Market Overview
The increase noticed in the funding in research and development of novel treatment methods can bode favorably for the market growth. Awareness of new drugs and medications by patients can propel the market demand considerably.
Diabetic neuropathy is one of the most common causes of neuropathy, a disease which damages the nerves. It is commonly seen in diabetics, with a large section of patient suffering from loss of sensation and weakness. The global diabetic neuropathy treatment market report by Market Research Future (MRFR) has been analyzed by respected research analysts and compiled with the collaboration of industry experts and subject matter experts.
The global diabetic neuropathy treatment market is slated to display a CAGR of 5.1% from 2019 to 2025 (forecast period). It can touch a value of USD 5.80 billion by 2025. High prevalence of the disorder is one of the biggest drivers of the market. Treatment of diabetic neuropathy is the second-biggest cause of disability, with close to 30-40% people living with the disorder globally. The large geriatric populace and the sedentary lifestyle are other drivers which can cause the disorder.
Segmentation
The global diabetic neuropathy treatment market is segmented by disorder, treatment, and end-user.
By disorder, it is segmented into peripheral, autonomic, proximal, and focal. The peripheral segment had the largest market share due to the chances of the disorder affecting women more than men.
By treatment, it is segmented into drugs, transcutaneous electrical nerve stimulation (TENS), and others. Drugs are touted to be the fastest growing segment of the market during the forecast timespan. This can be attributed to the large approval of drugs by regulatory agencies for the treatment of diabetic neuropathy. On the other hand, the TENS segment can experience rapid growth due to being the preferred mode for treatment by adults with the disorder.
By end-user, it is segmented into online pharmacy, retail pharmacy, hospitals clinics, and others. Hospitals and clinics are expected to retain their position till 2025 due to the establishments being the primary unit for treatment. Awareness of the disorder combined with availability of treatment and medicines available at these centers can drive the segment growth.
Regional Analysis
Asia Pacific (APAC), the Americas, Europe, and the Middle East Africa (MEA) are the regions discussed with respect to the market report.
The Americas is expected to be the largest region for the global diabetic neuropathy treatment market due to its high prevalence. The sophisticated healthcare framework backed by supportive reimbursement packages for patients is expected to propel the market demand by a considerable degree till 2025. According to a survey, nearly 72.2% of the people in the U.S. suffered from the disorder in 2017 highlighting the large potential for growth in the market. On the other hand, the Europe region is predicted to exhibit a massive growth rate due to the large geriatric populace.
The APAC region can display a robust CAGR during the forecast period due to large number of patients affected by the disorder, genetic predisposition, and aging. In Asia, Japan reported 298 cases, while Korea accounted for 4,000 patients.
Competition Outlook
Hoffmann-La Roche Ltd, Astellas Pharma Inc, Abbott Laboratories, MEDA Pharma GmBH Co. KG, Glenmark Pharmaceuticals Limited, Pfizer Inc, GlaxoSmithKline Plc, Johnson Johnson, Lupin Limited, Eli Lilly and Company, Depomed, Inc., and others are noteworthy participants of the global diabetic neuropathy treatment market. Collaborations and new product launches are strategies to be watched for during the forecast period.
Industry News
Local centers are using drug-free methods to treat patients in order to alleviate the pain on taxpayers. The American College of Physicians has recommended therapies such as spinal manipulation, photobiomodulation, and multidisciplinary rehabilitation for the treatment of nerves damaged due to the disease.
