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The diabetic neuropathy market has witnessed significant growth in recent years owing to the rising prevalence of diabetes globally. Diabetic neuropathy refers to nerve damage caused by diabetes that affects millions of people worldwide. Some of the common symptoms of diabetic neuropathy include numbness, pain, weakness and loss of sensation in the extremities. Currently, medications such as pregabalin, duloxetine and gabapentin are commonly prescribed to manage neuropathic pain associated with diabetic neuropathy. However, neurostimulation therapies including transcutaneous electrical nerve stimulation (TENS) and implantable devices that deliver neurostimulation offer alternatives with fewer side effects.
The global diabetic neuropathy market is estimated to be valued at US$ 3626.38 million in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals.
The growing diagnosis rates along with increasing research into new treatment options present lucrative opportunities in the market. Neurostimulation devices and other device-based therapies are emerging as an important segment.
Advancements in low-cost neurostimulation devices and wearable technologies could make neuropathic pain management more affordable and accessible. This is expected to drive the adoption of neurostimulation therapies.
Market Drivers
The rising global prevalence of diabetes is a major factor augmenting market growth. Neuropathic pain affects around 50% of diabetes patients worldwide. As incidence of both type 1 and type 2 diabetes continues to increase significantly, the neuropathic pain population is set to rise in the coming years.
Improving reimbursement scenario for neurostimulation devices especially in developed markets encourages the adoption of these alternative therapies over pain medications. The availability of devices with proven efficacy could boost the market potential.
Current challenges in Diabetic Neuropathy Market
The Diabetic Neuropathy Market is currently facing various challenges. The risks of developing diabetic neuropathy are significantly high for people diagnosed with type 1 and type 2 diabetes. However, many patients remain undiagnosed as neuropathy symptoms often develop slowly over time and may not cause pain or other noticeable problems in the initial stages. This remains a major challenge as delayed diagnosis leads to ineffective management of the condition. Moreover, there is no cure for diabetic neuropathy currently and treatment mainly involves pain management. Developing new drugs that can effectively treat the underlying cause and nerve damage remains a major research priority in this market.
SWOT Analysis
Strength: Growing diabetic population worldwide is driving the need for effective neuropathy treatment options. Advanced research on potential drug targets and novel molecules offers hope.
Weakness: Delayed diagnosis remains common due to vague initial symptoms. Managing chronic pain proves difficult and current treatment landscape remains unsatisfactory.
Opportunity: Demand for minimally invasive treatment devices and neuromodulation therapies is on the rise. Developing economical options can boost market access in low and middle-income countries.
Threats: High treatment costs pose affordability challenges. Patent expiries of blockbuster drugs open door for biosimilars but also price competition.
Geographical regions with market concentration
North America currently dominates the diabetic neuropathy market in terms of value, owing to the rising prevalence of diabetes and extensive commercialization of novel drugs in the US and Canada. Europe accounts for the second largest revenue share mainly due to supportive healthcare infrastructure and government initiatives regarding diabetes management in countries like Germany, UK and France.
Fastest growing geographical region
The Asia Pacific region is poised to witness the fastest growth over the forecast period in the global diabetic neuropathy market. This can be attributed to improving access to healthcare, rising investments by leading industry players and growing medical tourism in India and China. Increasing economic ability and diabetes incidence fuel the demand for pain relief and advanced neuropathy treatment options in emerging Asian nations.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
