Paresthesia Treatment Market Forecasts to 2030 - Global Analysis By Type, Treatment, Cause, Distribution Channel, End User and By Geography

According to Stratistics MRC, the Global Paresthesia Treatment Market is accounted for $5.39 billion in 2023 and is expected to reach $7.89 billion by 2030 growing at a CAGR of 5.6% during the forecast period. The Paresthesia Treatment Market refers to the economic domain encompassing the various products and services aimed at diagnosing, managing, and alleviating symptoms of paresthesia-a neurological condition characterized by abnormal sensations such as tingling, numbness, and burning. It provides a spectrum of therapeutic options, including pharmaceuticals, neuromodulation devices, and rehabilitation therapies, tailored to alleviate the symptoms of paresthesia and its underlying causes.

According to the World Health Organization, the number of people aged over 60 years and above was around 1 billion in 2020 and is projected to reach over 1.4 billion people by 2030.

Market Dynamics:

Driver:

Increasing incidences of chronic illnesses

As chronic conditions such as diabetes, neuropathy, and autoimmune disorders become more widespread, the incidence of paresthesia, characterized by abnormal sensations like tingling and numbness, has witnessed a proportional rise. Paresthesia often manifests as a symptom of underlying medical issues, prompting an increased demand for effective treatments and management strategies. Additionally, healthcare providers are compelled to address the growing patient pool seeking relief from paresthesia-related discomfort, fostering the expansion of the treatment market.

Restraint:

Possibility of adverse effects linked to specific treatment modalities

Certain patients may have negative reactions, discomfort, or complications from interventions like nerve stimulation or medication therapy. This may prevent these treatments from being widely used because patient and physician acceptance may be restricted due to worries about safety and tolerability. However, it is challenging because individual responses to treatments vary, so healthcare providers must carefully evaluate and customize interventions for each patient.

Opportunity:

Increasing need for neuromodulation treatments

Neuromodulation, encompassing various techniques such as spinal cord stimulation and peripheral nerve stimulation, has gained prominence as an effective approach in managing paresthesia and associated neurological disorders. With an increasing prevalence of chronic conditions like neuropathy and spinal disorders, there is a growing demand for advanced therapeutic interventions that directly target the nervous system to alleviate symptoms like tingling and numbness. Neuromodulation techniques offer a tailored and minimally invasive solution, providing patients with a viable alternative when traditional treatments prove insufficient.

Threat:

Negative consequences related to current treatment methods

The possibility of negative side effects and complications from current treatment modalities poses a serious threat to the paresthesia treatment market. Treatments for paresthesia that involve risks like infection, device malfunction, or unintentional nerve damage include spinal cord stimulation and medications. However, the market dominance of existing treatments may be threatened by developments in alternative therapies or emerging technologies. In order to lessen these risks in the ever-changing paresthesia treatment market, it will be essential to maintain the safety and effectiveness of current strategies and to consistently innovate.

COVID-19 Impact:

The paresthesia treatment market has been severely impacted by the COVID-19 pandemic. The creation and uptake of paresthesia treatments have slowed down as a result of disruptions in healthcare services, issues with the supply chain, and a shift in focus toward pandemic management. However, opportunities for online consultations and at-home treatments have been made possible by the growing emphasis on telemedicine and remote patient monitoring. It is anticipated to progressively rebound as the healthcare industry adjusts to the new normal, propelled by technological developments and the return of routine medical care.

The chronic paresthesia segment is expected to be the largest during the forecast period

The chronic paresthesia segment is expected to grow at a largest share. With a rising global incidence of chronic health conditions such as diabetes, peripheral neuropathy, and autoimmune disorders, a growing population is experiencing persistent and recurrent paresthesia. Chronic paresthesia, characterized by long-term or recurring abnormal sensations like tingling and numbness, necessitates sustained and effective treatment strategies. Moreover, this increasing prevalence has fueled a demand for targeted and enduring solutions, driving the expansion of the chronic paresthesia.

The retail pharmacy segment is expected to have the highest CAGR during the forecast period

Retail Pharmacy segment is projected to hold lucrative growth. As awareness about paresthesia and related neurological disorders increases, individuals seek accessible and convenient avenues for obtaining treatment and medications. Retail pharmacies serve as crucial distribution points for a wide array of pharmaceutical products, including those designed to alleviate symptoms of paresthesia. The ease of access to over-the-counter medications and prescription drugs at retail pharmacies enhances the availability of paresthesia treatments to a broad spectrum of patients.

Region with largest share:

Due to increasing prevalence of chronic diseases, coupled with a rapidly growing aging population in countries like China, India, and Japan, has led to a rising incidence of paresthesia-related conditions, the Asia-Pacific paresthesia treatment market has grown substantially. As awareness about neurological disorders and their management improves, there is a heightened demand for effective paresthesia treatments in the region. Additionally, the evolving healthcare infrastructure, favorable government initiatives, and a surge in healthcare spending contribute to the market's growth in the region.

Region with highest CAGR:

As the region's regulatory environment supports innovation, encouraging research and development activities in the field of neurology and neuromodulation, Europe region is growing at a rapid pace over the projected period. A surge in healthcare investments, coupled with a strong focus on patient-centric care, positions Europe as a hub for advancements in paresthesia treatment modalities. The market has grown as a result of medical technology advancements, increased healthcare spending, and growing awareness. Furthermore, research and development efforts have been fueled by regional partnerships between pharmaceutical companies and healthcare providers, which have resulted in novel treatment options in the region.

Key players in the market:

Some of the key players in Paresthesia Treatment market include Abbott Laboratories, AstraZeneca, Baxter International Inc., Boston Scientific Corporation, Cipla Ltd, ElectroCore LLC, Eli Lilly and Company, GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Merck & Co., Inc., Mylan N.V, Nevro Corp, Novartis AG, Pfizer Inc., Sanofi, Stimwave LLC, Stryker Corp and Teva Pharmaceutical Industries Ltd.

Key Developments:

In December 2023, AstraZeneca Pharma India Ltd. has signed a memorandum of understanding (MoU) with Roche Diagnostics India to improve diagnostics for breast cancer patients with a key focus to streamlining HER2 diagnostics with newer advancements in the field. As per the partnership, comprehensive training initiatives for pathologists and medical oncologists will be imparted. Training modules designed for oncologists will cover advances in HER-2 testing and HER-2 low interpretations.

In September 2023, Boston Scientific Corporation announced it has entered into a definitive agreement to acquire Relievant Medsystems, Inc., a privately held medical technology company that has developed and commercialized the Intracept® Intraosseous Nerve Ablation System to treat vertebrogenic pain, a form of chronic low back pain. The transaction includes an upfront cash payment of $850 million and undisclosed additional contingent payments based on sales performance over the next three years.

Types Covered:

• Chronic Paresthesia
• Acute Paresthesia
• Other Types

Treatments Covered:

• Tropical Creams
• Anticonvulsants
• Immunosuppressant
• Antivirals
• Other Treatments

Causes Covered:

• Nerve Compression
• Nerve Damage
• Metabolic Disorders
• Other Causes

Distribution Channels Covered:

• Retail Pharmacy
• Hospital Pharmacy
• Online Pharmacy
• Direct Tenders
• Other Distribution Channels

End Users Covered:

• Clinics
• Homecare
• Diagnosis Centers
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances