The Global Peripheral Neuropathy Market generated revenue of US$ 0.976 billion in 2019 and is forecast to witness an increase in revenue of US$ 1.3 billion by 2027, growing at a compound annual growth rate (CAGR) of around 3.4% during the forecast period from 2021 to 2027.
The peripheral neuropathy market is experiencing remarkable growth from 2021 to 2027 on a global scale. This condition occurs when the peripheral nerves, located outside of the brain and spinal cord, sustain damage, leading to symptoms such as weakness, numbness, and discomfort. Moreover, peripheral neuropathy can also impact various physiological functions, including urination, metabolism, and circulation. The causes of peripheral neuropathy can range from traumatic accidents, infections, metabolic disorders, and genetic factors, to exposure to harmful substances. Notably, one of the prevalent causes of this condition is diabetes.
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The global market for peripheral neuropathy is experiencing a significant increase in demand. This surge is primarily due to the rising prevalence of aging and obese populations worldwide. According to the World Health Organization (WHO), by 2030, one in six people globally will be aged 60 years or older. Furthermore, by 2050, the global population of individuals aged 60 years and older is expected to double, reaching a staggering 2.1 billion.
In addition to the aging population, the World Obesity Atlas 2023 highlights that the prevalence of obesity is likely to rise from 14% to 24% of the population by 2035. This increase in obesity rates will affect nearly 2 billion adults, children, and adolescents. As the population continues to age and obesity rates climb, the occurrence of peripheral neuropathy is becoming more common, leading to a higher demand for effective treatment options.
The increasing prevalence of peripheral neuropathy is a significant driver in the global market. The aging population and the rise in obesity rates contribute to the growing demand for treatments and interventions to address this condition.
Diabetes: The Prevalent Cause of Peripheral Neuropathy
Diabetes has emerged as the leading cause of peripheral neuropathy worldwide, with a significant impact on older individuals and those living with long-standing type 1 or type 2 diabetes. Nearly half of all adults with diabetes will experience this condition in their lifetime, resulting in substantial morbidity. The consequences range from agonizing pain and the development of foot ulcers to the potential need for lower limb amputation. Among the various forms of diabetic peripheral neuropathy, distal symmetric polyneuropathy stands as the most prevalent, accounting for approximately 75% of all cases.
Studies have revealed a high prevalence of peripheral neuropathy among individuals with diabetes, with an overall rate of 40.3%. Notably, patients with type 2 diabetes are more frequently affected, with a prevalence of 42.2%, compared to 29.1% in those with type 1 diabetes. In the United Kingdom alone, approximately 26% of individuals with diabetes suffer from peripheral neuropathic pain. On a global scale, this equates to roughly 50 million people, and this number is expected to rise as the prevalence of diabetes is projected to reach 4.4% by 2030.
One widely prescribed drug for neuropathic pain associated with peripheral neuropathy is pregabalin (Lyrica, Pfizer). However, it is essential to acknowledge that the prevalence of this condition may vary due to inconsistent diagnostic criteria, differences in participant selection methods, and varying assessment techniques used across studies. Further research and advancements in treatment options are necessary to address the challenges posed by diabetic peripheral neuropathy effectively.
Diabetic peripheral neuropathy remains a prevalent and debilitating complication of diabetes, particularly impacting older individuals and those with long-standing diabetes. The most common form, distal symmetric polyneuropathy, affects a significant majority of cases. The high prevalence of peripheral neuropathy among individuals with diabetes highlights the urgent need for improved diagnostic and treatment strategies. By addressing these challenges, consumers can alleviate the suffering caused by this condition and enhance the quality of life for millions affected by diabetes-related peripheral neuropathy.
North America Dominated the Global Peripheral Neuropathy Market
The North American region is poised to dominate the peripheral neuropathy market due to several key factors. The latest technological advancements in developed and emerging cities, along with the increasing incidence of peripheral neuropathy and growing awareness of the disease, have contributed to the market’s growth. Additionally, the recent developments in drugs and treatment facilities for patients have further solidified the region’s position as a leader in this field.
Developed and emerging cities in the region have become hubs for cutting-edge research and innovation, resulting in the development of state-of-the-art diagnostic tools, treatment modalities, and wearable devices. These technological advancements have significantly improved the diagnosis and management of peripheral neuropathy, enhancing patient outcomes and driving the growth of the market.
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The increasing number of peripheral neuropathy cases in North America has also played a crucial role in the region’s market dominance. For instance, the estimated prevalence of peripheral neuropathy among adults with diabetes in the US is 28%. Factors such as aging populations, sedentary lifestyles, and the prevalence of chronic conditions like diabetes have contributed to the rising incidence of peripheral neuropathy. Simultaneously, there has been a growing awareness of the disease among healthcare professionals, patients, and the general population. This increased awareness has led to early detection, timely intervention, and improved management of peripheral neuropathy, further fueling the market’s growth.
List of Prominent Companies in the Global Peripheral Neuropathy Market
- Solasia Pharma
- Lexicon Pharmaceuticals
- Asahi Kasei Pharma America Corporation
- Cipla Limited
- Abbott Laboratories
- GlaxoSmithKline plc
- Eli Lilly and Company
- Merck and Co. Inc.
- Lupin Limited
- Pfizer Inc.
- Bristol Myers Squibb
- Dr. Reddy’s Laboratories
- HIV/AIDS Associated
- Blood test
- Anti-seizure medication
- Pain reliever
- Topical treatment
- Nerve stimulation
- Plasma exchange
- Physical Therapy
- Ambulatory Centres
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & NZ
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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