Diabetic Neuropathy Market Size & Share to See Modest Growth Through 2026| Eli Lilly, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals

Market Overview
Diabetic Neuropathy is the damage caused to the nerve due to diabetes which often leads to pain and numbness in feet or lower legs. The pain can be experienced in other parts of the body such as hips, wrist and back depending upon the effect of neuropathy. There are different types of neuropathy such as focal neuropathy, proximal neuropathy, peripheral neuropathy and autonomic neuropathy. An estimated 50% of diabetic population suffers from diabetic neuropathy across the globe. Further, as per CDC estimates, 6-7 people per 1000 diabetic population suffer from diabetic neuropathy in the U.S. Rise in aging population coupled with rise in prevalence of diabetes, the patient pool for diabetic neuropathy will increase significantly, in turn fueling growth of the diabetic neuropathy market.

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New drugs to treat neuropathy pain will alter the current market dynamics
The diabetic neuropathy market has been under continuous evolution from the past 5 years. There are generic drugs and specialty drugs including antidepressants and antispasmodics, as well to treat pain associated with the disorder. However, in 2011, there were an estimated 79 novel drugs in the clinical trial phase with Horizant (Gabapentin Enacarbil extended release) being one of the most effective drug. The pharmaceutical companies will continue the required geographic expansion and release novel drugs across major countries in different regions. Further, the growing awareness about diabetic neuropathy, increased healthcare spending and increase in pharmaceutical R&D spending will be important factors for growth in the diabetic neuropathy market.

Asia Pacific region will be the next frontier of growth in the global diabetic neuropathy market
North America is the largest market for diabetic neuropathy, with an estimated 35 million affected by the disease in U.S and Canada. The pharmaceutical companies continue to introduce novel drugs in the region in order to offset the generic drug erosion. Diabetic neuropathy treatment has gained immense traction especially in U.S. due to large patient pool, high incidence of diabetes and growing geriatric population. However, the strict regulatory scenario for drug approval in U.S. and Canada has been a challenge for the diabetic neuropathy market. Other factors such as significant rate of failure during clinical trials and long drug approval time continue to restrain the growth in industry.

The introduction of new players will change the existing market dynamics as they continue to compete with existing key players
The key players in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Due to the high cost associated with the development of novel drugs and long regulatory approval time, the major players in the diabetic neuropathy industry acquire small players possessing unique drugs. The market is consolidated in nature with major pharmaceutical players accounting for major market share. As majority of current breed of drugs undergo patent expiration, the generic drugs will enter the market and the key competitors would have to introduce innovative products into the market to stay competitive.

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