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The increasing prevalence of peripheral neuropathy serves as a primary driver for the demand in the Peripheral Neuropathy Treatment Market. Factors such as diabetes, chemotherapy, and certain autoimmune diseases contribute to the rising incidence of peripheral neuropathy, creating a substantial patient population in need of effective treatments.
Medical research remains a necessary component of peripheral neuropathy treatment market and keeps developing. The studies relating to the comprehension of neuropathic mechanisms and innovative treatment methods lead to the emergence of new therapies.
A substantial market driver is the demographic change towards an ageing population. With ageing, there arises the risk of getting peripheral neuropathy. The aging population continues to fuel a persistent need for treatments that target age-related neuropathic disorders.
Serial innovations that characterize the development of drugs for peripheral neuropathy provide several treatment methods. Newer drugs which are more effective, have few adverse effects and act via a different mechanism of action augment the treatment market.
The increase in the rates of chronic diseases such as diabetes and autoimmune disorders provides impetus for peripheral neuropathy treatment. Known neuropathy-inducing diseases impose the uniform demand for therapeutic interventions aimed at managing accompanying symptoms.
The enhancement of awareness and education about the peripheral neuropathy among patients as well as treatment options affects market dynamics. With informed and aware patients, the market is likely to grow because such individuals are prompted into seeking medical attention or even trying out other forms of treatment.
More technology or technological innovations in the treatment of pain, such as neurostimulation and neuromodulation devices have presented other competitive ways for handling peripheral neuropathy. These innovations lead to the development of a variety of treatment alternatives and shape overall market environment.
The collaborations and partnerships between the pharmaceutical companies, research institutions as well as healthcare organizations are what serve to fuel the efforts of these entities in their endeavor. The partnerships speed up the identification of new therapeutic solutions, increasing market growth for peripheral neuropathy treatment.
Government programs and funding promote studies for the development of treatment in peripheral neuropathy. Funding programs that envelop neuropathy have also fueled growth in the treatment market due to promoting innovation and accessibility.
The peripheral neuropathy treatment market is governed greatly by the regulatory environment. Strong regulatory standards guarantee the entire efficacy of therapies, defining the competitive environment and impacting on pharmaceutical companies’ strategies.
Lifestyle has a part to play in the diagnosis and treatment of peripheral neuropathy by factors which include food, exercise, or lifestyle. The recognition of these factors and their impact on neuropathy affects both prevention strategies, as well demand to the treatment options.
Healthcare infrastructure such as specialist clinics and disease treatment centers affects the accessibility of peripheral neuropathy treatments. Better health care infrastructure provides access to diagnosis and treatment services, which increases market demand.
Economic factors, including healthcare affordability and insurance coverage, influence the demand for peripheral neuropathy treatment. Accessibility to affordable treatment options is crucial for ensuring that a broad spectrum of patients can receive the necessary care.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 2.39 billion |
| Growth Rate | 9.01% (2024-2032) |
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
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