Paresthesia Treatment Market Outlook 2031
The global paresthesia treatment market size was valued USD 5.61 Billion in 2022 and is projected to reach USD 7.85 Billion by 2031, expanding at a CAGR of 3.8% during the forecast period, between 2023 and 2031.
Paresthesia refers to a neurological disorder that is distinguished by abnormal sensations where an individual can feel a tingling sensation, numbing, burning, or itching, which is usually painless. This disorder occurs mainly in fingers, toes, hands, and feet.
Nerve irritation, neurological disorders, hyperventilation, dehydration, and heavy metal poisoning can cause paresthesia. Long term diseases such as cancer, arthritis, and diabetes can also trigger the risk of this disorder.
Paresthesia usually affects the sensory pathway from the peripheral nerve to sensory cortex. The paresthesia treatment market involves various remedies and drugs that help in curing the disorder.
The type of treatment that is implemented depends on the cause of paresthesia. If it is caused due to an underlying disease, then getting the treatment can potentially ease the symptoms. However, some types of nerve damages are irreversible and can last a lifetime.
Paresthesia Treatment Market Trends, Drivers, Restraints, and Opportunities:
- Increasing prevalence of paresthesia among the population is estimated to drive the paresthesia treatment market growth.
- Poor lifestyle and dietary choices among people can lead to this disorder, which is one of the key drivers of the market.
- Rising number of cancers, diabetes, and arthritis cases has significantly increased the demand for paresthesia treatment.
- Lack of effectiveness, stringent regulatory rules, and unavailability of precise treatment can restraint the growth of the market.
- High cost of treatment can stunt the paresthesia treatment market growth.
- Favorable support from the government and medical grants has significantly increased the treatment quality, which is expected to fuel the market in the coming years.
Scope of Paresthesia Treatment Market report:
The report on the global paresthesia treatment market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Paresthesia Treatment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 & 2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Acute Paresthesia and Chronic Paresthesia), Treatment Types (Anticonvulsants, Immunosuppressants [Intravenous Gamma Globulin, Prednisone, and Others], Antivirals, Topical Creams [Prilocaine, Lidocaine, and Others], and Others), Distribution Channels (Hospitals, Clinics, and Diagnostic Centers)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Paresthesia Treatment Market Segment Insights:
High prevalence and effectiveness drive the acute paresthesia segment
Based on disease types, the paresthesia treatment market can be bifurcated into acute paresthesia and chronic paresthesia. The high incidence of acute paresthesia drives the segment as this disorder can be treated based on the underlying cause. When sustained pressure has been applied on a nerve, it inhibits the function and causes temporary discomfort or a tingling sensation.
The removal of the pressure results in relief. Chronic paresthesia is found mainly among the geriatric population due to poor blood circulation in the limbs or due to an underlying disease such as arthritis or diabetes.
Chronic paresthesia is a much more serious disease and requires immediate treatment as it can subsequently result in permanent damage to the central nervous system. Chronic paresthesia can also be a sign of mercury poisoning.
The ability to treat neurological disorders drives the anticonvulsants segment
On the basis of treatment types, the paresthesia treatment market share can be segmented into anticonvulsants, immunosuppressants, antivirals, topical creams, and others. The immunosuppressants segment can be further divided into intravenous gamma globulin, prednisone, and others while the topical creams segment can be sub-segmented into prilocaine, lidocaine, and others.
Anticonvulsants are anti-epileptic drugs that are used to treat seizure disorders. These are mood stabilizers and are used for the treatment of neuropathy. This segment is expected to grow significantly in the paresthesia treatment market due to its high effectivity in treating acute paresthesia.
Hospitals segment is expected to grow significantly in the forecast period
In terms of distribution channels, the paresthesia treatment market share can be segmented into hospitals, clinics, and diagnostic center . The hospital segment is forecasted to grow at a robust rate due to the wide availability of treatments in hospitals and high accuracy to treat neurological disorders.
Moreover, people prefer to get treated in hospitals due to the presence of skilled and experienced doctors and neurologists.
Paresthesia Treatment Market Regional Outlook
North America dominates the market
Based on regions, the global paresthesia treatment market can be split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America constituted a significant share of the market in 2020 due to mergers and acquisitions conducted by key market players.
Moreover, increase in R&D spending by key companies and the government in the medical sector are driving the market in North America. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period due to growing R&D expenditure and government initiatives in the field of medicine.
Segments
By Disease Types
- Acute Paresthesia
- Chronic Paresthesia
By Treatment Types
- Anticonvulsants
- Immunosuppressants
- Intravenous Gamma Globulin
- Prednisone
- Others
- Antivirals
- Topical Creams
- Prilocaine
- Lidocaine
- Others
- Others
By Distribution Channels
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Hospitals
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Clinics
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Diagnostic Centers
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the global paresthesia treatment market include Boston Scientific Corporation; EnteroMedics Inc.; Baxter; Bio-Medical Research Ltd.; GlaxoSmithKline plc; St. Jude Medical LLC; Nevro Corp.; Cyberonics Inc.; Stimwave LLC; and Omron Healthcare Inc. These players engage in mergers & acquisitions; collaborations; agreements; and partnerships to strengthen their geographical presence.
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