Peripheral neuropathy refers to damage or disease affecting any part of the peripheral nervous system. This includes nerve fibers or peripheral nerves located outside of the brain and spinal cord. Peripheral neuropathy causes numbness, pain, tingling and weakness usually in the hands and feet. The treatment market comprises drugs, therapies and medical devices used in the treatment of peripheral neuropathy conditions. Increasing prevalence of neurological disorders such as diabetes mellitus, chemotherapy-induced neuropathy andCharcot-Marie Tooth diseaseis driving demand for efficient treatment options.Lifestyle changes, genetic predisposition and environmental toxins are other major causative factors for peripheral neuropathy. Advancements in treatment technologies and rising awareness regarding management of neuropathic pain symptoms are boosting the global peripheral neuropathy treatment market.
The Global peripheral neuropathy treatment market Demand is estimated to be valued at US$ 2146.54 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2030.
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.These players are focusing on developing innovative treatment solutions for efficient neuropathy pain management and improving quality of life.
The key opportunities in the market include rising adoption of minimally invasive procedures, increasing healthcare expenditures in emerging nations and growing demand for home healthcare services. Substantial investments in R&D of advanced therapeutics is also providing impetus to market growth.
Peripheral neuropathy treatment providers are expanding their global footprint to meet the rising needs of neurology patients worldwide. Favorable regulatory environment and healthcare reforms in various countries are encouraging international partnerships and collaborations for peripheral neuropathy management. The market is expected to witness high demand from Asia Pacific and Latin American countries over the forecast period attributed to rapid infrastructural development and increasing accessibility to modern treatment options.
Market Drivers
Increasing prevalence of diabetes is a major market driver. Per the International Diabetes Federation, over 537 million adults aged 20-79 years globally had diabetes in 2021 which is projected to rise to 643 million by 2030. Diabetes remains a leading cause of peripheral nerve damage. Moreover, rising geriatric population prone to age-related neuropathy and favorable reimbursement policies for neuropathic pain management are also fueling revenue growth of this market.
Market Restrains
High costs associated with advanced treatment devices and lack of effective therapy for chemotherapy-induced peripheral neuropathy poses a major challenge to market players. Limited awareness regarding benefits of early diagnosis and treatment among developing nations also restricts market expansion. Stringent regulations for new product approvals further delays market entry of novel therapies.
Segment Analysis
Peripheral neuropathy can be broadly classified based on cause as diabetic peripheral neuropathy, chemotherapy-induced peripheral neuropathy and idiopathic peripheral neuropathy. Diabetic peripheral neuropathy dominates the market currently as it accounts for over 50% of the cases. High and rising global prevalence of diabetes is the key factor contributing to the large share of this segment. Within diabetic peripheral neuropathy, distal symmetric polyneuropathy is the most common type encountered in clinical practice.
Regional Analysis
North America currently dominates the peripheral neuropathy treatment market owing to high diagnosis and treatment rates in the region. Availability of advanced treatment options and high healthcare spending also support market growth in North America. Asia Pacific region is expected to grow at the fastest pace during the forecast period. Rising geriatric population, growing prevalence of diabetes and increasing awareness about neuropathic pain treatment in emerging economies of Asia Pacific are boosting the regional market. India and China are anticipated to witness highest growth within Asia Pacific peripheral neuropathy treatment market.
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