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Diabetic neuropathy refers to nerve damage caused by diabetes. It usually affects the legs and feet first, causing pain, numbness, and sometimes weakness or lack of feeling. Left untreated, diabetic neuropathy can lead to damaged nerves throughout the body and ultimately limb amputation. Neuropathy symptoms range from numbness and tingling to burning pain. Diabetic neuropathy treatment includes lifestyle changes, medications to relieve pain or improve nerve function, and advanced treatment options like nerve stimulation.
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 Dynamics:
Growing adoption of early diagnosis procedures is expected to drive growth of the diabetic neuropathy market over the forecast period. Implementing neuropathy screening helps in early diagnosis and prevents progression of the condition. Regular screening methods like annual comprehensive foot exam, biothesiometry to test vibration perception threshold, pinprick sensations check and nerve conduction velocity are gaining acceptance. Early diagnosis allows timely interventions like glucose control, medication and lifestyle changes which prevents complications. Additionally, growing awareness regarding symptoms of diabetic neuropathy is also propelling individuals to undergo regular checkups, further fueling market growth.
Segment Analysis
The global Diabetic Neuropathy Market is dominated by the peripheral neuropathy segment which accounted for nearly 70% market share in 2023. Peripheral neuropathy refers to the damage to the peripheral nervous system which mainly affects the legs and feet. It is the most common and widely seen type of diabetic neuropathy. Symptoms of peripheral neuropathy include numbness, pain, tingling sensations in the feet and legs. Early diagnosis and treatment of peripheral neuropathy is important to prevent foot complications like ulcers and amputations in diabetes patients.
PEST Analysis
Political: Favorable government policies towards management and treatment of diabetes across various countries are boosting the Diabetic Neuropathy Market. For instance, in the US, new bills are being passed to increase funding for diabetes care and research.
Economic: Rising healthcare spending and increasing disposable incomes in developing nations are fueling the market growth. The overall economic burden of diabetes including direct medical costs and lost productivity is expected to further drive investments in the market.
Social: Growing awareness about diabetes complications through patient advocacy groups and social media is positively impacting the market. Campaigns to educate people about importance of diabetes self-management and prevention of neuropathy are being carried out.
Technological: Advancements in pain treatment therapies like topical analgesics, non-pharmacological treatment options involving Neurostimulation therapy are providing novel solutions in managing diabetic neuropathy symptoms. Continuous development of innovative drug delivery mechanisms by key players is also supporting the market expansion.
Key Takeaways
The global Diabetic Neuropathy Market is expected to witness high growth during the forecast period 2023 to 2030 owing to the rising global diabetes prevalence. Regionally, North America dominated the market in 2023 with over 40% share driven by aggressive diagnostic approach and high treatment-seeking rate in the US and Canada. Asia Pacific is anticipated to be the fastest growing region owing to growing diabetic population, increasing obesity rates and healthcare infrastructure development in developing countries like India and China.
Key players operating in the Diabetic Neuropathy Market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly and Company captured major market share in 2023 owing to its strong portfolio of diabetic drugs including Cymbalta used for treating diabetic neuropathy pain. Other leading players are expanding their product pipelines through collaborations and strategic acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
