PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536675
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536675
Diabetic Neuropathy Treatment Market size was valued at USD 4,390.32 Million in 2023, expanding at a CAGR of 8.10% from 2024 to 2032.
Diabetic neuropathy is a type of nerve damage that can occur in people with diabetes, usually because of prolonged high blood sugar levels. Treatment typically focuses on managing symptoms and preventing further nerve damage.
Diabetic Neuropathy Treatment Market- Market Dynamics
Improved diagnostic techniques in diabetes treatment and innovative therapies are expected to propel market demand
The growing incidence of diabetes, particularly type 2 diabetes, worldwide is a key driver of the market growth. As the number of diabetes patients increases, so does the demand for effective treatments for complications such as diabetic neuropathy. Advances in diagnostic technologies and increased awareness lead to earlier and more accurate diagnosis of diabetic neuropathy. Early diagnosis often leads to better management and treatment outcomes, increasing the demand for therapies. Higher healthcare spending and improved healthcare infrastructure in emerging markets contribute to the growth of the diabetic neuropathy treatment market.
Increasing investment into research & new treatments and therapies, including novel pharmaceuticals, biologics, and medical devices, contributes to market growth. Innovations in drug delivery systems and therapeutic approaches enhance treatment options. Government initiatives and funding for diabetes research and treatment, as well as favorable reimbursement policies for diabetic neuropathy therapies, support market growth. The introduction of new drugs and therapies into the market, including those targeting specific neuropathic pain pathways or providing better efficacy and safety profiles, drives market growth.
Diabetic Neuropathy Treatment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.10% over the forecast period (2024-2032)
Based on Disease Type segmentation, the peripheral neuropathy segment was predicted to show maximum market share in the year 2023, as it is one of the most common forms of diabetic neuropathy.
Based on Drug Class segmentation, the non-steroidal anti-inflammatory drugs (NSAIDs) segment was the leading Drug Class in 2023, due to its affordability in the market.
Based on Distribution Channel segmentation, the hospital pharmacies segment was the leading Distribution Channel in 2023, owing to high medication at hospital pharmacies.
On the basis of region, North America was the leading revenue generator in 2023, owing to the presence of developed healthcare infrastructure for diabetic treatment.
The Global Diabetic Neuropathy Treatment Market is segmented on the basis of Disease Type, Drug Class, Distribution Channel, and Region.
The market is divided into four categories based on Disease Type: peripheral neuropathy, autonomic neuropathy, proximal neuropathy, and focal neuropathy. The peripheral neuropathy segment dominates the market. The high prevalence of diabetes among old adults is boosting segment demand.
The market is divided into four categories based on Drug Class: capsaicin, opioid, Non-Steroidal Anti-inflammatory Drugs (NSAIDs), and others. The Non-Steroidal Anti-inflammatory Drugs (NSAIDs) segment is projected to hold the largest share of the market. The opioid segment is estimated to grow at the fastest rate over the forecast period. Opioids are potent analgesics that can provide more effective pain relief.
The market is divided into three categories based on Distribution channels: hospital pharmacies, retail pharmacies, and others. The hospital pharmacies segment dominates the market and is expected to maintain its high dominance during the forecast period. Hospital pharmacies have an integrated system for managing medications, which makes it easier to process and hence have greater adoption.
Diabetic Neuropathy Treatment Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America, predominantly the United States, holds a significant share of the global diabetic neuropathy treatment market due to a high prevalence of diabetes and advanced healthcare infrastructure. The Asia-Pacific region, including countries like China and India, is experiencing rapid growth in the diabetic neuropathy treatment market due to rising diabetes rates and improving healthcare infrastructure.
The diabetic neuropathy treatment market is moderately competitive, with numerous companies involved in developing and offering diabetic treatment solutions. Market players are working on novel drugs targeting specific pain pathways associated with diabetic neuropathy including new formulations and targeted therapies. Companies are increasingly focusing on emerging markets such as Asia-Pacific and Latin America due to the rising prevalence of diabetes and expanding healthcare infrastructure.
In December 2023, Vertex Pharmaceuticals got FDA approval for CRISPR-based gene editing therapy, a strategic move which focuses on the development of non-opioid pain management drugs.
In July 2023, Asprius Lifesciences, an Indian pharmaceutical company, has launched a treatment for Diabetic Neuropathy, a condition causing nerve damage.
In 2022, Axovant Gene Therapies is exploring advanced treatments including gene and cell therapies for neurological conditions.