The condition of paresthesia is associated with abnormal sensations of the skin such as pricking, burning, numbness and many others. In recent years, the number of paresthesia cases has escalated, leading to an increased demand for its treatment. Development of paresthesia is either chronic or acute. The onset of paresthesia threatment is primarily triggered by diseases such as hyperventilation, vitamin deficiency. It could also occur due to the use of anesthesia.
The rise in demand for treatment has translated into increased investment in the R&D pipeline. As per the study conducted by Market Research Future (MRFR), the global paresthesia treatment market will grow at CAGR of 7.2% between 2017 and 2023. The increased prevalence rate is the prime market driver. Other factors that are reflecting favorably on the market include rising healthcare expenditure worldwide, increased government efforts to spread awareness and availability of better treatment options. But, many of the drugs that are currently available have poor effectiveness, which continues to drive the need for R&D programs. Moreover, the availability of precise treatment solution remains scarce.
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Competition Analysis
The global paresthesia treatments market characterized by a large number of companies operation in domestic and global levels. Most small and mid-sized companies in the market are focusing on aggressive pricing strategies to consolidate their position. At the same time, product innovation remains a key area of focus for market players. Also, collaborations and partnerships are expected to remain a major industry trend during the forecast period.
MRFR’s report includes profiling of important market players, namely Omron Healthcare, Inc. (US), Stimwave LLC, (US), Cyberonics, Inc. (US), St. Jude Medical, LLC. (US), GlaxoSmithKline plc. (UK), Medtronic (UK), Boston Scientific Corporation (US), Bio-Medical Research Ltd. (UK), Nevro Corp. (US), Stryker (US), EnteroMedics Inc. (US) and Baxter (US).
Global Paresthesia Treatment Market: Segmental Analysis
The segmental analysis of the market has been conducted on the basis of treatments, types and end users.
- Based on Treatment, the market has been segmented into anticonvulsants, antivirals, immunosuppressant, topical creams and others. The immunosuppressant segment is further sub-segmented into intravenous gamma globulin, prednisone and other. The topical creams segment is further sub-segmented into prilocaine, lidocaine and other.
- Based on Types, the market has been segmented into chronic paresthesia and acute paresthesia.
- Based on End users, the market has been segmented into clinics, hospitals, diagnostic canters and others.
Global Paresthesia Treatment Market: Regional Analysis
The market has been covered in across regions such as the Americas, Asia Pacific (APAC), the Middle East & Africa (MEA), and Europe.
The Americas spearhead the global paresthesia treatment market. This is mainly owing to factors such as the presence of a world-class healthcare system and high healthcare expenditure in the U.S. Also, a vast R&D landscape which is well supported the government put the region at a leading position.
Meanwhile, Europe is likely to retain its second spot over 2023. Growing geriatric population, increased prevalence of diseases like arthritis and diabetes, and accessibility to a robust healthcare system. Significant government support for the healthcare sector in various European countries is also reflecting favorably on the Europe market.
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Asia Pacific (APAC) is the third largest market for paresthesia. During the forecast period, the market in APAC is expected to witness strong growth. Improving healthcare standards in countries such as China, India, Indonesia, Vietnam among others is creating an attractive market prospect in the region. In addition, a massive patient population in the region continues to drive treatment demand. Rapidly growing economy in APAC is supporting the expansion of the healthcare sector. The Middle East & Africa (MEA) market is expected to witness relatively slower growth over the next couple of years.
