Global Peripheral Neuropathy Treatment Market, by Type (Diabetic Peripheral Neuropathy, Chemotherapy-induced Peripheral Neuropathy, Idiopathic Peripheral Neuropathy, and Others), By Treatment (Pharmacological Therapies (Pain Relievers, Anti-seizure Medications, and Antidepressants) and Non-pharmacological Therapies (Transcutaneous Electrical Nerve Stimulation, Plasma Exchange and Intravenous Immune Globulin, and Others), By Distribution Channel (Hospitals and Clinics, Ambulatory Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 1,685.69 million in 2020 and is expected to exhibit a CAGR of 3.6% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
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Increasing drug approvals is expected to augment the market growth
Major players are developing drugs in the field of peripheral neuropathy which is expected to boost the global peripheral neuropathy treatment market growth. For instance, in August 2020, Averitas Pharma, a specialty pharmaceutical company focusing on non-opioid pain management drugs and the U.S. subsidiary of the Grünenthal, a Germany-based pharmaceutical company, received approval for Qutenza, capsaicin drug for the treatment of diabetic peripheral neuropathy (DPN) of the feet from the U.S. Food & Drug Administration (U.S. FDA). This cutaneous patch delivers prescription-strength capsaicin directly to the skin.
Global Peripheral Neuropathy Treatment Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in over 76.25 million infected individuals worldwide as of December 22, 2020.
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COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channel, and by its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of raw materials from one place to another.
Increasing prevalence of cancer is expected to propel growth of the global peripheral neuropathy treatment market. For instance, according to the World Health Organization (WOH) estimates published in 2018, 18.1 million new cancer cases are reported every year across the globe. Among these, 300,000 cases are diagnosed among children aged 0 to 19 years.
Browse 38 Market Data Tables and 35 Figures spread through 195 Pages and in-depth TOC on “Peripheral Neuropathy Treatment Market – by Type (Diabetic Peripheral Neuropathy, Chemotherapy-induced Peripheral Neuropathy, Idiopathic Peripheral Neuropathy, and Others), By Treatment (Pharmacological Therapies (Pain Relievers, Anti-seizure Medications, and Antidepressants) and Non-pharmacological Therapies (Transcutaneous Electrical Nerve Stimulation, Plasma Exchange and Intravenous Immune Globulin, and Others), By Distribution Channel (Hospitals and Clinics, Ambulatory Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2027”
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Key Takeaways of the Global Peripheral Neuropathy Treatment Market:
- The global peripheral neuropathy treatment market is expected to exhibit a CAGR of 3.6% during the forecast period, owing to increasing geriatric population as geriatric population more prone to peripheral neuropathies. For instance, according to an article published by the World Health Organization (WHO) in February 2018, reports that by 2050, the worldwide population aged 60 years and older is expected to reach 2 billion, up from 900 million in 2015.
- Among type, the diabetic peripheral neuropathy segment held a dominant position in the global peripheral neuropathy treatment market in 2019, owing to rising cancer cases. For instance, according to the Cancer Research UK, in 2014, around 357,000 new cancer cases were diagnosed in the U.K., accounting for 980 diagnosed cases per day. Breast, prostate, lung, and bowel cancers together accounted for over 53% of the total cancers in the U.K.
- Among treatment, pharmacological therapies segment held a dominant position in the global peripheral neuropathy treatment market in 2019, owing to the increasing approvals and launches of drugs for the treatment of peripheral neuropathy treatment. For instance, in July 2019, InvaGen Pharmaceuticals, a subsidiary of the Cipla, received approval for Pregabalin Capsules, indicated for management of neuropathic pain associated with certain illnesses, from the U.S. Food & Drug Administration (U.S. FDA). The drug is generic therapeutic equivalent version of Pfizer’s Lyrica.
- Among distribution channel, hospitals and clinics segment held a dominant position in the global peripheral neuropathy treatment market in 2019, owing to rising patient registration of cancer and diabetic patients in hospitals and clinics.
- Key players operating in the global peripheral neuropathy treatment market include Abbott, Bristol Myers Squibb, Cipla Limited, Eli Lilly and Company, GlaxoSmithKline plc., Lupin Limited, Merck and Co. Inc., Novartis AG, Pfizer Inc., Dr. Reddy’s Laboratories, Mylan NV, Johnson & Johnson Services Inc., and Teva Pharmaceutical Industries Ltd. among others.
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Detailed Segmentation:
- Global Peripheral Neuropathy Treatment Market, By Type:
- Diabetic Peripheral Neuropathy
- Chemotherapy-induced Peripheral Neuropathy
- Idiopathic Peripheral Neuropathy
- Others
- Global Peripheral Neuropathy Treatment Market, By Treatment:
- Pharmacological Therapies
- Pain Relievers
- Anti-seizure Medications
- Antidepressants
- Non-pharmacological Therapies
- Transcutaneous Electrical Nerve Stimulation
- Plasma Exchange and Intravenous Immune Globulin
- Others
- Pharmacological Therapies
- Global Peripheral Neuropathy Treatment Market, By Distribution Channel:
- Hospitals and Clinics
- Ambulatory Centers
- Others
- Global Peripheral Neuropathy Treatment Market, By Region:
- North America
- By Type:
- Diabetic Peripheral Neuropathy
- Chemotherapy-induced Peripheral Neuropathy
- Idiopathic Peripheral Neuropathy
- Others
- By Treatment:
- Pharmacological Therapies
- Pain Relievers
- Anti-seizure Medications
- Antidepressants
- Non-pharmacological Therapies
- Transcutaneous Electrical Nerve Stimulation
- Plasma Exchange and Intravenous Immune Globulin
- Others
- Pharmacological Therapies
- By Distribution Channel:
- Hospitals and Clinics
- Ambulatory Centers
- Others
- By Country:
- U.S.
- Canada
- By Type:
- Latin America
- By Type:
- By Treatment:
- By Distribution Channel:
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- By Type:
- By Treatment:
- By Distribution Channel:
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- By Type:
- By Treatment:
- By Distribution Channel:
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- By Type:
- By Treatment:
- By Distribution Channel:
- By Country:
- GCC
- Israel
- Rest of Middle East
- Africa
- By Type:
- By Treatment:
- By Distribution Channel:
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- North America
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