PUBLISHER: The Business Research Company | PRODUCT CODE: 1427744
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427744
Chemotherapy Induced Peripheral Neuropathy (CIPN) encompasses a range of symptoms and complications arising from specific chemotherapy drugs utilized in cancer treatment. It represents a form of peripheral neuropathy, involving impairment or dysfunction of the nerves connecting the brain and spinal cord to the body.
The primary drug categories for CIPN treatment include nerve protective therapy, anti-inflammatory therapy, neurotransmitter-based therapy, antioxidants, and others. Nerve protective therapy aims to preserve nerve health and function, crucial in managing chemotherapy-induced peripheral neuropathy for symptom relief. Treatment modalities encompass medications, therapies, and other interventions, with both branded and generic drugs available. These CIPN treatment drugs are distributed through hospital pharmacies, retail outlets, online platforms, and other channels, catering to end-users such as hospitals, research institutes, and specialty clinics.
The chemotherapy induced peripheral neuropathy treatment market research report is one of a series of new reports from The Business Research Company that provides chemotherapy induced peripheral neuropathy treatment market statistics, including the chemotherapy induced peripheral neuropathy treatment industry's global market size, regional shares, competitors with an chemotherapy induced peripheral neuropathy treatment market share, detailed chemotherapy induced peripheral neuropathy treatment market segments, market trends, and opportunities, and any further data you may need to thrive in the chemotherapy induced peripheral neuropathy treatment industry. This chemotherapy induced peripheral neuropathy treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The chemotherapy induced peripheral neuropathy treatment market size has grown strongly in recent years. It will grow from $1.54 billion in 2023 to $1.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historical period can be attributed to advancements in chemotherapy, expansion in cancer treatment options, limited alternatives for treatment, a rise in cancer incidences, and progress in neurological research.
The chemotherapy induced peripheral neuropathy treatment market size is expected to see strong growth in the next few years. It will grow to $2.25 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be ascribed to the development of targeted therapies, the emergence of neuroprotective agents, the implementation of integrated care pathways, adoption of patient-centered care models, and regulatory support. Key trends in the forecast period encompass innovations in drug formulations, the integration of non-pharmacological interventions, the introduction of neuroplasticity-based therapies, enhanced support for long-term survivorship, and the incorporation of cognitive behavioral therapies.
The growth trajectory of the chemotherapy-induced peripheral neuropathy treatment market is anticipated to be driven by the increasing prevalence of cancer. Cancer, characterized by the unregulated proliferation and dissemination of abnormal cells within the body, often necessitates chemotherapy treatment. However, one of the potential side effects of certain chemotherapy drugs is chemotherapy-induced peripheral neuropathy (CIPN). The rising incidence of cancer cases globally is expected to contribute significantly to the expansion of the chemotherapy-induced peripheral neuropathy treatment market. For instance, a report by the American Cancer Society in January 2023 revealed an increase in newly diagnosed cases of liver cancer in females in the United States, rising from 12,660 cases in 2022 to 13,230 cases in 2023. This escalation in cancer cases acts as a catalyst propelling the growth of the chemotherapy-induced peripheral neuropathy treatment market.
The growth of the chemotherapy-induced peripheral neuropathy treatment market is being fueled by an upsurge in healthcare spending. Healthcare spending, denoting the total financial resources allocated to the healthcare sector within a specific region or country, plays a pivotal role in supporting treatments for chemotherapy-induced peripheral neuropathy (CIPN). This allocation aims to mitigate and manage the adverse neurological effects induced by certain cancer treatments, ensuring the well-being of patients undergoing and recovering from chemotherapy. For instance, data from the American Medical Association in March 2023 indicated a 2.7% increase in health spending in the United States in 2021, reaching $4.3 trillion or $12,914 per capita. This surge in healthcare expenditure serves as a driving force behind the growth of the chemotherapy-induced peripheral neuropathy treatment market moving forward.
Product innovation emerges as a prominent trend in the chemotherapy-induced peripheral neuropathy treatment market, with major market players prioritizing the development of novel products to enhance efficacy and consolidate their market position. Notably, in March 2023, AlgoTx, a clinical-stage company specializing in complex pain management, announced the FDA's approval of their Investigational New Drug Application (IND) for ATX01, a Phase 2 first-in-class candidate designed for individuals with erythromelalgia. The ATX01 for the Pain of Chemotherapy (ACT) study targeting chemotherapy-induced peripheral neuropathy (CIPN) has commenced randomized patient enrollment. Both programs have secured fast-track designation from the FDA, signifying their potential significance in addressing unmet medical needs.
Technological advancements, particularly the incorporation of quell technology, are a focal point for major companies in the chemotherapy-induced peripheral neuropathy treatment market as they endeavor to fortify their market standing. For instance, in January 2022, NeuroMetrix Inc., a US-based provider of non-invasive medical devices, attained breakthrough device designation from the U.S. Food and Drug Administration (FDA) for the mitigation of moderate to severe symptoms of chemotherapy-induced peripheral neuropathy (CIPN) persisting for at least 6 months post-chemotherapy completion. This designation marks a pivotal milestone for NeuroMetrix's efforts to introduce Quell technology to alleviate the distressing effects experienced by individuals grappling with CIPN.
In September 2021, Novaremed AG, a Swiss biopharmaceutical company, successfully acquired Metys Pharmaceuticals AG in a deal of undisclosed value. This strategic acquisition marks a significant expansion for Novaremed AG as it broadens its pipeline to encompass a broader range of neuropathic pain indications. With the incorporation of Metys Pharmaceuticals, Novaremed AG extends its focus beyond painful diabetic peripheral neuropathy (PDPN) to include chemotherapy-induced peripheral neuropathy (CIPN). Metys Pharmaceuticals AG, also based in Switzerland, is recognized for its dedication to the development and commercialization of innovative therapies targeting various medical conditions.
Major companies operating in the chemotherapy induced peripheral neuropathy treatment market report are Sanofi SA, Bristol Myers Squibb, Abbott Laboratories, Takeda Pharmaceutical Company, Amgen Inc., Asahi Kasei Pharma Corporation, Toray Industries , Vertex Pharmaceuticals Inc., Alexion Pharmaceuticals Inc., BioMerieux SA, Jazz Pharmaceuticals Inc., WEX Pharmaceuticals Inc., Quidel Corporation, Laboratories Dr. Esteve S.A. (ESTEVE), Genentech Inc., MediciNova Inc., ChromaDex Corp, WinSanTor Inc., Solasia Pharma K.K., NeuroMetrix Inc., Nemus Bioscience Inc., Aphios Corporation, Kineta Inc., DARA BioSciences Inc., Aptinyx Inc., Apexian Pharmaceuticals Inc., Krenitsky Pharmaceuticals Inc.
North America was the largest region in the chemotherapy induced peripheral neuropathy treatment market in 2023. Asia-Pacific and Europe are expected to be the fastest-growing regions in the forecast period. The regions covered in the chemotherapy induced peripheral neuropathy treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the chemotherapy induced peripheral neuropathy treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The chemotherapy induced peripheral neuropathy treatment market consists of sales of pharmaceutical drugs prescribed to alleviate chemotherapy-induced peripheral neuropathy symptoms. These drugs include pain relievers, antidepressants, anticonvulsants, and topical creams. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Chemotherapy Induced Peripheral Neuropathy Treatment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on chemotherapy induced peripheral neuropathy treatment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for chemotherapy induced peripheral neuropathy treatment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The chemotherapy induced peripheral neuropathy treatment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.