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Diabetic neuropathy, also called diabetic nerve disease or diabetic polyneuropathy, is a disorder affecting nerves of people with diabetes. It usually impacts the feet and legs but may also affect other areas like hands, arms and digestive system. Symptoms range from numbness and pain to weakness and paralysis. Factors like elevated blood sugar levels, inflammation and constricted blood vessels contribute to development of neuropathy over time. The global diabetic neuropathy market encompasses products for treating neuropathic pain as well as promoting nerve regeneration. There is a wide range of oral and topical drugs, devices, injectables and therapies available. Emerging alternatives like digital therapeutics utilizing mobile apps and sensors are gaining momentum.
The global diabetic neuropathy Market is estimated to be valued at US$ 3626.38 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:
Self-management and digital therapeutics, as referred from the heading, are expected to drive growth of the diabetic neuropathy market. Chronic diseases like diabetes require continuous self-monitoring of symptoms and medication adherence to avoid complications. Digital health solutions empower patients to track factors affecting neuropathy, receive timely care recommendations and improve lifestyle behaviors. They also help clinicians optimize therapy based on real-world usage data. Another driver is rising adoption of minimally invasive procedures. Ambulatory use of nerve stimulation devices and local injections relieves pain more effectively while lowering costs as compared to oral medications. This fuels demand especially among the large diabetic population worldwide.
Segment Analysis
The diabetic neuropathy market is dominated by the pharmaceuticals segment. Within pharmaceuticals, prescription drugs hold the largest share owing to the successful launch of branded drugs treating various types of diabetic neuropathy. Drugs such as pregabalin, duloxetine, gabapentin are prescribed to manage painful diabetic neuropathy symptoms. These drugs have strong brand recognition and patient base which has helped them dominate the market over the forecast period.
PEST Analysis
Political: Governments across countries have implemented various policies that aim to reduce healthcare costs and improve access to treatment of chronic diseases like diabetes. This is likely to positively impact the market.
Economic: Rising healthcare spending on diabetes and increasing disposable incomes in developing nations have augmented the demand for sophisticated and costly diabetic neuropathy treatments.
Social: Growing public awareness about diabetes and its complications has led to early diagnosis and management of diabetic neuropathy. This acts as a key growth driver.
Technological: Recent advancements have enabled development of innovative drug delivery systems that provide enhanced treatment outcomes. This is expected to boost the market.
Key Takeaways
The global diabetic neuropathy market is expected to witness high growth.
Regional analysis: Western Europe currently holds the largest share in the global diabetic neuropathy market owing to wide acceptance of neuropathy medications and supportive government initiatives. The Asia Pacific region is expected to grow at the fastest rate during the forecast period with factors such as rising geriatric population, increasing incidence of diabetes, growing healthcare expenditure, and expanding insurance coverage contributing to market growth.
Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Key players Eli Lilly and Company and GlaxoSmithKline collectively account for over 45% of the global market share due to their strong product portfolios and large geographical presence. Eli Lilly holds the leading position with its blockbuster neuropathic pain drug Cymbalta (duloxetine) being the highest grossing product in this space.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
