Paresthesia Treatment: Increasing prevalence of neurological diseases across the globe boost the market growth and expected to grow at a CAGR of 11.90%

Pune, India, June 6, 2023 /MRFR Press Release/- Market Research Future published a half-cooked research report on the Global Paresthesia Treatment Market.

Market scenario

The Paresthesia Treatment Market is estimated to expand at a CAGR of 11.90% from 2022 to 2030, surpassing USD 6500 million by 2030.

Paresthesia is a neurological disorder in which spontaneous or evoked abnormal sensations occur in the body. In worst cases, the symptom can become chronic and life-time. Additionally, the presence of diseases like diabetes, arthritis, and cancer increases the possibility of this diseases. The global paresthesia treatment market is chiefly driven by increasing prevalence of diabetes, cancer, and other chronic diseases, rising geriatric population, and changing lifestyle. Excess smoking and alcohol consumption, the government support for research & development, and lack of proper diet & exercise have fueled the growth of the global market. However, strict regulatory rules and long drug approval time may hinder the market growth during the review period.

Segmentation

The global paresthesia treatment market is segmented on the basis of types, treatments, and end users. On the basis of types, the market is segmented into acute paresthesia, chronic paresthesia. On the basis of treatments, the market is segmented into immunosuppressant, anticonvulsants, tropical creams, antivirals, and others. Immunosuppressant is further classified into prednisone, intravenous gamma globulin, and others. Topical creams are further classified into lidocaine, prilocaine, and others. On the basis of end users, the market is segmented into hospitals, clinics, diagnosis centers, and others.

Regional Analysis

America dominates the global paresthesia treatment market owing to the huge patient population with neurological and metabolic diseases. According to the American Diabetic Association, in 2012, 29 million Americans had diabetes, which is 9.3% of total America population. Increasing prevalence of diabetes and arthritis, rising geriatric population, and rapid development in the medical sector drive the growth of the market. Europe accounts for the second largest market, which is followed by Asia Pacific. The government support for the research & development of innovative drug has encouraged the market in Europe. Asia Pacific witness the fastest growth owing to the presence of huge opportunities for the market development and rapidly growing economies.

Explore In-depth Details: Paresthesia Treatment Market Research Report

Key Players:

Some of the key players in the global paresthesia treatment market are Medtronic (UK), Omron Healthcare, Inc. (US), Boston Scientific Corporation (US), Stimwave LLC, (US),  Nevro Corp. (US), Cyberonics, Inc. (US), EnteroMedics Inc. (US), St. Jude Medical, LLC. (US), Bio-Medical Research Ltd. (UK), Baxter (US), Stryker (US), GlaxoSmithKline plc.(UK)

The global paresthesia treatments market is highly fragmented with the presence of many local players and international players. As a result, local players are focusing on the cost reduction and innovation to ensure sustainability in the global market. Additionally, some of the international players are adopting various strategies such as collaborations and partnerships with other companies to expand their overall market share.

Medtronic, headquartered in Dublin, Ireland, is a medical device manufacturer. Medtronic is one of the largest standalone medical technology development company in the globe. The company is focusing on the acquisition of the companies in order to increase the market. In 2015, the company acquired Covidien.

Stimwave, a medical devices manufacturer, is focusing on the introduction of different devices. Freedom System, dorsal root ganglion stimulation, and peripheral nerve stimulation are some of the major systems by the company the systems are cost-effective and smaller in size.