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Diabetic Neuropathy Market Growth, Trends, Outlook And Forecast To 2024-2033
Diabetic Neuropathy Market Growth
According to The Business Research Company's, The diabetic neuropathy market size has grown strongly in recent years. It will grow from $5.4 billion in 2023 to $5.85 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to rising global diabetes prevalence, increased awareness and diagnosis, advancements in diabetic care, growing healthcare expenditure, research and development investments, patient education initiatives.
The diabetic neuropathy market size is expected to see strong growth in the next few years. It will grow to $8.42 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to advancements in neuroimaging, patient-centric care approaches, expansion of clinical trials, continued rise in diabetes cases, precision medicine approaches, expansion of regenerative medicine, patient advocacy and support programs. Major trends in the forecast period include collaborative efforts in medical research, digital health solutions, advancements in diagnostic technologies, neuroprotective therapies, personalized treatment strategies, integration of artificial intelligence.
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Market Drivers and Trends:
The rising prevalence of diabetes is expected to boost the growth of the diabetic neuropathy market going forward. Diabetes is a persistent disorder where the body struggles to use and store glucose appropriately (a type of sugar). Diabetes occurs when the body either does not create enough insulin (a hormone that aids in blood sugar regulation) or does not use insulin effectively. Diabetic neuropathy is a type of nerve injury that can occur in diabetics with d different forms of nerve damage causing different symptoms. For instance, in August 2022, according to the IDF Diabetes Atlas report published by the International Diabetes Federation, a Belgium-based global diabetes community and an umbrella organization of over 230 national diabetes associations, 6.7 million deaths were attributed to diabetes in the year 2021, which is equivalent to one death every five seconds. There are currently 537 million adults (aged 20-79) living with diabetes, or 1 in 10 people. It is estimated that this number will increase to 643 million by 2030 and 783 million by 2045. Therefore, the rising prevalence of diabetes is driving the growth of the diabetic neuropathy market.
Major companies operating in the diabetic neuropathy market are focused on providing innovative solutions to strengthen their position in the market. For instance, in July 2021, Nevro Corporation, a US-based medical device company, developed Senza (also known as "HFX"), a high spinal cord stimulation technology for the treatment of painful diabetic neuropathy (PDN), a condition that affects up to one-third of people with diabetes (PWDs) in the United States and causes loss of sensation and pain in the lower limbs. Senza® HFX iQTM is the next generation technology that uses artificial intelligence to optimise and maintain pain alleviation based on each patient's response. It was designed to take into consideration how different people experience pain and to help patients achieve and maintain long-term pain relief and an improved quality of life. The Senza HFX iQ system, which includes the HFX iQ Implantable Pulse Generator (IPG), HFX Trial Stimulator, Charger, and HFX App, will be the first to use algorithms built specifically for treating chronic back and leg pain, such as severe diabetic neuropathy and non-surgical back pain.
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Major Key Players of the Market:
Pfizer Inc.; Eli Lilly and Company; GlaxoSmithKline PLC; Daiichi Sankyo Company Limited; Johnson & Johnson; Glenmark Pharmaceuticals Limited; Depomed Inc.; Astellas Pharma Inc.; F. Hoffmann-La Roche AG; NeuroMetrix Inc; Abbott Laboratories; Lupin Limited; Novartis AG; Boehringer Ingelheim; Janssen Pharmaceuticals Inc.; Regenacy Pharmaceuticals Inc.; Ionis Pharmaceuticals; Merck & Co. Inc.; Sanofi S.A.; Teva Pharmaceutical Industries Ltd.; AstraZeneca plc; Bayer AG; Bristol-Myers Squibb Company; Merck KGaA; Novo Nordisk A/S; Takeda Pharmaceutical Company Limited; Union Chimique Belge; Zydus Cadila; Amgen Inc.; Biogen Inc.; Genentech Inc.
Diabetic Neuropathy Market 2024 Key Insights:
• The diabetic neuropathy market will grow to $8.42 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Rising Diabetes Prevalence Sparks Growth In Diabetic Neuropathy Market
• Artificial Intelligence Meets Pain Relief: Nevro Corporation's Senza Hfx Iq For Diabetic Neuropathy
• North America was the largest region in the diabetic neuropathy market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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