Diabetic Neuropathy Market Key Insights and Opportunities During 2023-2035

Diabetic Neuropathy 

During the forecast period of 2023-2035, the global diabetic neuropathy market is expected to reach an estimated value of ~USD 9 billion by 2035, by expanding at a CAGR of ~8%. The market further generated revenue of ~USD 5 billion in the year 2022. Major key factors propelling the growth of diabetic neuropathy market worldwide are the increasing cases of diabetes and the rising prevalence of unhealthy lifestyles.

Market Definition of Diabetic Neuropathy

Diabetes mellitus is most commonly brought on by diabetic neuropathy, a disorder that damages the nerves. Patients with diabetes who have had the disease for a long time are more likely to experience nerve damage throughout their bodies since the symptoms of diabetic neuropathies cannot be identified early on. Although there is no known treatment for diabetic neuropathy, it can still be managed or avoided with the use of a number of therapeutic strategies.

Global Diabetic Neuropathy Market: Growth Drivers

The growth of the global diabetic neuropathy market can majorly be attributed to the rise in diabetes incidence on a global scale. For instance, the Centers for Disease Control and Prevention estimated that in 2022, roughly 1 in 10 Americans expected to have diabetes. Additionally, an increase in the prevalence of harmful lifestyle habits, such as the intake of sugary foods, inactivity, smoking, and irregular sleep patterns, are predicted to spur market expansion. Moreover, the rising obesity problem in the world is anticipated to accelerate market growth. Over 1 in 6 children and young people aged 2 to 19 were obese, and 1 in 18 of them had severe obesity in the years between 2017 and 2018.

See also  Fildena or Suhagra is One of the Best Medicine of Erectile Dysfunction – Vcare Pharmacy

The global diabetic neuropathy market is also estimated to grow majorly on account of the following:

  • Increasing prevalence of unhealthy diet
  • Rising population rates
  • Growing awareness among people regarding the health
  • Increasing development of drugs
  • Surge in investment in research and development

Global Diabetic Neuropathy Market: Restraining Factor

The availability of alternative therapies including radiotherapy and physical therapy seems more practical and gives patients better clinical results. Further, it is costlier than the alternative option. Hence this factor is expected to be the major hindrance for the growth of the global diabetic neuropathy market during the forecast period.

Global Diabetic Neuropathy Market Segmentation  

  • By Disorder (Peripheral, Autonomic, Proximal, and Focal Neuropathy)

The peripheral segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the increasing cases of nerve pain, traumatic injuries, infections, and metabolic issues that cause nerve damage and, ultimately, peripheral neuropathy. In the United States, traumatic brain injury-related deaths accounted for more than 62,000 fatalities in 2020, or nearly 170 every day. Further, the growing prevalence of eating junk food and the prevalence of unsafe drinking are estimated to boost segment growth.

  • By Treatment (Drugs, Transcutaneous Electrical Nerve Stimulation (TENS), and Others)
  • By End-User (Hospitals & Clinics, Retail Pharmacies, Online Pharmacy, and Others)
  • By Region

The North America diabetic neuropathy market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The growth of the market can be attributed to the rising diabetes prevalence, an aging population, and rising healthcare spending on diabetes. The American Diabetes Association estimates that the entire cost of diabetes diagnosis in 2018 was USD 327 billion, of which USD 237 billion was spent on direct medical expenses and USD 90 billion on lost productivity. Moreover, the presence of key market players in the region is predicted to boost market growth.

See also  What can happen when food gets stuck in your teeth?

The market research report on global diabetic neuropathy also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

Key Market Players Featured in the Global Diabetic Neuropathy Market

Some of the key players of the global diabetic neuropathy market are Hoffmann-La Roche Ltd., Abbott Laboratories, Eli Lilly and Company, Johnson & Johnson Services, Inc., GlaxoSmithKline plc, Lupin Limited, Glenmark Pharmaceuticals Limited, Assertio Holdings, Inc., Astellas Pharma US, Inc., Pfizer Inc., and others.

Leave a Reply

Your email address will not be published. Required fields are marked *