Global Peripheral Neuropathy Market Outlook 2031:
The global peripheral neuropathy market size was valued at USD 1.79 Billion in 2022 and is projected to reach USD 2.50 Billion by 2031, expanding at a CAGR of 3.5% during the forecast period 2023 - 2031. The peripheral nervous system connects nerves from the brain to the rest of a live organism's body. Hands, arms, feet, legs, internal organs, face, and mouth are all connected to the brain through peripheral nerves. Damage to the nerves outside the brain and peripheral nerves causes discomfort and numbness, as well as weakness in feet and hands.
Diabetes, alcohol consumption, genetic disease, dietary deficiencies, chronic kidney illness, and elderly population are all causes of peripheral neuropathy. Burning pain, changes in blood pressure, muscle weakness, cardiac intolerance and onset of numbness, are all possible symptoms of peripheral neuropathy. It can also have an impact on other parts of your body. As well as peripheral neuropathy if left untreated, can result in catastrophic consequences such as scorching paralysis or agony.
Peripheral Neuropathy Market Trends, Drivers, Restraints, and Opportunities:
- Growing prevalence of diabetes and increasing elderly population are estimated to drive market expansion during the forecast period.
- Rising mergers and acquisitions by leading peripheral neuropathy market players can enhance the market in the future.
- Increased chemotherapy treatments for cancer and technological advancements can benefit the market growth.
- Government rules and adverse effects of the medications are projected to hinder the market growth.
- Growing awareness about peripheral neuropathy is anticipated to boost the market expansion.
Scope of Peripheral Neuropathy Market report:
The report on the peripheral neuropathy market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Peripheral Neuropathy Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
2016 & 2021
Types (Idiopathic Peripheral Neuropathy, HIV/AIDS Associated Peripheral Neuropathy, Diabetic Peripheral Neuropathy, Chemotherapy-induced Peripheral Neuropathy, and Others), Treatments (Pharmacological Therapies [Pain Relievers, Anti-seizure Medications and Antidepressants] and Non-pharmacological Therapies [Transcutaneous Electrical Nerve Stimulation, Plasma Exchange & Intravenous Immune Globulin, and Others]), End-users (Ambulatory Centres, Clinics, Hospitals, and Others)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered in the Report
Bristol Myers Squibb, Reddy's Laboratories, Abbott Laboratories, Eli Lilly and Company, Novartis AG, Merck and Co. Inc., GlaxoSmithKline plc, Cipla Limited, Pfizer Inc, Hoffmann-La Roche Ltd., Lupin Limited, and RxFunction, Inc
Peripheral Neuropathy Market Segment Insights:
Diabetic peripheral neuropathy segment is projected to hold significant market share
Based on types, the peripheral neuropathy market can be segmented into idiopathic peripheral neuropathy, HIV/AIDS associated peripheral neuropathy, diabetic peripheral neuropathy, chemotherapy-induced peripheral neuropathy, and others.
The diabetic peripheral neuropathy segment is projected to hold a significant market share. The increase in the prevalence of diabetic patients around the world has increased the desire for therapies that are safe and effective with fewer risks when compared to invasive techniques, which is driving the segment expansion.
Pharmacological therapies segment is anticipated to account for a substantial share
On the basis of treatment, the market can be bifurcated into pharmacological therapies and non-pharmacological therapies. The pharmacological therapies can be further fragmented into pain relievers, anti-seizure medications, and antidepressants. The non-pharmacological therapies segment can be segmented into transcutaneous electrical nerve stimulation, plasma exchange & intravenous immune globulin, and others.
The pharmacological therapies segment is anticipated to account for a substantial share due to rising prevalence of diabetes, which demands long-term medicine. The use of non-pharmacologic treatments to manage neuropathic pain is constantly increasing, which is estimated to drive the non-pharmacological therapies segment.
Hospitals segment is anticipated to expand at a rapid pace during the forecast period
In terms of end-users, the peripheral neuropathy market can be segregated into ambulatory centres, clinics, hospitals, and others. The hospitals segment is anticipated to expand at a rapid pace during the forecast period.
The increased number of diabetes patients visiting hospitals for routine examinations, monitoring of health problems, and other reasons have increase demand for hospitals. Increased government support for diabetic health management by supplying effective pharmaceuticals in hospitals is also promoting the development of hospitals, resulting in the segment growth.
North America is expected to dominate the market
In terms of regions, the market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market owing to availability of innovative treatments and compounded drugs.
The rising number of cancer cases in Europe and increased awareness of peripheral neuropathy treatment options are projected to drive the expansion of the European peripheral neuropathy market.
- Idiopathic Peripheral Neuropathy
- HIV/AIDS Associated Peripheral Neuropathy
- Diabetic Peripheral Neuropathy
- Chemotherapy-induced Peripheral Neuropathy
- Pharmacological Therapies
- Pain Relievers
- Anti-seizure Medications
- Non-pharmacological Therapies
- Transcutaneous Electrical Nerve Stimulation
- Plasma Exchange & Intravenous Immune Globulin
- Ambulatory Centres
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
By Key Players
- Bristol Myers Squibb
- Reddy's Laboratories
- Abbott Laboratories
- Eli Lilly and Company
- Novartis AG
- Merck and Co. Inc
- GlaxoSmithKline plc
- Cipla Limited
- Pfizer Inc
- Hoffmann-La Roche Ltd
- Lupin Limited
- RxFunction, Inc
Key players in the peripheral neuropathy market are Bristol Myers Squibb, Reddy's Laboratories, Abbott Laboratories, Eli Lilly and Company, Novartis AG, Merck and Co. Inc., GlaxoSmithKline plc, Cipla Limited, Pfizer Inc, Hoffmann-La Roche Ltd., Lupin Limited, and RxFunction, Inc.
These players have widely engaged in several market development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to strengthen their geographical presence and expand their customer base globally.