Peripheral Neuropathy Treatment Market

Global Peripheral Neuropathy Treatment Market Size (2023 to 2028)

The global peripheral neuropathy treatment market is expected to be valued at USD 2.51 billion by 2028 from USD 2.03 billion in 2023, growing at a CAGR of 4.42% from 2023 to 2028.

Global Peripheral Neuropathy Treatment Market Share Insights:         

• Based on Indication, the diabetic peripheral neuropathy segment dominated the market in 2022.
• Based on treatment, the pharmacological therapies segment led the market in 2022.
• Based on region, North America accounted for the leading share of the global market in 2022.

Impact of COVID-19 on the peripheral neuropathy treatment market:

Peripheral neuropathy affects the peripheral nerves and it has a variety of systematic and metabolic causes. The COVID-19 pandemic situation has a positive impact on the peripheral neuropathy treatment market. The patients who suffer from COVID-19 also suffer from acute neurological disturbances such as peripheral neuropathy, thus the diagnosis requires careful clinical assessment, laboratory testing, and electrodiagnostic testing. For the proper medication for a patient who suffers from COVID-19 and peripheral neuropathy, the medical professionals have prescribed medication such as non-steroidal anti-inflammatory drugs and non-opioids and antidepressants and this has shown a positive impact on the worldwide peripheral neuropathy treatment market during the COVID-19 pandemic.

On the other hand, the COVID-19 pandemic has shown a negative impact on the growth of the peripheral neuropathy treatment market due to the measures taken by the governments of several countries in terms of lockdowns and social isolation. Several countries faced problems such as transportation of drugs and devices from one place to another and the same resulted in the shortage of raw materials for manufacturing drug formulations due to irregularities in transportation facilities and led to the irregular demand for these products. However, the situation is expected to get better in no time and favor the market growth during the forecast period.

MARKET DRIVERS:

The growing patient population suffering from chronic diseases such as diabetes, cancer and hypothyroidism majorly drive the growth of the peripheral neuropathy treatment market. In a report published by the CDS in 2022, it was revealed that more than 135 million adults had been diagnosed with diabetes and prediabetes thus the symptom associated with diabetes and cancer demand the appropriate therapies. Peripheral neuropathic pain arises due to damage to the nervous system and this condition can be caused due to diabetes and cancer. Diabetic neuropathy gives pain, numbness, and tingling particularly in feet and hands and this happens due to the rise in the blood level led to nerve damage. An estimated 50% of people with diabetes may develop diabetic neuropathy at some point and certain types of cancer can lead to nerve damage and resulting in peripheral neuropathic pain. Certain cancer treatments such as chemotherapy, radiotherapy can damage nerves and cause peripheral neuropathic pain as a side effect. Likewise, the growing prevalence of diabetes and cancer contributes to the overall burden of peripheral neuropathic pain and drive the market growth.

The growing prevalence of peripheral neuropathy further boost the market’s growth rate. Approximately 11.2% of middle-aged people and 40.3% of adults suffer from peripheral neuropathy. The growing prevalence of peripheral neuropathy is primarily due to the growing aging population. As people age, they become more susceptible to neuropathic conditions. The population worldwide is aging rapidly and resulting in the increased number of people suffering from peripheral neuropathy and driving the market for peripheral neuropathy treatment.

Technological advancements in the treatment of peripheral neuropathy contributes to the market growth. Technological advancements have improved the diagnosis and assessment of peripheral neuropathy. Techniques such as nerve conduction studies, electromyography, and imaging technique like magnetic resonance imaging (MRI) and ultrasound aid in accurate diagnosis, these tools facilitate early detection and personalized treatment approaches and it has expanded the range of available therapies, improved patient comfort and enhanced treatment that helps in promoting the market growth. Factors such as the growing population, increasing number of R&D activities and the presence of well-established healthcare infrastructure further fuel the growth rate of the market.

MARKET RESTRAINTS:

Limited efficacy of current treatments, lack of disease awareness, complex diagnosis and management, side effects of medications and high treatment costs primarily hinder the growth of the peripheral neuropathy treatment market. Lack of specialized healthcare providers, patient non-compliance, lack of targeted therapies and slow drug development process further impede the market growth.

REPORT COVERAGE: 

This research report on global peripheral neuropathy treatment market has been segmented and sub-segmented based on the following categories.

Peripheral Neuropathy Treatment Market – By Indication:

• Diabetic peripheral Neuropathy
• Chemotherapy-induced Peripheral neuropathy
• Idiopathic Peripheral Neuropathy
• Others

Based on the indication, the diabetic peripheral neuropathy segment is expected to project the domination in the global market during the forecast period. Factors such as the growing incidence of diabetes, especially type 2 diabetes, increasing awareness about diabetic complications, including neuropathy and rising demand for effective pain management options in diabetic patients majorly drive the growth of the diabetic peripheral neuropathy segment in the worldwide market.

