Peripheral Neuropathy Treatment Market Share, Size & Trend | Industry Analysis Report 2027 | Coherent Market Insights

Peripheral neuropathy is a disorder that affects the peripheral nerves. Peripheral neuropathy has a variety of systemic, metabolic, and toxic causes, for instance diabetes in metabolic cause. The most common treatable causes include diabetes mellitus, hypothyroidism, and nutritional deficiencies. The diagnosis require careful clinical assessment, judicious laboratory testing, and electro diagnostic studies or nerve biopsy, if the diagnosis remains unclear.

Major players operating in the global peripheral neuropathy treatment market include Abbott, Bristol Myers Squibb, Cipla Limited, Eli Lilly and Company, GlaxoSmithKline plc., Lupin Limited, Merck and Co. Inc., Novartis AG, Pfizer Inc., Dr. Reddy's Laboratories, Mylan NV, Johnson & Johnson Services Inc., and Teva Pharmaceutical Industries Ltd. among others.

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Market Dynamics

Rising aging population is expected to drive the global peripheral neuropathy treatment market growth. For instance, according to an article published by the World Health Organization (WHO) in February 2018, reports that between 2015 and 2050, the proportion of the worldwide geriatric population will nearly double from 12% to 22%.

Moreover, rising diabetic cases is expected to drive the market growth. For instance, according to an article published by the International Diabetes Federation (IDF), in 2017, the estimated number of 18 to 99 year old diabetic patients was around 425 million globally.

Peripheral neuropathy can be caused by a variety of systemic diseases, toxic exposures, medications, infections, and hereditary disorders. The most common causes include diabetes, hypothyroidism, and nutritional de?ciencies. Peripheral neuropathy can either be inherited or developed due to injury or illness.

The global peripheral neuropathy treatment market is estimated to be valued at US$ 1,685.7 million in 2020 and is expected to exhibit a CAGR of 3.6% during the forecast period (2020-2027).

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Drug approvals by the major players is expected to propel growth of the global peripheral neuropathy treatment market.

Major players are focusing on developing drugs for the treatment of peripheral neuropathy, which is expected to boost the market growth during the forecast period. For instance, in June 2020, Novaremed AG a clinical-stage Switzerland-based biopharmaceutical company, received the U.S. Food and Drug Administration (FDA) clearance on an investigational new drug (IND) application to initiate its US-based Phase II clinical study of the novel drug candidate, NRD135S.E1, for the treatment of painful diabetic peripheral neuropathy (PDPN).

Rising diabetic and cancer cases in North America are expected to boost the market growth

North America is expected to hold dominant position in the global peripheral neuropathy treatment market, owing to increasing prevalence of diabetes and cancer in the region. For instance, according to the American Diabetes Association, in 2018, around 34.2 million people in the U.S. (representing 10.5% of the total U.S. population) suffered from diabetes. Moreover, according to the National Cancer Institute, 2016, around 16.8 million new cases of cancer were diagnosed in the U.S., with around 595,690 deaths from the disease. The same source also states that, the number of people with cancer is expected to rise to 19 million by 2024 in the U.S.

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Global Peripheral Neuropathy Treatment Market – Impact of Coronavirus (COVID-19) Pandemic

The coronavirus (COVID-19) pandemic and resulting lockdowns in various countries across the globe have impacted the financial status of businesses in all sectors. The private healthcare is one such sector, which has been impacted significantly by the COVID-19 pandemic.

The lockdown in various countries due to the pandemic has placed an economic burden on the healthcare sector. Moreover, the pandemic has hampered the development, production, and supply of drugs and other healthcare products, and also affected growth of healthcare businesses across the globe.

As a result, the COVID-19 pandemic is expected to limit growth of the global peripheral neuropathy treatment market during the forecast period.

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