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Diabetic neuropathy, also known as diabetic nerve damage, is a common complication of diabetes wherein long-term high blood sugar levels damage the protective myelin sheath and nerves, leading to soreness, numbness, burning or tingling sensations in the feet and hands. The increasing prevalence of diabetes globally has led to a notable rise in the number of patients suffering from diabetic neuropathy. The market for treatment of diabetic neuropathy has seen considerable innovations with the development of novel therapeutics and treatment devices.
The Global Diabetic Neuropathy Market is estimated to be valued at US$ 3626.38 mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Diabetic Neuropathy Market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. These players are focusing on developing advanced therapeutics for better management of diabetic neuropathy.
The growing diabetic patient pool globally presents significant growth opportunities for players in this market. Furthermore, increasing awareness about management and treatment of diabetic neuropathy complications are boosting the market growth.
Technological advancements like closed loop insulin delivery systems and continuous glucose monitoring devices are improving the treatment of underlying diabetes and management of associated neuropathy, thereby driving the market’s growth.
Market Drivers
Increasing geriatric population: The risk of developing diabetic neuropathy increases with age. As life expectancy rises globally, the number of elderly diabetics is also growing, driving the need for effective neuropathy treatment options.
Rising diabetic burden: According to the International Diabetes Federation, over 537 million adults were living with diabetes in 2021 worldwide and the number is projected to surge to 784 million by 2045. This considerable patient base is driving the demand for diabetic neuropathy drugs and devices.
Current challenges in Diabetic Neuropathy Market
The Diabetic Neuropathy Market is facing various challenges currently. One of the major challenge is lack of approved drugs for treating all types of diabetic neuropathy. Most of the approved drugs focus only on certain symptoms like pain management and do not treat the underlying causes. Lack of ideal animal models for testing new drug candidates is also proving to be a challenge for researchers. Delayed diagnosis is another key challenge as symptoms of diabetic neuropathy may take years to develop and often go unnoticed in early stages. Raising awareness about the condition and its early symptoms can help improve diagnosis rates. High cost of treatment is also a limiting factor, putting therapies out of reach for many patients.
SWOT Analysis
Strength: Growing diabetes patient population globally is driving the need for effective neuropathy treatment options. Advancements in microRNA research and gene therapy show promise in developing novel targeted therapies.
Weakness: High risks and costs associated with drug development are limiting research investments from small pharma players. Complex mechanism of neuronal damage makes developing curative treatments very challenging.
Opportunity: Emerging economies are expected to contribute significantly to market growth owing to increasing diabetes incidence. Focus on combining pharmacotherapy with lifestyle interventions can help manage the condition more effectively.
Threats: Intense competition among existing players may impact profitability once loss of patent exclusivity kicks in for major drugs. Limited success rate of clinical trials remains a major concern for long-term viability of pipeline candidates.
Geographical Regions
North America currently holds the major share of the global Diabetic Neuropathy Market in terms of value owing to high diabetes prevalence, advanced healthcare infrastructure and availability of reimbursements. The U.S. alone accounts for over 35% of the global market size. Europe is the second largest regional market supported by growing research funding and presence of leading pharma companies. Asia Pacific region is projected to witness the fastest growth during the forecast period with China and India emerging as high potential markets. Increasing healthcare investments by governments coupled with rising health awareness are driving the APAC market.
Fastest growing region
Asia Pacific region is poised to register the fastest growth in the Diabetic Neuropathy Market between 2023-2030. This can be attributed to rapidly increasing geriatric population, improving access to healthcare facilities and rising diabetes incidence in major countries like China and India. Favorable regulatory policies encouraging local pharma players to develop low-cost neuropathy drugs will further support market expansion. Growing medical tourism industry in Asia is also attracting patients from Western countries looking for cost-effective treatment options. If current trends persist, Asia Pacific has the potential to overtake Europe as the second largest Diabetic Neuropathy Market within the next decade.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
