Press release
Global Diabetic Neuropathy Market to Reach USD 6.3 Billion by 2031, Driven by Rising Diabetes Cases and Market Innovations
Global Diabetic Neuropathy Market Size 2023-2031
The global diabetic neuropathy market reached USD 3,775.4 million in 2022 and is expected to grow significantly, reaching USD 6,298.1 million by 2031. This market is projected to exhibit a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
Diabetic neuropathy encompasses several types, including autonomic, proximal, focal, and peripheral neuropathy. The increasing prevalence of diabetes, advancements in market developments, and rising awareness about diabetes are key factors driving the growth of the diabetic neuropathy market.
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Diabetic Neuropathy Market Trends
Growth Drivers
Increasing Diabetes Cases:
The rising number of diabetes patients is a primary driver of market growth. According to the International Diabetes Federation, 537 million adults (20-79 years) had diabetes in 2021, with numbers expected to rise to 643 million by 2030 and 783 million by 2045. Additionally, a significant portion of these cases is undiagnosed, and the financial burden of diabetes on healthcare systems is substantial.
Challenges
Regulatory Hurdles:
Stringent regulatory policies for drug approval and commercialization are significant challenges. Agencies such as the European Medicines Agency (EMA) and the US Food and Drug Administration (USFDA) play crucial roles in this regulatory landscape.
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Market Segmentation
By Type
The peripheral diabetic neuropathy segment is anticipated to dominate, holding around 45.2% of the market share due to ongoing research and market developments. For instance, studies have shown promising results in treatments like Intraneural Facilitation (INF) and advancements like Abbott's FDA-approved Proclaim XR spinal cord stimulation system.
Geographical Insights
North America
North America holds the largest market share at 39.9%. The United States, in particular, is experiencing a sharp rise in diabetes cases. The CDC's 2022 report highlights that 37.3 million Americans have diabetes, with 28.7 million diagnosed cases.
Leading Companies
Major players in the market include Depomed Pharma, Eli Lilly, Daiichi Sankyo, Teva Pharmaceutical Industries Ltd., Xenoport, Grünenthal, Johnson and Johnson, Pfizer, GlaxoSmithKline, and Boehringer Ingelheim.
Russia-Ukraine War
The conflict has exacerbated healthcare challenges, particularly for those with chronic conditions like diabetic neuropathy, due to disruptions in medical supply chains and essential services.
Global Recession
While the healthcare sector is relatively resilient, economic downturns and inflation can still pose risks, affecting overall market stability and growth.
Artificial Intelligence
AI is expected to positively impact the market by enhancing data analysis and predictive capabilities, leading to improved patient care and targeted treatment strategies.
Key Developments
• Daiichi Sankyo (March 2022): Expanded the indication of "Tarlige Tablets" for neuropathic pain in Japan.
• Teva Pharmaceutical (July 2022): Partnered with NeuroFront Therapeutics for the development of NRD.E1, a non-opioid drug for neuropathic pain associated with diabetes.
Related Reports:
https://www.datamintelligence.com/research-report/diabetic-nephropathy-market
https://www.datamintelligence.com/research-report/diabetic-retinopathy-market
https://www.datamintelligence.com/research-report/peripheral-neuropathy-market
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