Global Peripheral Neuropathy Market Set to Grow at a CAGR of 3.4%, Projected to Reach US$ 1.3 Billion by 2027

The global peripheral neuropathy market is poised for steady growth, projected to expand at a compound annual growth rate (CAGR) of 3.4% during the forecast period from 2021 to 2027. According to the latest market research report by Astute Analytica, the peripheral neuropathy market, valued at approximately US$ 0.976 billion in 2019, is expected to reach a substantial US$ 1.3 billion by the end of 2027.

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Rising Incidence of Peripheral Neuropathy Driving Market Growth

Peripheral neuropathy, a condition characterized by damage to the peripheral nerves, is becoming increasingly prevalent worldwide. This is due to a number of factors, including an aging global population, higher rates of diabetes, and increased exposure to risk factors such as alcohol consumption, infections, and autoimmune diseases. The growing incidence of diabetes, in particular, is one of the most significant contributors to the rise in peripheral neuropathy cases, as diabetic neuropathy is a common complication for individuals with type 2 diabetes.

The need for effective treatment options for peripheral neuropathy is propelling the growth of this market, with patients seeking therapies to alleviate symptoms such as pain, numbness, and tingling sensations in the extremities. According to Astute Analytica's report, demand for pharmaceutical products and medical devices to treat peripheral neuropathy is expected to continue growing over the forecast period.

Therapeutic Advances and Innovations Fueling Market Progress

The peripheral neuropathy market is also benefiting from the ongoing advancements in the field of treatment and diagnostics. A variety of new therapies, including novel drug formulations and regenerative treatments, are being developed to provide more effective relief for patients. In addition to drug-based treatments, technological innovations in medical devices and therapies, such as transcutaneous electrical nerve stimulation (TENS) units, are expected to enhance the management of peripheral neuropathy symptoms.

Furthermore, the increase in research and clinical trials aimed at developing more targeted and personalized treatments for peripheral neuropathy will likely support market expansion. Leading pharmaceutical companies are actively involved in the development of innovative therapies that target specific underlying causes of peripheral neuropathy, such as diabetic neuropathy or chemotherapy-induced neuropathy, offering promising solutions for patients.

Market Segmentation: Key Drivers and Opportunities

The market for peripheral neuropathy is segmented based on therapy type, end-user, and region. The growing demand for non-invasive therapies and the increasing availability of over-the-counter pain relief solutions are expected to be key drivers for the therapeutic segment. Additionally, as awareness about the condition increases, patients are likely to seek early diagnosis and treatment, further driving demand for healthcare services and related products.

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Geographic Insights: North America Dominates Market Share

Geographically, North America currently holds the largest market share in the peripheral neuropathy market, owing to the high prevalence of diabetes and other risk factors associated with the condition. The region's well-established healthcare infrastructure, along with continuous research into neuropathic diseases, supports its dominance in the market.

Asia-Pacific, however, is expected to witness the highest growth during the forecast period. This is due to the region's rapidly aging population, increasing healthcare awareness, and improvements in medical facilities, particularly in countries like Japan, China, and India. The expansion of healthcare insurance coverage and greater access to healthcare services in these countries will likely contribute to the region's growth in the peripheral neuropathy market.

Impact of COVID-19 on the Peripheral Neuropathy Market

The COVID-19 pandemic has had a mixed impact on the peripheral neuropathy market. While the healthcare sector faced challenges such as delayed treatments and reduced healthcare visits during the peak of the pandemic, the increased emphasis on telemedicine and remote patient care has opened new opportunities for the treatment of chronic conditions like peripheral neuropathy. The increased focus on managing chronic diseases and the integration of digital health solutions are expected to support the market's recovery and growth.

Market Outlook: A Positive Growth Trajectory

Looking ahead, the peripheral neuropathy market is on a positive growth trajectory. With continued advancements in treatment options, increasing awareness, and rising healthcare spending across the globe, the market is expected to achieve significant milestones. By 2027, the market is forecasted to reach a value of US$ 1.3 billion, up from US$ 0.976 billion in 2019, marking an impressive CAGR of 3.4%.

The global peripheral neuropathy market presents ample growth opportunities for both new entrants and established players within the healthcare and pharmaceutical industries. As demand for more effective treatments increases, stakeholders across the market spectrum are likely to capitalize on emerging trends and contribute to the sector's development.

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This release was published on openPR.