The chemotherapy induced peripheral neuropathy is another major segment among all and is anticipated to account for a substantial share of the worldwide market during the forecast period. The growing cancer patient population undergoing chemotherapy, rising focus on improving cancer survivorship and quality of life and increasing research efforts to mitigate chemotherapy-related side effects drive the growth of the chemotherapy induced peripheral neuropathy segment in the worldwide market.

Peripheral Neuropathy Treatment Market – By Treatment:

• Pharmacological therapies
  • Pain-reliever
  • Anti-seizure Medication
  • Anti-depressants
• Non-Pharmacological therapies
  • Transcutaneous electrical nerve stimulation
  • Plasma-Exchange 
• Others

Based on treatment, the pharmacological therapies segment is expected to lead the market during the forecast period. The widespread use of pharmacological therapies in managing neuropathic pain and addressing underlying causes of peripheral neuropathy, increasing array of drug options targeting neuropathic pain pathways, rising emphasis on personalized medicine approaches for pain management and growing number of research and development for novel neuropathy-specific drugs boost the growth rate of the pharmacological therapies segment in the global market.

The non-pharmacological therapies segment is anticipated to account for a considerable share of the global market in the coming years owing to the growing focus on holistic patient care that combine medical and non-medical interventions. The growing patient preference for non-drug therapies with fewer side effects and advancements in physical therapy, acupuncture, and other alternative therapies further propel the segmental growth.

Peripheral Neuropathy Treatment Market – By End-user:

• Hospitals
• Ambulatory centers
• Others

Based on the end-user, the hospital segment is estimated to dominate the market during the forecast period. Hospitals are comprehensive medical facilities and have multidisciplinary approach. The ability of hospitals to provide advanced diagnostics and treatments, the availability of specialized neurology departments for accurate diagnosis, access to a wide range of medical specialists for comprehensive care and the integration of cutting-edge technologies and therapies for neuropathy management majorly drive the growth of the hospitals segment in the global market.

The ambulatory centers segment is predicted to account for a substantial share of the global market in the coming years owing to the convenience, specialized care offerings, and rising focus on outpatient treatments for peripheral neuropathy that cater the needs of the patients seeking less invasive options. The rising preference for minimally invasive and outpatient treatments, dedicated pain management programs and therapies for neuropathy patients and faster appointment scheduling and reduced hospitalization costs further fuel the growth rate of the segment.

Peripheral Neuropathy Treatment Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North American was the biggest regional market for peripheral neuropathy treatment market in 2022 and the domination of North America is mostly likely to continue throughout the forecast period. North America has high prevalence of diabetes, which is a leading cause of peripheral neuropathy and is one of the prominent factors driving the market growth in North America. The availability of advanced diagnostic technologies for early detection, growing number of research and clinical trials for neuropathy treatment, rising awareness and education about peripheral neuropathy among healthcare professionals and reimbursement coverage for neuropathy management procedures further fuel the growth rate of the North American market.  The U.S. held the major share of the North American market in 2022 and the lead of the U.S. in the North American market is predicted to continue throughout the forecast period. The presence of advanced healthcare infrastructure, high prevalence of diabetes, and strong research efforts to develop innovative treatments majorly propel the U.S. market growth.

Europe is a prominent regional market for peripheral neuropathy treatment and is expected to occupy a substantial share of the worldwide market during the forecast period. The growing aging population prone to neuropathy due to age-related factors is one of the major factors driving the European market. The growing number of people suffering from lifestyle-related diseases such as obesity and diabetes fuels the growth rate of the European market. An estimated 8% of the European population suffers from diabetes and the disease population is expected to grow further in the coming years. The availability of comprehensive pain management programs, increasing number of research collaborations to develop tailored neuropathy interventions and growing number of initiatives from the governments of European countries to enhance neuropathy awareness and treatment options propel the growth of the European market.

The Asia-Pacific regional market is projected to grow at the fastest CAGR in the coming years owing to the increasing diabetic population in countries like India and China and growing access to specialized neuropathy clinics and pain management centers. The rapid adoption of advanced diagnostic techniques for early detection and increasing number of initiatives from the countries of APAC to address diabetes and neuropathy burden drive the regional market growth. China followed by India are expected to account for the major share of the APAC market in the coming years. The growing prevalence of diabetes, rising healthcare expenditure and investments in medical technologies and increasing patient awareness and demand for effective neuropathy treatments drive the Chinese market growth. Approximately 110 million people in China suffer from diabetes.

KEY MARKET PLAYERS:

Bristol Myers Squibb (US), Novartis AG (UK), Eli Lilly and Company (US), Pfizer Inc. (US), GlaxoSmithKline Plc (UK), Merck and Co. Inc. (US), Cipla Limited (India), Lupin Limited (India) and Reddy's Laboratories (India) are some of the major companies in the global market.

RECENT DEVELOPMENT IN THE MARKET:

• In February 2023, Abbott Laboratories, Inc. ABT recently entered into a definitive agreement to acquire Cardiovascular Systems CSII -- a medical device company with an innovative atherectomy system. The deal will help Abbott gain access to Cardiovascular System's leading atherectomy system to treat vascular disease.