage their condition effectively. One key area of advancement is pharmacological therapies. Novel medications have been developed that target specific pathways involved in nerve damage, such as inflammation and oxidative stress.
Additionally, as per the World Health Organization, the proportion of diabetic people among adults aged 18 years and older was 8.5% in 2014. Diabetes accounted for the direct cause of 1.5 million fatalities in 2019, with 48% of diabetes-related deaths occurring in individuals younger than 70 years of age. Diabetes accounted for an additional 460,000 fatalities due to kidney disease. Thus, the increasing prevalence of diabetes worldwide is a key driver of the market.
However, many people with diabetes may not be aware of the potential complications, including neuropathy, which can result from uncontrolled blood sugar levels over time. Such a lack of awareness may result in postponing the pursuit of medical attention upon the initial appearance of symptoms indicative of neuropathy, including numbness, tingling, or pain in the hands and feet. Hence, the lack of awareness of the disease may allow the adoption of treatments and hamper the market's growth.
The COVID-19 pandemic, conversely, expedited the implementation of digital health solutions and telemedicine. By allowing healthcare providers to resume providing care remotely to patients with diabetic neuropathy, these technologies mitigated the pandemic's effect on treatment access as well as continuity of care. Overall, the impact of COVID-19 on the diabetic neuropathy treatment market was moderate.
By distribution channel, the market is divided into hospital pharmacies, retail pharmacies, and others. The hospital pharmacies segment witnessed 47.8% revenue share in the market in 2023. Hospital pharmacies serve a vital function in furnishing patients with the proper medications prescribed for diabetic neuropathy.
On the basis of drug class, the market is classified into capsaicin, opioid, non-steroidal anti-inflammatory drugs (NSAIDs), antidepressants, and others. The antidepressants segment recorded 29.3% revenue share in the market in 2022.
Based on disorder type, the market is characterized into peripheral neuropathy, autonomic neuropathy, proximal neuropathy, and focal neuropathy. The peripheral neuropathy segment garnered 63.8% revenue share in the market in 2023. There are many different causes of peripheral neuropathy, including diabetes, infections, exposure to toxins, and certain medications.
Free Valuable Insights: Global Diabetic Neuropathy Treatment Market size to reach USD 7.4 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment acquired 26.9% revenue share in the market in 2023. Based on data from the International Diabetes Federation, this region is anticipated to have the highest prevalence of diabetes in 2021, with an estimated 191 million adults aged 20-79 affected.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 4.2 Billion |
| Market size forecast in 2031 | USD 7.4 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.3% from 2024 to 2031 |
| Number of Pages | 265 |
| Number of Tables | 380 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Drug Class, Disorder Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | Abbott Laboratories, Eli Lilly And Company, Pfizer, Inc., Lupin Limited, Astellas Pharma, Inc., Glenmark Pharmaceuticals Limited, Boehringer Ingelheim International GmbH, Novartis AG, McKesson Corporation, GlaxoSmithKline PLC (GSK) |
By Distribution Channel
By Drug Class
By Disorder Type
By Geography
This Market size is expected to reach $7.4 billion by 2031.
Rapid advancements in treatment options are driving the Market in coming years, however, Lack of awareness about diabetic neuropathy restraints the growth of the Market.
Abbott Laboratories, Eli Lilly And Company, Pfizer, Inc., Lupin Limited, Astellas Pharma, Inc., Glenmark Pharmaceuticals Limited, Boehringer Ingelheim International GmbH, Novartis AG, McKesson Corporation, GlaxoSmithKline PLC (GSK)
The expected CAGR of this Market is 7.3% from 2024 to 2031.
The Non-Steroidal Anti-inflammatory Drugs (NSAIDs) segment is leading the Market by Drug Class in 2023; there by, achieving a market value of $2.8 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; there by, achieving a market value of $2.8 billion by 2031.
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