The peripheral neuropathy treatment market comprises medications for treating diseases related to the peripheral nervous system. Peripheral neuropathy is the most common cause of neurological disability in developed countries and causes substantial morbidity and impairment of quality of life. It leads to numbness, tingling, and pain, usually in the hands and feet. Common causes include diabetes, chemotherapy drugs, HIV/AIDS, physical trauma, genetic conditions, and alcohol abuse. Biologics have emerged as an effective class of therapeutics for treating peripheral neuropathy. They target various pathways involved in neuropathic pain signaling and progression.
The Global peripheral neuropathy treatment market is estimated to be valued at US$ 5.08 billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024-2031.
Key Takeaways
Key players: Key players operating in the peripheral neuropathy treatment market are copyright Inc., GlaxoSmithKline plc., Eli Lilly and Company, Johnson & Johnson, Bristol-Myers Squibb, Biogen Inc., and AstraZeneca plc.
Key opportunities: Rising geriatric population vulnerable to neuropathy conditions and increasing research funding for developing advanced biologics therapies present lucrative Peripheral Neuropathy Treatment Market Growth opportunities.
Technological advancements: Recent drug developments focusing on selective sodium channel blockers, Nav1.7 and Nav1.8 inhibitors, and monoclonal antibodies targeting NGF are improving treatment outcomes.
Market Drivers: Increasing prevalence of diabetes, which is a major cause of peripheral neuropathy, is a key growth driver. It is estimated that over 470 million people worldwide have diabetes and this figure is expected to rise to 700 million by 2045. The growing diabetes population will fuel demand for neuropathy therapies.
Current Challenges in Peripheral Neuropathy Treatment Market
The Peripheral Neuropathy Treatment Market Challenges And Opportunities is facing many challenges currently. There is lack of approved drugs for treatment of all types of peripheral neuropathies. Research in identifying the exact causes and cure for many peripheral neuropathies such as chemotherapy-induced peripheral neuropathy is still ongoing. Development of new drug molecules is a long and expensive process which deters investments. Peripheral neuropathy has varying degrees of severity and not all patients respond similarly to same treatment. Lack of personalized treatment options further complicates the treatment process. Raising awareness about available treatment options among patients and doctors is another major challenge.
SWOT Analysis
Strength: Growing research focus on identifying better treatment targets and molecules.
Weakness: Lack of cure and high treatment costs for many types of neuropathies.
Opportunity: Increased industry investments in developing new drugs for underserved segments.
Threats: Intense competition and pricing pressure from generic alternatives.
Geographical Regions
North America currently accounts for the largest share in peripheral neuropathy treatment market in terms of value. This is attributed to growing disease prevalence, rising healthcare spending, availability of advanced treatment facilities and presence of major industry players in the region. Asia Pacific is expected to be the fastest growing regional market owing to rising healthcare awareness, growing medical tourism and improving affordability in many Asian countries.
Fastest Growing Region
Asia Pacific region is poised to witness the highest growth in peripheral neuropathy treatment market during the forecast period. Factors such as rapidly aging population, increasing incidence of diabetes and growing acceptance of advanced treatment therapies are driving the market growth in Asia Pacific. In addition, rising disposable income, improving public and private healthcare investments are expected to boost market penetration in emerging economies of Asia Pacific region over the coming years.
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