Peripheral Neuropathy Market - Growth, Future Prospects, and Competitive Analysis, 2017 - 2025, the global peripheral neuropathy market was valued at US$ 1,470.9s Mn in 2016, and is expected to reach US$ 1,998.8 Mn by 2025, expanding at a CAGR of 3.2% from 2017 to 2025.
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Market Insights
Peripheral neuropathy mainly causes due to damage occurred to peripheral nerves resulting in weakness, numbness, and usually in hands and feet. Peripheral neuropathy is caused due to traumatic injuries, infections, metabolic problems, inherited causes and exposure to toxins, and most commonly by diabetes mellitus. According to the World Health Organization (WHO), it was estimated that there would be 285 million diabetics by 2010 in the world.
This estimate is projected to increase by 65% to become 438 million in the year 2030. Thus, rising prevalence of diabetes mellitus is expected to increase the population of patients suffering from peripheral neuropathy. With a limited number of prescription drugs available for neuropathic pain, off-label prescription of several other drugs is widespread.
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The pharma industry has been struggling to further improve the currently available therapeutic options due to the complexity of identification of the most suitable targets for investigation. Recently, there has been a shift towards the adoption of transdermal therapies for the management of neuropathic pain.
The global peripheral neuropathy market is segmented by treatment type as pharmacological therapies and non-pharmacological therapies. Pharmacological therapies includes pain killers, anti-seizures medication, antidepressants. Non pharmacological therapies include transcutaneous electrical nerve stimulation, plasma exchange and intravenous immune globulin and others (physical therapy and surgery). Pharmacological therapies most commonly used and dominates the peripheral neuropathy market, while non-pharmacological therapies are used along with other treatment options.
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In the base 2016, North America was observed as the largest market for peripheral neuropathy. The rising geriatric population, growing incidences of diabetes in the region is the prime factor driving the North America peripheral neuropathy market. Asia Pacific is anticipated to be fastest growing market for the forecast period 2017-2025.
Market Competition Assessment:
Key players in the global peripheral neuropathy market are Abbott Laboratories, Bristol Myers Squibb, Cipla Limited, Eli Lilly and Company, GlaxoSmithKline plc, Lupin Limited, Merck and Co. Inc., Novartis, Pfizer Inc, Dr. Reddy's Laboratories
Key Market Movements:
• Prediabetes and diabetes both are becoming a bigger problem and as a consequence more and more patients are anticipated to suffer from peripheral pain. As the prevalence of this condition persists to grow, the demand for treatment for peripheral neuropathy will also correspondingly increase.
• Non-pharmacologic treatments of neuropathic pain are usually begun simultaneously with pharmacologic regimen. It is reported through various studies that reference for non-pharmacologic methods for neuropathic pain management is on a perpetual rise.
• Non-pharmacologic treatments of neuropathic pain are usually begun simultaneously with pharmacologic regimen. It is reported through various studies that reference for non-pharmacologic methods for neuropathic pain management is on a perpetual rise.
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