DataM IntelligenceGlobal Diabetic Neuropathy Market is expected to grow at a high CAGR of 5.9% during the forecasting period ( 2022-2029).Market Overview
Several factors driving the global market growth are raising awareness between people regarding diabetes and linked complications, and increasing the population suffering from diabetes. An increase in the number of partnerships and collaborations, fast new product launches, and a rising number of mergers and acquisitions are the major latest trends witnessed in the global Diabetic Neuropathy Market.
North America Diabetic Neuropathy Market has the biggest market for diabetic neuropathy next to the Europe region. This is owing to the increasing number of diabetes patients, growth in research and development initiatives, rising consciousness among people regarding diabetic-related problems, and enhanced healthcare sectors in the North American region.
The Asia Pacific Diabetic Neuropathy Market is projected to register for the largest share in the global market during the forecast period 2022-2029, and it is projected to knowledge a high growth rate in next coming decades, this is owing to increasing research and developments initiatives in drug improvements. Furthermore increasing financial and demography in the emerging countries such as China, India, and Japan are projected to control growth in the diabetic neuropathy market in the Asia Pacific region.
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Drivers:
- Diabetic Neuropathy (DN) refers to nerve fiber damage caused by diabetes. It is a common yet serious complication of diabetes.
- Between 60% to 70% of people with diabetes develop some form of neuropathy. The highest rates of neuropathy are among people who have had the disease for over 25 years.
- According to the International Diabetes Federation (IDF), the number of people with diabetes worldwide was estimated at 366 million in 2011 and is expected to rise to 522 million in 2030.
- This dramatically increasing prevalence of diabetes, which is likely to double over the next 10 years, will greatly increase the patient pool for DN.
- Thus, this represents a huge market opportunity for the global market. In addition to growing awareness and diagnosis of type 2 diabetes, factors such as the aging population, the rise in obesity, and the increasingly sedentary lifestyles will further drive the sales in the DN market.
- However, the market is largely dominated by generics, which raises the barrier to entry for novel drug therapies, thereby acting as a growth deterrent to the global market.
Market Outlook
- Currently, there are no approved disease-modifying therapies for different forms of diabetic neuropathy. An incomplete understanding of the pathophysiology of DN has made drug development challenges.
- A number of potential novel candidates are currently being evaluated for the effective treatment of DN.
- Diabetic neuropathy imposes a significant burden on the healthcare systems of developed economies.
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Market Segmentation
By Type
l Peripheral Neuropathy
l Autonomic Neuropathy
l Proximal Neuropathy
l Focal Neuropathy
By Treatment Type
l Pharmacological Treatment
l Non-Pharmacological Treatment
By Distribution Channel
l Hospitals
l Clinics
l Retail Pharmacy
Key company profiles
The report profiles the following companies in the market Pfizer, Eli Lilly, Lupin Limited, Glenmark Pharmaceuticals, Astellas Pharma and so on.
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