Peripheral Neuropathy (PN) refers to conditions caused due to damages to peripheral nerves that carry messages to & from the brain and spinal cord to the rest of the body. Symptoms of PN include sharp, jabbing/burning pain, and extreme sensitivity to touch, and the gradual bilateral onset of numbness or tingling in the feet or hands. Among many risk factors that result in peripheral neuropathy, diabetes, chemotherapy, exposure to toxic chemicals, chronic alcoholism, and prescription medications are the major ones.
If left untreated peripheral neuropathy can lead to severe effects, such as burning pain or paralysis. Over recent years, peripheral neuropathy diagnosis & treatment market is growing continually, mainly due to the rising prevalence of the condition. Fortunately, there have been many novel medicines & therapies developed to treat symptoms of PN. Resultantly, the peripheral neuropathy market appears well-established. Moreover, governments across countries in the world take a huge interest in finding new drugs & treatment methods.
Also, industry players make continual investments in breakthrough drug & therapeutics discoveries, which persistently drive the growth of the market. Investments made in various ongoing researches define the growth of the peripheral neuropathy market perceives today. According to Market Research Future (MRFR), the global peripheral neuropathy valuation is poised to reach USD 292.40 MN by 2025, registering over 3.9 % CAGR during 2019 – 2025.
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In addition to the prevalence of PN, prevailing chronic diseases like diabetes and cancer contribute to market growth, resulting in Diabetic & Chemotherapy-induced Peripheral Neuropathy. Also, the increasing population and urbanization, along with the growing awareness about PN treatments' availability, drive the market growth. The continually rising global economy that improves the quality of life of people and enables access to the improved healthcare provide a considerable impetus to the growth of the PN market.
Key Players
Key players profiled in the global peripheral neuropathy market report include RxFunction, Inc. (US), F. Hoffmann-La Roche Ltd. (UK), Dr. Reddy's Laboratories (India), Lupin Limited (India), Cipla Limited (India), Merck and Co. Inc. (US), GlaxoSmithKline plc (UK), Pfizer Inc (US), Eli Lilly and Company (US), Novartis AG (UK), Bristol Myers Squibb (US), and Abbott Laboratories (US). Industry players have incorporated strategies such as strategic alliances, mergers, acquisitions, geographical expansions, partnerships, product launches, and collaborations to create a foothold in the market.
Market Segmentation
The MRFR Report provides an inclusive segmental analysis of the global peripheral neuropathy market based on Type. Treatment and End user
- By Type, the peripheral neuropathy market is segmented into HIV/AIDS-associated peripheral neuropathy, idiopathic peripheral neuropathy, chemotherapy-induced peripheral neuropathy (CIPN), and diabetic peripheral neuropathy (DPN). Of these, the DPN segment will lead the market over the forecast period for its rising cases in youths having diabetes. The CIPN segment is predicted to grow at the fastest pace over the forecast period for increasing use of chemotherapy to treat cancer patients.
- By Treatment, the peripheral neuropathy market is segmented into non-pharmacological therapies, pharmacological therapies, and others. Of these, the pharmacological therapies segment is predicted to dominate the market over the forecast period for these therapies being the primary treatment for peripheral neuropathy.
- By End users, the peripheral neuropathy market is segmented into ambulatory centers, hospitals and clinics, and others. Of these, hospitals and clinics will spearhead the market over the forecast period for the increasing awareness regarding the availability of advanced treatments in hospitals. The ambulatory centers, on the other hand, are predicted to grow at the fastest pace over the forecast period for the availability of advanced medical technology and specialized medical services.
Regional Analysis
North America dominates the global peripheral neuropathy market. The largest market share attributes to the presence of many top players such as Eli Lilly and Company, Abbott Laboratories, and Bristol Myers Squibb in the region. Countries like the US and Canada account for major PN markets due to the increasing prevalence of diabetes in these regions.
Besides, favorable reimbursement scenarios and high healthcare expenditures impact the market growth positively. The rapid uptake of advanced technologies is also an important driver for regional market growth. The North American market is expected to retain its dominance throughout the review period.
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Europe stands second in the global peripheral neuropathy market. The market growth is majorly driven by the increasing number of cancer cases and raising awareness for various peripheral neuropathy treatment options. Also, the wide adoption of chemotherapy treatments in cancer therapies that lead to chemotherapy-induced peripheral neuropathy (CIPN) boosts the growth of the PN market in the region.
Certainly, the improving economy in this region is a key driving force behind the market growth, availing broad access to quality care. The European peripheral neuropathy market is estimated to grow at a considerable CAGR during the assessment period.
