Peripheral Neuropathy Market

• The Increasing Prevalence of Peripheral Neuropathy to Boost the Market Growth

Peripheral neuropathy refers to the many conditions that involve damage to the peripheral nervous system. The rapid growth of the geriatric and obese population across the world highly contributes to the risk of developing peripheral neuropathy. The etiology of peripheral neuropathy includes physical injury (trauma), diabetes, vascular and blood-related problems, or diseases, systemic (body-wide) autoimmune diseases, hormonal imbalance, kidney and liver disorders, certain cancers and benign tumors, chemotherapy drugs, and certain infections.

It is also due to the malfunctioning of nerves ending up in severe damage, which further leads to inappropriate signaling to various parts of the body. Diabetic neuropathy is recorded as a major type of neuropathy. The rising prevalence of diabetes worldwide will lead to an increase in the number of people with peripheral neuropathy. Thus, the increasing prevalence of diabetes across the world is expected to drive the growth of the market during the forecast period.

The demographic shift towards an aging population is a critical factor influencing the Global Peripheral Neuropathy Market Industry. As individuals age, the risk of developing peripheral neuropathy increases due to various underlying conditions such as vascular diseases and autoimmune disorders. By 2035, it is estimated that the global population aged 65 and older will reach approximately 1.5 billion. This demographic trend suggests a growing need for effective management solutions for peripheral neuropathy, thereby driving market expansion as healthcare systems adapt to the needs of older adults.

The Global Peripheral Neuropathy Market Industry is poised for substantial growth, with projections indicating a market value of 2.52 USD Billion in 2024, escalating to 9.62 USD Billion by 2035. This growth trajectory reflects a compound annual growth rate (CAGR) of 12.96% from 2025 to 2035. Such figures underscore the increasing demand for effective treatments and management strategies for peripheral neuropathy, driven by factors such as rising prevalence of diabetes, advancements in treatment modalities, and an aging population. The market's expansion is indicative of a broader recognition of the need for comprehensive care in addressing peripheral neuropathy.

The upward trend in global healthcare expenditure is positively impacting the Global Peripheral Neuropathy Market Industry. Governments and private sectors are increasingly investing in healthcare infrastructure, leading to improved access to diagnostic and therapeutic services. In 2024, global healthcare spending is projected to reach approximately 8.3 trillion USD. This financial commitment enables the development and distribution of advanced treatment options for peripheral neuropathy, thereby fostering market growth. As healthcare systems evolve, the focus on managing chronic conditions like peripheral neuropathy is likely to intensify.

The increasing incidence of diabetes globally is a major driver for the Global Peripheral Neuropathy Market Industry. Diabetes is known to cause diabetic neuropathy, a common complication that affects a significant portion of diabetic patients. As of 2024, the number of individuals diagnosed with diabetes is projected to reach approximately 537 million worldwide. This growing population of diabetic patients is likely to contribute to the demand for effective treatments and management strategies for peripheral neuropathy, thereby expanding the market significantly.

Heightened awareness regarding peripheral neuropathy among healthcare professionals and patients is contributing to the growth of the Global Peripheral Neuropathy Market Industry. Improved diagnostic techniques, including advanced imaging and nerve conduction studies, facilitate earlier detection of neuropathic conditions. This increased awareness leads to more patients seeking treatment, thus expanding the market. Furthermore, educational initiatives aimed at both healthcare providers and the public are likely to enhance understanding of the condition, resulting in a higher diagnosis rate and subsequent treatment demand.

Innovations in treatment options for peripheral neuropathy are propelling the Global Peripheral Neuropathy Market Industry forward. Recent developments in pharmacological therapies, including new analgesics and neuroprotective agents, have shown promising results in managing symptoms. Additionally, non-pharmacological approaches such as transcutaneous electrical nerve stimulation (TENS) and physical therapy are gaining traction. These advancements not only enhance patient outcomes but also stimulate market growth, as healthcare providers seek to adopt the latest evidence-based practices to improve quality of life for affected individuals.

By region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. North America peripheral neuropathy held the largest market share in 2022. This is attributed to the increasing prevalence of diabetes, health care infrastructure, and an increase in diabetic patients’ awareness of peripheral nephropathy.

Further, the major countries studied are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3 PERIPHERAL NEUROPATHY MARKET SHARE (%) BY REGION 2023

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Peripheral Neuropathy market accounts for the second-largest market share due to the rising peripheral neuropathy treatment options, rising awareness, and increasing number of pipeline products are boosting the market growth. Further, the Germany peripheral neuropathy market held the largest market share, and the UK peripheral neuropathy market was the fastest-growing market in the European region.

The Asia-Pacific Peripheral Neuropathy market is expected to grow at a significant growth rate during the forecast period. This is due to the increased healthcare spending, and the growing number of geriatric populations afflicted with chronic diseases like diabetes and cancer are factors expected to boost the market over the forecast period. Moreover, China peripheral neuropathy market held the largest market share, and the India peripheral neuropathy market was the fastest-growing market in the Asia-Pacific region. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2024–2032.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the peripheral neuropathy market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the peripheral neuropathy industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment. 

One of the primary business strategies adopted by manufacturers in the peripheral neuropathy industry to benefit clients and expand the peripheral neuropathy market sector is to manufacture locally to reduce operating costs.

Helixmith Co Ltd. (South Korea), discovers and develops DNA, protein-based therapeutics, herbal medicines, and nutraceuticals for treating various ischemic diseases or neurodegenerative disorders. The company developed Engensis (VM202), a plasmid DNA therapy used to express two isoforms of hepatocyte growth factor and treat various neurodegenerative diseases such as diabetic peripheral neuropathy, diabetic foot ulcer, and coronary artery disease. Helixmith also investigated various programs to treat chronic wounds, peripheral arterial diseases, and claudication. The company uses plasmid DNA (pCK) and AAV vector technology to treat neuromuscular and muscle diseases.

For instance, in November 2020, Helixmith announced the start of a new trial for patients with diabetic neuropathy. The company was focusing on using gene therapy to treat diabetic peripheral neuropathy.