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Diabetic neuropathy refers to nerve damage caused by diabetes. It usually affects the feet and legs but can also affect other areas like hands, arms, and digestive tract. Some common symptoms include numbness, pain, and weakness. Therapeutics for diabetic neuropathy management aim to reduce pain and prevent complications. Oral medications like pregabalin, duloxetine and topical agents provide relief. There is rising demand for such pain management therapeutics to control neuropathic symptoms. The global diabetic neuropathy market is estimated to be valued at US$ 3,626.38 million 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 Dynamics:
The increasing prevalence of diabetes across the globe and growing geriatric population are two key drivers of the diabetic neuropathy market. According to IDF data, over 537 million adults were living with diabetes globally in 2021 which is projected to rise to 783 million by 2045. Older age is a significant risk factor for both diabetes and diabetic neuropathy condition. Almost 1 in 2 people above the age of 65 are likely to develop some form of DPN eventually. Hence, with rapidly aging populations worldwide, the burden of diabetic neuropathy is set to increase in the future.
In addition, lack of cure and focus on pain management is fueling the demand for neuropathic drugs. Currently, there is no cure for DPN and management focuses on maintaining glycemic control and treating pain symptoms. Pharmaceutical companies are constantly innovating to develop newer pain killing medications with improved efficacy and safety profile to leverage this lucrative market opportunity. These drivers explain the expected growth of the global diabetic neuropathy therapeutics market during the forecast period.
Segment Analysis
The global Diabetic Neuropathy Market can be segmented based on treatment type, indication type, and end user. Based on treatment type, the market is segmented into drugs, therapies, and surgical treatment. The drugs segment is further classified into pregabalin, duloxetine, gabapentin, and opioids. Among these, the pregabalin segment dominates the market due to its high efficacy and wide acceptance among diabetic neuropathy patients and physicians for the treatment of neuropathic pain associated with diabetes.
PEST Analysis
Political: The government policies related to pricing control and approval of new drug launches influences the diabetic neuropathy drugs market. Various governments provide mandatory insurance that covers medical expenses occurred due to treatment of diabetic neuropathy.
Economic: Growing per capita healthcare expenditure and rising disposable income allows more population to avail better treatment for diabetic neuropathy. The rise in diabetes prevalence increases the patient pool requiring treatment.
Social: Growing disease awareness regarding diabetes and its associated complications like diabetic neuropathy boosts the demand for effective pain management therapies. Patients increasingly adopt prescribed drugs and therapies to get relief from chronic pain.
Technological: Development of novel drug delivery systems that enhance bioavailability and reduce drug resistance helps the market. Advanced nerve stimulation devices for pain management offer relief to drug-resistant patients.
Key Takeaways
The global Diabetic Neuropathy Market is expected to witness high growth. Regional analysis related content comprises
Regional analysis: North America dominates the global Diabetic Neuropathy Market owing to the rising prevalence of diabetes and growing geriatric population in the US and Canada. Asia Pacific is anticipated to be the fastest growing market over the forecast period due to increasing healthcare expenditure, rising awareness regarding diabetic complications, and growing diabetes incidence in countries like India and China.
Key players: Key players operating in the Diabetic Neuropathy Market includes Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly holds a major share in the market with its pregabalin offering Lyrica, approved for diabetic neuropathy treatment. GlaxoSmithKline also has a significant share with its branded drugs like Cymbalta and Aricept indicated for neuropathic pain management.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
