Paresthesia Treatment Market Projected To Grow Radiantly By 2030; Asserts MRFR Unleashing Industry Forecast

Pune, India, January, 2023/MRFR Press Release/- Market Research Future published a Half-Cooked research report on “Global Paresthesia Treatment Market Research Report - Forecast to 2030” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2030.

Global Paresthesia Treatment Market Highlights

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

Paresthesia Treatment is a neurological condition in which impulsive or evoked abnormal sensations occur in the human body. In worst cases, the symptom can become chronic and life-time. Moreover, the existence of diseases like diabetes, arthritis, and cancer increases the possibility of this diseases. The global Paresthesia Treatment market is majorly influenced by increasing incidence of diabetes, cancer, and other chronic diseases, growing geriatric population, and changing lifestyle. Excess consumption of smoking and alcohol, the government initiatives for research & development, and lack of proper diet & exercise have fuelled the growth of the global market. However, strict regulatory approvals and long term drug approval time may hamper the market growth during the forecasted period.

Global Paresthesia Treatment Market - 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.

Global Paresthesia Treatment Market - Competitive Analysis

Characterized by the presence of several well-established and small players, the global market of Paresthesia Treatment appears to be highly competitive and fragmented. With well-established market in the Americas region major companies like Boston Scientific Corporation, Stimwave LLC, Nevro Corp, Cyberonics, Inc, EnteroMedics Inc, St. Jude Medical, LLC, Baxter, Stryker, and various others have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover the other small and medium scale players are generating revenue from local market.

The global Paresthesia Treatment treatments market is highly fragmented with the presence of many local players and international players. With the presence of large manufacturers, the local manufacturers are engaged in the cost reduction and innovation to ensure sustainability in the global market. Furthermore, some of the MNC’s are adopting various strategies such as partnerships and collaborations with other small and medium companies to expand their overall market share.

Medtronic, based in Dublin, Ireland, is one of the leading medical device manufacturer. Medtronic is one of the largest standalone medical technology development company across the globe. In January 2015, the company announced the acquisition of acquisition of Covidien plc. Under this agreement, Medtronic, Inc. and Covidien plc are now pooled under Medtronic plc.

This acquisition will enhance Medtronic’s scope past its array of spinal implants, insulin pumps, heart devices, and other devices into areas such as weight-loss surgery and laparoscopic treatment. The expansion will allow the company to better compete for business from hospitals, predominantly in the United States where changing healthcare organizations efforts and shrinking government reimbursement for medical procedures has kept burden on device pricing.

The acquisition will further leave Covidien shareholders owning about 30% of the combined company, is expected to result in at least USD 850 million of annual pre-tax cost collaborations by the end of fiscal year 2018.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Paresthesia Treatment Market Research Report

Global Paresthesia Treatment Market Regional Analysis

Global Paresthesia Treatment market is segmented on the basis of geographies or regions which mainly includes Americas, Europe, Asia Pacific, and Middle East & Africa. Americas is dominating the global market for Paresthesia Treatment with more than 40% share of the total market in 2016. The major factor for the growth of the market include due to high incidence of cancer and neurological disorders like Alzheimer’s, dementia. Increasing technology advancement and presence of major manufacturers furthermore influence the growth of market in Americas.  

Europe holds the second largest share of the global Paresthesia Treatment market. Asia Pacific is the fastest growing Paresthesia Treatment market across the globe. In Asia-Pacific there is wide range of opportunities for Paresthesia Treatment market due to the presence of developing countries, companies grabbing these opportunities and expanding their presence in the region. These rising development in the region is further influencing the growth of the market.   

The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.

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) are some of the prominent players at the forefront of competition in the Global Paresthesia Treatment Market and are profiled in MRFR Analysis.