Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The Peripheral Neuropathy Treatment market is characterized by dynamic factors influenced by the increasing prevalence of neuropathic conditions, advancements in medical research, and the growing demand for effective treatment options. Understanding these market dynamics is essential for stakeholders involved in developing, manufacturing, and delivering treatments for peripheral neuropathy.
The key to the market dynamics is increased incidence and prevalence of peripheral neuropathy. Conditions such as diabetes, chemotherapy and aging results in rise of the burden of neuropathic conditions. This trend highlights the increased demand for a variety of effective treatments.
Peripheral neuropathy treatment market is a good dynamic due to continued pharmaceutical innovation. The research concentrates on the development of new drugs with enhanced potency and less side effects. This encompasses drugs that focus on particular pathways associated with neuropathic pain, thus granting patients alternative treatment options for their pains.
The treatment of peripheral neuropathy does include the management and control pain; this aspect can be regarded as a vital factor that affects market dynamics. From analgesics to anticonvulsants and even antidepressant medications are delivered for relieving neuropathic pain. The market caters to the need for more focused and customized pain management approaches.
The market dynamics are driven by increased realization process associated with physical therapy and rehabilitation in peripheral neuropathy treatment. Therapeutic exercises, occupational therapy and lifestyle changes are more often found in treatment plans that also take into consideration the symptoms as well as underlying causes.
Market dynamics are being dictated by a patient-centric approach, in efforts of improving the quality life for all peripheral neuropathy patients. Personalized treatment approaches such as those that involve patients’ preferences, lifestyle and their unique needs facilitate the holistic management of neuropathic disorders.
Market dynamics is a very important variable of the regulations landscape. Peripheral neuropathy treatment development and commercialization are governed by regulatory bodies’ approvals as well as guidelines. Compliance with regulatory requirements promotes the safety and efficacy of treatments, affecting market accessibility and competitiveness.
Continuous subdivision of neuropathic conditions with the discovery and identification of emerging therapeutic targets affects market dynamics. Studies of molecular and cellular mechanisms involved in peripheral neuropathy provide opportunities for therapy approaches. Efforts of drug development aim at tackling such pathways with a view to tailoring more targeted and highly effective treatment.
Globalization and initiatives to increase market access are among the elements that shape peripheral neuropathy treatment markets dynamics. Pharmaceutical companies strive to widen their market domain by traversing international regulatory requirements and confronting the varying health territory of distinct areas.
The market dynamics include a growing interest in complementary and alternative therapies for peripheral neuropathy. Integrative approaches, such as acupuncture, herbal supplements, and mindfulness-based interventions, gain attention as individuals seek comprehensive and multidimensional strategies for managing neuropathic symptoms.
Peripheral Neuropathy Market Highlights:
Global Peripheral Neuropathy Market Overview
Peripheral Neuropathy Market Size was valued at USD 2.39 billion in 2023 and is projected to grow from USD 2.52 billion in 2024 to USD 7.43 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.01% during the forecast period (2024 - 2032). The increasing prevalence of peripheral neuropathy and the growing prevalence of diabetes are the key market drivers boosting the growth of the peripheral neuropathy market.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Peripheral Neuropathy Market Trends
- 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.
Peripheral Neuropathy Market Segment Insights
Peripheral Neuropathy Type Insights
The peripheral neuropathy market segmentation, based on type, includes diabetic peripheral neuropathy, chemotherapy-induced peripheral neuropathy, idiopathic peripheral neuropathy, and HIV/AIDS associated peripheral neuropathy. The diabetic peripheral neuropathy type segment held the majority share in 2022 in respect to the peripheral neuropathy market revenue. This is primarily owing to the increasing prevalence of diabetic peripheral neuropathy in youth with diabetes and the increasing number of market players.
September 2021 Biogen Inc. (US) reported positive topline results from its Phase 2 CONVEY study of vixotrigine (BIIB074), a non-opioid investigational oral pain drug being evaluated for the treatment of small fiber neuropathy (SFN). Such positive results in different phases of the clinical studies could lead to the development of the drug in the future
Peripheral Neuropathy Treatment Insights
The peripheral neuropathy market segmentation, based on treatment, includes pharmacological therapies, non-pharmacological therapies, and others. The pharmacological therapies segment dominated the market in 2022 in respect to the peripheral neuropathy market. This is attributed to the primary in the treatment of peripheral neuropathy.
February 2021 Mendel AI (US) a late clinical-stage company and Cairo University (Egypt) initiated phase 2/3 clinical trial study of the potential protective role of venlafaxine versus paclitaxel-induced peripheral neuropathy
Peripheral Neuropathy End User Insights
The peripheral neuropathy market segmentation, based on indication includes hospitals and clinics, ambulatory centers, and others. The hospitals and clinics held the largest market share in 2022 with respect to the peripheral neuropathy market revenue. This is due to the rising incidence of chronic diseases, and it is also the first place for the diagnosis and treatment of patients. The availability of different treatment methods with expertise in the hospital and clinics is projected to drive the growth of this segment during the forecast period.
May 2021 Pure Green Pharmaceuticals Inc. (US) reported that in a Phase II trial, a cannabidiol (CBD) sublingual tablet reduced pain scores in patients with diabetic peripheral neuropathy by approximately 50%
July 2020 Grünenthal (Germany) and its United States subsidiary, Averitas Pharma, Inc. (US) received United States Food and Drug Administration (FDA) approval for QUTENZA (capsaicin) 8% patch for the treatment of neuropathic pain associated with diabetic peripheral neuropathy (DPN) of the feet in adults. It is a topical, non-systemic, non-opioid pain treatment delivered in the form of a patch and is the first and only treatment of its kind to deliver prescription-strength capsaicin directly into the skin
Figure 2 Peripheral Neuropathy Market, by End User, 2023 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Peripheral Neuropathy Regional Insights
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.
Peripheral Neuropathy Key Market Players & Competitive Insights
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.
Key Companies in the Peripheral Neuropathy Market Includes
- 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 Industry Developments
In January 2023 Salk Institute (US) in Nature revealed that low levels of amino acid serine increased the risk of developing peripheral neuropathy for diabetic mice. These new findings could be used to explore the use of serine supplementation to alleviate the symptoms of neuropathy symptoms and possibly take us one step closer to developing a possible cure
In January 2023 Neuralace Medical Inc. (US) announced the enrollment of the first patients for its Axon Therapy and Painful Diabetic Neuropathy (AT-PDN) study with a target of around 80 patients. The study was estimated to be conducted at five clinical sites and led by Dr. Lora Brown at TruWell Health, Florida
In August 2022 Yostra Labs (India) announced that it had raised USD 484,16 million in a seed funding round that was led by Villgro Innovations Foundation, Indian Angel Network, and other investors. The company has a specialized portfolio of products for the management and diagnosis of peripheral neuropathy. The company was expected to use the raised capital to expand its workforce and marketing teams
Peripheral Neuropathy Market Segmentation
Peripheral Neuropathy Type Outlook
- Diabetic Peripheral Neuropathy
- Chemotherapy-induced Peripheral Neuropathy
- Idiopathic Peripheral Neuropathy
- HIV/AIDS Associated Peripheral Neuropathy
Peripheral Neuropathy Treatment Outlook
- Pharmacological Therapies
- Pain Relievers
- Anti-seizure Medications
- Antidepressants
- Non-Pharmacological Therapies
- Transcutaneous Electrical Nerve Stimulation
- Plasma Exchange
- Intravenous Immune Globulin
- Others
Peripheral Neuropathy End User Outlook
- Hospitals and Clinics
- Ambulatory Centers
- Others
Peripheral Neuropathy Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
