Global Diabetic Neuropathy Market – Industry Trends and Forecast to 2030

Diabetic Neuropathy Market Analysis and Size

An estimated 50% of diabetic population suffers from diabetic neuropathy all over the world. Additionally, according to CDC estimates,  around 6-7 people per 1000 diabetic population suffer from diabetic neuropathy in the U.S. Increase in aging population along with increase in incidence of diabetes, the patient pool for diabetic neuropathy will increase considerably, in turn fuelling growth of the market.

Data Bridge Market Research analyses a growth rate in the diabetic neuropathy market in the forecast period 2023-2030. The expected CAGR of diabetic neuropathy market tend to be around 6.9% in the mentioned forecast period. The market was valued at USD 3876.6 million in 2022, and it would grow upto USD 6611.08 million by 2030. The diabetic neuropathy market is tend to have a healthy CAGR in the mentioned forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Diabetic Neuropathy Market Scope and Segmentation

Market Definition

Diabetic neuropathy is a kind of nerve damage that occurs because of high level of blood sugar in the body. The symptoms can initiate from pain, numbness in legs and feet, to urinary tract, blood vessels and heart. It is a type of diabetes complication that may affect people with diabetes. Diabetic neuropathy is a serious and common complication of long term type 1 and type 2 diabetes.

Diabetic Neuropathy Market Dynamics

Drivers

• Development of new drugs to treat neuropathy pain

Diabetes has been under persistent evolution from the past 5 years. There are several generic drugs and specialty drugs which includes antidepressants and antispasmodics, as well as to treat pain associated with the disorder. Though, in 2011, there were an assessed 79 novel drugs in the clinical trial phase with Horizant. The pharmaceutical companies will continue the necessary research and release novel drugs across major countries in many regions. Furthermore, the growing awareness about diabetic neuropathy, increased healthcare spending and rise in pharmaceutical R&D spending will be important factors for growth in the market.

• Increasing Product Approvals

Major market players are involved with greater product launches and approvals. For instance, in October 2017, Pfizer, Inc. received the U.S. FDA approval for LYRICA CR extended release tables, which would be used once every day. These tablets are specified for neuropathic pain related to diabetic peripheral neuropathy. Furthermore, in July 2020, Grünenthal's U.S. subsidiary Averitas Pharma, Inc. received U.S. FDA approval for QUTENZA (capsaicin) 8% patch, a topical, non-systemic, non-opioid pain treatment that is delivered in the form of a patch. It is the first one of its kind treatment to deliver prescription-strength capsaicin directly into the skin for treating neuropathic pain that is related with diabetic peripheral neuropathy (DPN) of the feet in adults.

Opportunities

• Growth in Smoking and Lifestyle Changes

Cigarette smoking is one of the top causes of preventable disease and death in the U.S. It  results for more than 480,000 deaths each year. Additionally, the lifestyle changes that are attained by today’s population such as unhealthy lifestyle, poor diet, stress and many such factors altogether contribute to the developing opportunities of the market.

• Existence of new strategic collaborations

Several market players are focused on various business strategies such as collaborations and agreement, to gain the competitive edge in the market. For instance, in November 2018, NeuroMetrix, Inc., a health technology company, entered a distribution agreement with Fukuda Denshi Co. Ltd. for DPNCheck. It is NeuroMetrix’s point-of-care test for diabetic peripheral neuropathy and the agreement will provide Fukuda exclusive distribution rights in Japan through March 2021.

Restraints/Challenges

• Increase in stringent regulatory policies

The stringent regulatory policies are set to hamper the diabetic neuropathy market growth during the forecast period. The strict regulations, delays in Food and Drug Administration certifications, product recalls, and other similar issues may further hamper the growth of this industry.

• High Cost of Treatment

The huge expenditure that is required for the treatment processes impede the market growth. Numerous market players make huge investment in manufacturing new and advanced treatment procedures to faster the recovery process and in return the cost is increased. For instance, developing new drug treatments for a disease costs $314 million to $2.8 billion, and will impede the market during the forecast period.

This diabetic neuropathy market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the diabetic neuropathy market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Global Diabetic Neuropathy Market

The COVID-19 pandemic has hugely influenced the global diabetic neuropathy market growth as the sales of neuropathic treatments increased during the pandemic. As per the Academics from Washington University School of Medicine, individuals who have contracted COVID-19 are tremendously at high risk of experiencing symptoms of peripheral neuropathy, such as pain, numbness and tingling in the hands and feet, that, in turn, increased the sales of neuropathic treatment drugs, therefore certainly impacting the global diabetic neuropathy market growth.

Global Diabetic Neuropathy Market Scope

The diabetic neuropathy market is segmented on the basis of type, treatment, distribution channel and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Peripheral Neuropathy
• Autonomic Neuropathy
• Focal Neuropathies
• Proximal Neuropathies

Treatment

• Pain Relieving
• Managing Complications
• Slow Progression of Diseases

End-User

• Hospitals
• Research Institutes
• Specialty Clinics

Distribution Channel

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacies
• Others

Global Diabetic Neuropathy Market Regional Analysis/Insights

The diabetic neuropathy market is analyzed and market size insights and trends are provided by type, treatment, distribution channel and end-user as referenced above.

The major countries covered in the diabetic neuropathy market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market due to the presence of rising number of diabetic patients worldwide and increasing awareness related to diabetes disorders.

Asia-Pacific is expected to account for the largest market share in the coming years for the diabetic neuropathy market because of increasing R&D activities in drug development. 

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Diabetic Neuropathy Market Share Analysis

The diabetic neuropathy market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to diabetic neuropathy market

Key players operating in the diabetic neuropathy market include:

• Pfizer Inc (U.S.)
• Janssen Global Services, LLC (U.S.)
• Lilly (U.S.)
• Teva Pharmaceutical Industries Ltd. (Israel)
• LUMITOS AG (Germany)
• GSK plc (U.K.)
• NeuroMetrix, Inc (U.S.)
• Lupin (India)
• Astellas Pharma Inc (Japan)
• Glenmark Pharmaceuticals Ltd (India)

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