by The peripheral neuropathy treatment market has witnessed significant growth over the past few years owing to the growing prevalence of diabetes and numerous advantages offered by treatment options over conventional medicines. Peripheral neuropathy involves damage to the peripheral nervous system, the vast communications network that transmits information from the brain and spinal cord to every other part of the body. The symptoms include numbness, pain, burning or tingling sensations.
The global peripheral neuropathy treatment market is estimated to be valued at US$ 2146.54 billion in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the peripheral neuropathy treatment market are DMedHOK, Inc., Safecare Technology, Octal IT Solution, McKesson Corporation, LS Retail ehf., Liberty Software, Inc., GlobeMed Group, Datascan, Cerner Corporation, Allscripts Healthcare, LLC, and Epicor Software Corporation, among others.
The key opportunities in the Peripheral Neuropathy Treatment Market Demand include new product launches, growing awareness about treatment options and focus on developing novel therapies. Major companies are investing heavily in R&D to develop advanced treatment solutions with minimally invasive procedures and better efficacy.
The market is also witnessing high growth in developing regions of Asia Pacific and Latin America owing to rapidly rising diabetic population, increasing healthcare expenditure and growing medical tourism. Key players are expanding their distribution networks in these untapped markets to gain higher revenue shares.
Market drivers
The primary driver fueling the Peripheral Neuropathy Treatment Market Size And Trends growth is the increasing prevalence of diabetes across the globe. As per WHO, around 422 million people worldwide have diabetes and 1.5 million deaths are directly attributed to diabetes each year. Peripheral neuropathy is a common complication of long-standing diabetes. Moreover, growing initiatives by governments and healthcare organizations to spread awareness about available treatment options is supporting the market expansion.
PEST Analysis
Political: The rules and regulations about the manufacturing and marketing of neuropathy medicines vary between countries. Government policies regarding drug approvals and pricing pressures influence the accessibility and affordability of treatment options.
Economic: Rising healthcare expenditures, growing geriatric population afflicted with neuropathies, increasing research into new treatment modalities, and rise in diagnostic rates are some key economic drivers propelling the neuropathy medicines market.
Social: Growing awareness through patient advocacy groups, rising preference for pain-free lifestyles, and improving health consciousness in the community regarding pain management are notable social factors fostering market growth.
Technological: Advancements in drug design, development of novel drug candidates targeting specific neuropathies, and rise of personalized medicine are transforming the technological landscape. Combination therapies and advanced drug delivery methods are areas of active research.
Geographical Concentration
North America currently dominates the market in terms of value owing to high neuropathies prevalence, strict regulatory framework, advanced healthcare infrastructure, favorable reimbursement policies, and influx of new product launches.
Fastest Growing Region
Asia Pacific region is slated for fastest growth during the forecast period and is emerging as a lucrative market. Factors such as improving access to diagnosis and treatment, rising healthcare spending, increasing medical tourism, growing elderly population, and expansion of key industry players into developing nations will drive the regional market.
Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
