Peripheral Neuropathy Treatment Market is Expected to Reach $ 1.99 bn by 2026
The Peripheral Neuropathy (PN) Treatment Market was valued at around US$1.54 billion at the end of 2018. The revenue is expected to cross US$1.99 billion by 2026 at a CAGR of 3.29%.
Peripheral Neuropathy is a condition that is characterized by damage to the peripheral nervous system. The condition often related to pain in the hand or legs, that primarily arise from weakness, pain, numbness, etc. Often patients complain about burning and tingling sensation which is distinctive of peripheral neuropathy. The peripheral nervous system is a compound network innervating the internal organs, skin and the muscles and connect them with the spinal cord and brain. Damage to this innervating system causes a blockage in the communication between the brain and the body parts resulting in pain and impaired muscle movement. The peripheral neuropathy generally accompanies as a comorbidity with Type II Diabetes, infection, autoimmune disorders, traumatic injuries, exposure to toxins, etc.
With rising incidences of diabetes over the past few decades and the number is expected to increase to about 430 million by 2030, the number of peripheral neuropathy cases is also expected to increase, as diabetes is attributed as one of the major causes for peripheral neuropathy. Asia-Pacific, especially India being denoted as the diabetic capital of the world, is expected to contribute to the market growth. But the US & US are already leading the race in peripheral neuropathy treatment ascribed to the technological advancements, availability of health care and awareness among the patient population. Further, the number of geriatric populations across the world is also expected to increase in the upcoming decades, especially in the European continent, which is expected to contribute to the peripheral neuropathy market growth. However, stringent government regulations across geographies and unavailability of proper methodologies to narrow down the disorder are expected to hamper the market growth.
The currently existing treatment strategies are prescribed through trial and error basis and lack the penetrative capacity to address the concerns that arise along with the condition. As the mechanism that is associated with the development of neuropathic pain is complex and largely unknown, the development of a viable therapeutic strategy that could treat peripheral neuropathy is yet to be developed.
However, the recent shift for adopting transdermal therapies for managing the pain associated with peripheral neuropathy is expected to drive the market. Further, investments from the private and government sectors and collaborations among the companies are expected to drive the market during the forecast period.
Optima Insights classifies the peripheral neuropathy based on the type (Diabetes Associated Peripheral Neuropathy, Chemotherapy Inducted Peripheral Neuropathy, Idiopathic Peripheral Neuropathy); By Treatment (Pharmacological, Device-based); By Distribution Channel (Hospitals & Clinics, Pharmacies) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa).
Pharmacological therapies are widely prescribed and dominate the peripheral neuropathy treatment market. This includes antidepressants, anti-seizure, and pain killers. The devices based on therapeutic interventions such as plasma and globulin exchange and nerve stimulation devices are also being considered.
There are more than 25 players in the market including Abbott Laboratories, Bristol Meyer’s Squibb, Novartis AG, Eli Lilly & Company, Pfizer Inc, GlaxoSmithKline plc, Merck & Co. Inc., Cipla Limited, Lupin Limited, Reddy’s Laboratories, Hoffmann La Roche, etc.
• A non-invasive test (based on sural/radial ratio) may help in diagnosing polyneuropathy by measuring nerve conduction through the surface electrodes
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The Report Provides Key Insights on
- History of the Peripheral Neuropathy Treatment Market, 2015 to 2017
- Forecast of the Peripheral Neuropathy Treatment Market Growth till the year 2026
- The key market drivers, restraints, challenges, future opportunities and the market dynamics driving the Peripheral Neuropathy Treatment Market
- Analysis of potential growth segments which will drive the market
- Landscape analysis of the major companies, and new market entrants and companies which possess disruptive technologies which can change the trend of the entire market
- Key market approaches adopted by the organizations and in-depth intelligence of potential strategies which could alter the market dynamics
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