Press release
Combatting Peripheral Neuropathy: Breakthroughs and Beyond
According to The Business Research Company's, the peripheral neuropathy market size has grown rapidly in recent years. It will grow from $3.62 billion in 2023 to $4.09 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. the growth in the historic period can be attributed to the increased prevalence of chronic diseases like diabetes, growth in awareness about neuropathic pain management, rise in geriatric population globally, expansion of healthcare infrastructure, availability of specialized treatment centers, government initiatives aimed at improved neurological healthcare services, growing adoption of novel treatment options.
the peripheral neuropathy market size is expected to see rapid growth in the next few years. It will grow to $6.66 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. the growth in the forecast period can be attributed to the continued rise in the prevalence of chronic diseases, particularly diabetes and cancer, advancements in pharmacological therapies targeting neuropathic pain pathways., increased investment in research and, development for innovative treatment modalities, integration of digital health solutions for remote monitoring and personalized management of neuropathic symptoms, heightened focus on patient-centric care models, improved access to multidisciplinary healthcare services. Major trends in the forecast period include increasing adoption of personalized treatment, growing use of wearable devices for real-time monitoring of neuropathic symptoms and treatment, expansion of telemedicine services for remote consultations and follow-ups, development of targeted therapies addressing specific neuropathic pain pathways and mechanisms, advancements in regenerative medicine techniques, integration of digital therapeutics platforms for cognitive behavioral therapy, mindfulness-based interventions, technological advancements in diagnostic tools for early detection and monitoring of peripheral neuropathy.
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Market Drivers and Trends:
The rising prevalence of diabetes is expected to propel the growth of the peripheral neuropathy market going forward. Diabetes refers to a chronic condition characterized by high levels of glucose in the blood due to the body's inability to produce or effectively use insulin. The rising prevalence of diabetes is primarily due to factors such as increasing rates of obesity, sedentary lifestyles, and aging populations. Diabetes can cause peripheral neuropathy by damaging nerves due to prolonged high blood sugar levels, leading to symptoms like pain, tingling, and numbness in the extremities. Effective blood sugar management is crucial to prevent or slow the progression of this complication. For instance, in July 2021, according to a report by the International Diabetes Federation, a Belgium-based national diabetes association, the total number of people living with diabetes is expected to increase to 643 million by 2030 and 783 million by 2045. Therefore, the rising prevalence of diabetes is driving the peripheral neuropathy market.
Major companies operating in the peripheral neuropathy market are focused on developing advanced solutions, such as point-of-care devices, to improve the diagnosis and management of the condition. A point-of-care peripheral neuropathy quantitative screening test is a diagnostic tool used to rapidly detect the presence of nerve damage in the extremities of individuals, particularly those with diabetes. For instance, in January 2023, NeuroMetrix Inc., a US-based non-invasive medical device manufacturer, launched the DPNCheck 2.0 point-of-care device for detecting peripheral neuropathy. The device uses nerve conduction technology to detect the systemic degeneration of peripheral nerves, which can lead to debilitating conditions such as diabetic peripheral neuropathy (DPN). It offers rapid patient screening through quantitative peripheral nerve function measurement, making it a more efficient and accurate tool compared to traditional methods such as monofilament and tuning fork tests.
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Major Key Players of the Market:
Pfizer Inc., Merck and Co. Inc., Novartis AG, Bristol Myers Squibb Co, AstraZeneca Plc, Abbott Laboratories, Eli Lilly and Co., Asahi Kasei Corporation, Daiichi Sankyo Co. Ltd., Sun Pharmaceutical Industries Ltd, Aurobindo Pharma, Cadila Pharmaceuticals Ltd., Dr. Reddy's Laboratories, Cipla Ltd., Apotex Inc, Hikma Pharmaceuticals PLC, Lupin Limited, Grunenthal GmbH, ACI Limited, Lexicon Pharmaceuticals, Solasia Pharma KK, Helixmith Co. Ltd., PledPharma AB
Peripheral Neuropathy Market 2024 Key Insights:
• The peripheral neuropathy market size is expected to grow to$6.66 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%.
• Impact Of Rising Diabetes Prevalence On The Growth Of The Peripheral Neuropathy Market
• Technological Advancements In Peripheral Neuropathy Screening Enhanced Market
• North America was the largest region in the peripheral neuropathy market in 2023
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