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Peripheral Neuropathy Market to Grow at a CAGR of 9 % during the Forecast Period 2023 to 2032 | Report by Market Research Future
Peripheral Neuropathy Market
The Peripheral Neuropathy Market is expected to register a CAGR of 9 % from 2023 to 2032 and hold a value of over USD 7.4 billion by 2032.
Peripheral neuropathy is a condition that affects millions worldwide, causing debilitating symptoms and posing significant challenges to patients and healthcare providers alike. As the prevalence of conditions such as diabetes, autoimmune diseases, and cancer continues to rise, so does the incidence of peripheral neuropathy. This article delves into the dynamics of the peripheral neuropathy market, exploring its current state, key players, treatment options, and future prospects.
Peripheral neuropathy refers to damage to the peripheral nerves, leading to a range of symptoms including pain, tingling, numbness, and weakness, typically in the hands and feet. It can be caused by a variety of factors, including diabetes, chemotherapy, infections, and traumatic injuries. The condition not only diminishes quality of life but also presents challenges in diagnosis and management.
The global peripheral neuropathy market has been witnessing steady growth, driven primarily by the rising prevalence of predisposing conditions such as diabetes and the increasing aging population. According to recent estimates, the market is expected to continue expanding, propelled by advancements in treatment modalities and growing awareness among healthcare professionals and patients.
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Market Competitive Landscape:
The important companies active in the Peripheral Neuropathy Market include
Abbott Laboratories (US)
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)
Reddy's Laboratories (India)
Peripheral Neuropathy Market Segmentation
The segment evaluation of the global Peripheral Neuropathy Market is based on end user, type, and treatment.
The type-based segments of the peripheral neuropathy market are idiopathic peripheral neuropathy, diabetic peripheral neuropathy (DPN), HIV/AIDS-associated peripheral neuropathy, and chemotherapy-induced peripheral neuropathy (CIPN). The segment of diabetic peripheral neuropathy (DPN) can surge as the prevalence of diabetic peripheral neuropathy among the youth with diabetes populace is observed to increase. Top-notch institutes are experimenting with safety and efficacy of latest chemotherapy-induced peripheral neuropathy (CIPN) treatment solutions. chemotherapeutic agents, such as; epothilones, vinca alkaloids, platinum drugs, taxanes, lenolidamide, and bortezomib among others are used to treat CIPN.
The treatment-based segments of the global peripheral neuropathy market are non-pharmacological therapies, and pharmacological therapies among others.
The end users-based segments of the peripheral neuropathy market are ambulatory centers, and hospitals and clinics among others. The hospitals and clinics segment can acquire the largest share of the worldwide market. The rise in awareness about different advanced treatments introduced in hospitals and expertise can benefit the market.
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Peripheral Neuropathy Market USP Covered:
Advancements in medical understanding and diagnostic technologies have improved the identification and characterization of peripheral neuropathy, driving market growth. With better recognition, there is an increased demand for therapeutic interventions, propelling pharmaceutical research and development.
The aging global population is another significant driver. As populations age, the prevalence of neuropathic conditions such as diabetes and chemotherapy-induced neuropathy rises, fueling market expansion. Moreover, lifestyle factors such as obesity and sedentary habits contribute to the escalating incidence of diabetes, a leading cause of peripheral neuropathy.
The escalating demand for effective pain management solutions also drives the market. Peripheral neuropathy often manifests as chronic pain, severely impacting patients' quality of life. Consequently, there's a pressing need for innovative analgesic therapies that offer relief while minimizing adverse effects.
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Peripheral Neuropathy Market Regional Insights
North America dominates the global peripheral neuropathy market. The largest market share attributes to the presence of many top players such as Eli Lilly and Company, Abbott Laboratories, and Bristol Myers Squibb in the region. Countries like the US and Canada account for major PN markets due to the increasing prevalence of diabetes in these regions.
Besides, favorable reimbursement scenarios and high healthcare expenditures impact the market growth positively. The rapid uptake of advanced technologies is also an important driver for regional market growth. The North American market is expected to retain its dominance throughout the review period.
Europe stands second in the global peripheral neuropathy market. The market growth is majorly driven by the increasing number of cancer cases and raising awareness for various peripheral neuropathy treatment options. Also, the wide adoption of chemotherapy treatments in cancer therapies that lead to chemotherapy-induced peripheral neuropathy (CIPN) boosts the growth of the PN market in the region.
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