Diabetic Neuropathy Market - Global Industry Analysis 2024
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New drugs to treat neuropathy pain will alter the current market dynamics
The diabetic neuropathy market has been under continuous evolution from the past 5 years. There are generic drugs and specialty drugs including antidepressants and antispasmodics, as well to treat pain associated with the disorder. However, in 2011, there were an estimated 79 novel drugs in the clinical trial phase with Horizant (Gabapentin Enacarbil extended release) being one of the most effective drug. The pharmaceutical companies will continue the required geographic expansion and release novel drugs across major countries in different regions. Further, the growing awareness about diabetic neuropathy, increased healthcare spending and increase in pharmaceutical R&D spending will be important factors for growth in the diabetic neuropathy market.
Asia Pacific region will be the next frontier of growth in the global diabetic neuropathy market
North America is the largest market for diabetic neuropathy, with an estimated 35 million affected by the disease in U.S and Canada. The pharmaceutical companies continue to introduce novel drugs in the region in order to offset the generic drug erosion. Diabetic neuropathy treatment has gained immense traction especially in U.S. due to large patient pool, high incidence of diabetes and growing geriatric population. However, the strict regulatory scenario for drug approval in U.S. and Canada has been a challenge for the diabetic neuropathy market. Other factors such as significant rate of failure during clinical trials and long drug approval time continue to restrain the growth in industry.
Asia Pacific region is fastest growing region with countries such as India and China showing lucrative growth. India has one of the highest rates of diabetes type 2 in the world and according to an independent research, by year 2030, an estimated 80 million people will be affected with diabetes type 2 in India. Additionally, the study concluded that the prevalence rate for diabetic neuropathy was 29% in the entire patient population. China has edged India and has a diabetes patient population of 110 million which is projected to reach 150 million by 2040, as per data published by WHO. Major pharmaceutical companies are now venturing into Asia pacific region and the market is poised to witness substantial growth in the region due to large patient population, less stringent regulatory scenario, increasing R&D investment, growth in clinical trials conducted and government funding for the disease treatment.
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The introduction of new players will change the existing market dynamics as they continue to compete with existing key players
The key players in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Due to the high cost associated with the development of novel drugs and long regulatory approval time, the major players in the diabetic neuropathy industry acquire small players possessing unique drugs. The market is consolidated in nature with major pharmaceutical players accounting for major market share. As majority of current breed of drugs undergo patent expiration, the generic drugs will enter the market and the key competitors would have to introduce innovative products into the market to stay competitive.
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