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The global diabetic neuropathy market has witnessed significant growth in recent years owing to the rising incidence of diabetes and associated complications worldwide. Diabetic neuropathy, also known as diabetic nerve damage, is a common complication of diabetes that mainly affects the feet and lower limbs. It occurs when high blood sugar levels over time damage nerves, leading to problems like pain, numbness, and weakness. Currently, there is no cure for diabetic neuropathy, but medications and therapies can help relieve symptoms and improve quality of life for patients. Commonly prescribed drugs for diabetic neuropathy include pregabalin, duloxetine, gabapentin, and tricyclic antidepressants. These drugs help manage neuropathic pain by regulating certain neurotransmitters in the central nervous system. Besides drugs, non-invasive treatment options like transcutaneous electrical nerve stimulation (TENS) therapy and localized magnetic nerve stimulation therapies have gained popularity due to their minimal risk and side effects.
The global diabetic neuropathy market is estimated to be valued at US$ 3626.38 mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the global diabetic neuropathy market is the increasing demand for novel and innovative treatment options. While currently prescribed drugs and therapies help manage pain for many patients, more efficacious and targeted treatment approaches are still needed to effectively prevent or reverse nerve damage. This has propelled drug manufacturers and medical device companies to invest heavily in R&D activities to develop new generations of drugs and treatment devices. Some ongoing areas of innovation include immunotherapy and gene therapy approaches, advanced TENS devices, topical drug formulations, and new formulations of existing drugs to enhance efficacy and safety. Geographic expansion into emerging markets also remains another key focus area for leading players given the rising diabetes prevalence in Asia Pacific and Latin America. This is expected to further fuel revenue growth opportunities in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the diabetic neuropathy market is moderate. Significant capital investments are required to conduct research and development thereby raising the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate owing to the availability of treatment alternatives for diabetic neuropathy. However, the increasing prevalence of diabetes and neuropathy conditions provides stable demand.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of a large number of raw material suppliers and manufacturers. However, the differentiated nature of drugs provides some bargaining power.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment alternatives available for diabetic neuropathy currently.
Competitive rivalry: The competition in the market is high among the top players to gain higher market shares.
Key Takeaways
The global diabetic neuropathy market is expected to witness high growth over the forecast period of 2023 to 2030. With the increasing prevalence of diabetes globally, the need for effective management and treatment of diabetic neuropathy is also expected to rise significantly.
Regional analysis – North America accounts for the largest share in the global diabetic neuropathy market owing to the rising diabetes prevalence and growing healthcare expenditure in the region. However, Asia Pacific is expected to grow at the fastest pace with increasing awareness regarding neuropathic disorders.
Key players – Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. These companies are focused on strengthening their product pipelines by investing in research and development activities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
