Diabetic Neuropathy Market By Type (Diabetic Peripheral Neuropathy, Diabetic Autonomic Neuropathy, Diabetic Proximal Neuropathy, Diabetic Focal Neuropathy); By Diagnosis (Nerve Conduction Studies, Electromyography, Quantitative Sensory Testing); By Treatment (Medications, Physical Therapy, Surgery); By End-user (Hospitals, Clinics, Homecare); By Distribution Channel (Retail pharmacies, Hospital pharmacies, Online pharmacies); By Devices (Nerve Stimulator, Nerve Ablation, Nerve Decompression, Nerve Repair); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Diabetic Neuropathy Market Insights
Global diabetic neuropathy market witnessed a market value of USD 4.7 billion in 2023 and is estimated to reach USD 8.2 billion in 2033, registering a compound annual growth rate (CAGR) of 5.7% between 2022 and 2032. Diabetic neuropathy is a sort of nerve damage that will occur in people with diabetes caused by high blood glucose levels damaging the tiny blood vessels that provide nutrients and oxygen to the nerves. Over time, this damage can cause numbness, tingling, and pain within the affected areas. The symptoms of diabetic neuropathy can vary counting on which nerves are affected and should include:
- Numbness or tingling within the feet or hands
- Burning, stabbing, or shooting pain within the affected areas
- Muscle weakness or wasting
- Loss of balance or coordination
- Digestive problems, like bloating, constipation, or diarrhea
- Sexual dysfunction
- Bladder problems, like incontinence or tract infections
The best measure to prevent diabetic neuropathy is to manage blood glucose levels and maintain good overall health. Treatment options for diabetic neuropathy may include medication to manage pain, physiotherapy to enhance strength and mobility, and lifestyle changes to manage blood glucose levels and reduce the danger of further nerve damage.
Diabetic Neuropathy Market Share and Size
The global diabetic neuropathy market is predicted to experience significant growth at a CAGR of 5.7% from 2023 to 2033 Thanks to the increasing prevalence of diabetes worldwide. The worldwide diabetic neuropathy market size was valued at USD 4.7 billion in 2023, reaching a market size of 8.2 billion by 2033. The growing adoption of telemedicine and residential healthcare services is additionally expected to drive the expansion of the diabetic neuropathy market.
The peripheral neuropathy segment holds the most important share of the market, accounting for over 60% of the market share in 2022 attributed to the high prevalence of peripheral neuropathy among diabetic patients. The drugs segment holds the most important share of the market by treatment type, due to the wide selection of medicine available for the management of diabetic neuropathy. Geographically, North America holds the most important share of the diabetic neuropathy market, followed by Europe and therefore the Asia Pacific. This will be attributed to the high prevalence of diabetes within the region, the well-established healthcare infrastructure, and the presence of major market players within the region.
The major players operating within the diabetic neuropathy market include Pfizer Inc., Eli Lilly and Company, Janssen Global Services LLC, GlaxoSmithKline plc, Novartis AG, and Sanofi. These companies are investing heavily in research and development activities to develop novel therapies for the treatment of diabetic neuropathy.
Diabetic Neuropathy Market Key Drivers:
Several key drivers are contributing to the growth of the diabetic neuropathy market, including:
- Advancements in technology: The event of latest technologies, like telemedicine and residential healthcare services, have made it easier for patients to manage their condition from the comfort of their own homes.
- Aging population: Because the population ages, the incidence of diabetes increases, which successively drives the demand for diabetic neuropathy products and services.
- Development of novel therapies: The ongoing r&d for novel therapies including gene therapy, somatic cell therapy, and novel drug delivery systems for the treatment of diabetic neuropathy, is predicted to drive the expansion of the market.
- Increasing awareness and adoption of advanced treatments: There's an increasing awareness and adoption of advanced treatments for diabetic neuropathy, like nerve stimulators and other devices, which is driving the market growth.
- Government initiatives to fight diabetes: Government initiatives to fight diabetes, like awareness campaigns and funding for research, also are contributing to the expansion of the diabetic neuropathy market.
- Increasing healthcare expenditure: With the increasing prevalence of diabetes, governments, and personal organizations are investing heavily in healthcare infrastructure and research and development activities.
- Rising prevalence of diabetes: consistent with the International Diabetes Federation, the amount of individuals with diabetes is predicted to extend from 463 million in 2019 to 700 million by 2045. As the number of individuals with diabetes increases, so does the demand for products and services to diagnose and treat diabetic neuropathy.
Diabetic Neuropathy Market Key Trend & Development:
Research and development (R&D) activities in the diabetic neuropathy market are focused on developing novel and effective treatments for the management of diabetic neuropathy. Some key trends in R&D in the diabetic neuropathy market include:
- Artificial intelligence: AI (AI) is getting used to develop predictive models and personalized treatment plans for diabetic neuropathy.
- Gene therapy: Gene therapy involves the utilization of DNA to treat or prevent diseases. Researchers are exploring the utilization of gene therapy for the treatment of diabetic neuropathy.
- Novel drug delivery systems: Researchers are exploring the utilization of novel drug delivery systems like liposomal drug delivery systems to enhance the efficacy and safety of medications used to treat diabetic neuropathy.
- Stem cell therapy: Somatic cells have the potential to regenerate damaged tissues and promote nerve regeneration. Researchers are exploring the utilization of somatic cell therapy for the treatment of diabetic neuropathy.
- Wearable devices: Wearable devices, like smart socks and insoles, are being developed to watch and manage diabetic neuropathy. These devices can track foot temperature, pressure, and gait, and supply feedback to patients and healthcare professionals to stop foot ulcers and other complications.
Diabetic Neuropathy Market Segmentation:
The diabetic neuropathy market can be segmented based on various factors, including:
- By Type
- Diabetic Peripheral Neuropathy
- Diabetic Autonomic Neuropathy
- Diabetic Proximal Neuropathy
- Diabetic Focal Neuropathy
- By Diagnosis
- Nerve Conduction Studies
- Electromyography
- Quantitative Sensory Testing
- By Treatment
- Medications
- Physical Therapy
- Surgery
- By End-user
- Hospitals
- Clinics
- Homecare
- By Distribution Channel
- Retail pharmacies
- Hospital pharmacies
- Online pharmacies
- By Devices
- Nerve Stimulator
- Nerve Ablation
- Nerve Decompression
- Nerve Repair
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa.
Diabetic Neuropathy Market Regional Synopsis:
The market size in North America is predicted to succeed in $9.1 billion by 2032 against an earlier estimate of $4.7 billion in 2022, with a CAGR of 6.8% from 2023 to 2032 driven by the high prevalence of diabetes within the region and therefore the availability of advanced healthcare infrastructure.
Europe is the second-largest marketplace for diabetic neuropathy thanks to the increasing prevalence of diabetes and the presence of major market players within the region. The market size in Europe is predicted to succeed in $5.8 billion by 2032, against an estimate of $2.9 billion in 2022 with a CAGR of 7.2% from 2023 to 2032.
The Asia Pacific region was estimated $2.8 billion in 2022 and is predicted to witness significant growth within the diabetic neuropathy market thanks to the increasing prevalence of diabetes and the growing geriatric population within the region. The market size in Asia Pacific is predicted to succeed in $6.1 billion by 2032, with a CAGR of 8.1% from 2023 to 2032.
The market size in Latin America is predicted to succeed in $2.1 billion by 2032, with a modest CAGR of 6.4% from 2023 to 2032 against an earlier estimate of $1.1 billion in 2022 driven by the increasing prevalence of diabetes and therefore the growing adoption of advanced healthcare technologies within the region.
The Middle East & Africa region is expected to witness slow growth in the diabetic neuropathy market due to the low awareness about the disease and the limited access to advanced healthcare facilities in the region with an estimated market size of $0.7 billion in 2022. The market size in the Middle East & Africa is expected to reach $1.2 billion by 2032, with a CAGR of 5.2% from 2023 to 2032.
Diabetic Neuropathy Market Key Challenges:
The diabetic neuropathy market faces several key challenges, including:
- High cost of treatment: The value of treating diabetic neuropathy is often high, especially for those without adequate insurance which may limit access to treatment and pose a big financial burden on patients and their families particularly those in developing countries.
- Lack of awareness: Many of us with diabetes might not remember that we need diabetic neuropathy, and this lack of awareness can cause delayed diagnosis and treatment.
- Lack of effective treatment options: Despite the supply of several treatment options, diabetic neuropathy remains a challenging condition to manage. Currently available treatments offer limited efficacy, and there's a requirement for simpler therapies.
- Lack of standardization in diagnosis and treatment: There's a scarcity of standardization within the diagnosis and treatment of diabetic neuropathy, which may cause variability in patient outcomes and limit the effectiveness of treatments.
- Limited access to healthcare: In many parts of the planet, access to healthcare is restricted, and this will make it difficult for patients with diabetic neuropathy to receive timely and appropriate treatment.
- Reimbursement issues: Reimbursement for diabetic neuropathy treatments is usually limited, which may make it difficult for patients to access the treatments they have.
- Side effects of existing treatments: Existing treatments for diabetic neuropathy can have significant side effects, like dizziness, nausea, and weight gain which may impact the patient’s quality of life and limit treatment adherence.
- Stringent regulations: The approval process for brand-spanking new diabetic neuropathy treatments is often lengthy and sophisticated, which may slow the introduction of the latest products to the market.
Diabetic Neuropathy Market Key Global Players:
The global diabetic neuropathy market is highly competitive, with several key players operating in the market. Here are some of the major global players in the diabetic neuropathy market:
- Abbott Laboratories: Neurontin (gabapentin)
- Astellas Pharma Inc.
- AstraZeneca
- Boehringer Ingelheim International GmbH
- Boston Scientific Corporation
- Eli Lilly and Company: Cymbalta (duloxetine)
- Endo International plc
- GlaxoSmithKline plc
- Glenmark Pharmaceuticals Ltd.
- Johnson & Johnson: Nucynta (tapentadol)
- Lupin Pharmaceuticals Inc.
- Medtronic
- Merck & Co., Inc
- NeuroMetrix, Inc.
- Novartis AG: Gralise (gabapentin) for postherpetic neuralgia (a similar condition to diabetic neuropathy)
- Pfizer Inc.: Lyrica (pregabalin)
- Sanofi S.A.
- St. Jude Medical, Inc.
These companies produce, market, and conduct research and development for diabetic neuropathy diagnostic and treatment products. Additionally, they need a large share of the diabetic neuropathy market. they're constantly developing new products and expanding their product portfolio to satisfy the growing demand for diabetic neuropathy treatment. Additionally, these businesses are involved in strategic collaborations, mergers, and acquisitions to enhance their market position and reach.
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- Publication date: 25th January 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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