Global Diabetic Neuropathy Market Size Was Worth USD 3.61 Billion in 2018, and Is Projected to Grow to USD 7.12 Billion by 2026

Global Diabetic Neuropathy Market Size Was Worth USD 3.61 Billion in 2018, and Is Projected to Grow to USD 7.12 Billion by 2026

February 22, 2022, New York, USA -

Diabetic Neuropathy: Introduction

Diabetic neuropathy refers to a form of nerve damage that can develop if you suffer from diabetes. High glucose levels (blood sugar) can cause nerve damage across your entire body. Diabetic neuropathy can cause damage to nerves in your feet and legs.

Depending upon the affected nerves, diabetic neuropathy symptoms may be anything from numbness and pain in your feet and legs problem to your digestive system, the urinary tract, blood vessels, and the heart. Certain people experience mild symptoms. For others, the condition can be extremely painful and disabling.

Diabetic neuropathy can be a severe condition that affects up to 50% of people suffering from diabetes. It is often possible to avoid the development of diabetic neuropathy or slow its progression with regular monitoring of blood sugar levels and a healthy way of life.

The Global Diabetic Neuropathy Market Forecast: 

The global diabetic neuropathy market was estimated at USD 3.61 billion as of 2018. It is predicted to grow to USD 7.12 billion in 2026. It will show a substantial CAGR of 8.9% during the forecast time 2019 to 2026.

The Global Diabetic Neuropathy Market Overview: 

The Market for diabetic neuropathy in the world is driven by the increase in the prevalence of diabetes because of sedentary lifestyles and the rise of obesity due to poor diet, and a rise in awareness about diagnosis and treatment for diabetes.

The high cost of treatments for diabetic neuropathy and adverse side effects that come with drugs hamper the growth of the market. However, the increase in demand for the creation of better neuropathy treatments is expected to create a variety of opportunities for market development in the near future.

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Market Drivers and Market Restraints for the Global Diabetic Neuropathy Market-

MARKET DRIVERS

Increase in Diabetes Prevalence across the Globe Will Probably Drive Market Growth

During the forecast period, the Market for diabetic neuropathy grows due to an increase in diabetes prevalence. The Market is also being driven by neuropathy caused by diabetes mellitus and cardiovascular disorders, as well as obesity and other complications related to glucose control.

Market growth is also being influenced by increased urbanization, which leads to unhealthy lifestyles, such as unhealthy eating and sedentary living. The American Diabetes Association estimates that diabetes prevalence worldwide was 2.8% or 171 million people with diabetes in 2000. This number is expected to rise to 4.4% or 366 million patients suffering from diabetes by 2030.

The Market is growing due to an increase in diabetes prevalence. The Market will also see the development of new products for effective neuropathy treatment by manufacturers during the forecast period.

Advanced Products Launched to Increase Growth in Diabetic Neuropathy Market

The Market is being shaped by an increase in diabetic neuropathy worldwide. Positive influences on the market include the growth in the geriatric population, higher healthcare spending, and increased point-of-care.

This has led to an increase in research and development activities to launch new drugs for the treatment of neuropathic disorders. Novartis AG, for example, launched an anti-convulsant medication called Tegerton (carbamazepine) to treat neuropathic pain in diabetic patients by reducing nerve impulses that cause it.

Moreover, Janssen Pharmaceuticals also launched Nucynta ER opioid painkiller for treating nerve damage caused by diabetes.

MARKET RESTRAINT

The Market is being held back by high prices and the lack of alternative treatments for diabetic neuropathy.

The market growth is being impeded by the rising cost of drugs for diabetic neuropathy and the availability of other therapies.

The availability of other treatments, such as radiotherapy or physiotherapy, which may be more convenient for patients and lead to better clinical outcomes, is also hindering the growth of this market. This Market could also be affected by the strict regulations, product recalls, FDA approval delays, and other factors.

The Key Market Segmentation of the Global Diabetic Neuropathy Market: 

This Research Report Categorized The Global Diabetic Neuropathy Market Based on Disease Types, Drug Class, Distribution Channel, and Geographical Landscape.

Diabetic Neuropathy Market Segmentation By Disease Type:

Peripheral Neuropathy

Autonomic Neuropathy

Proximal Neuropathy

Focal Neuropathy

Diabetic Neuropathy Market Segmentation By Drug Class:

Non-Steroidal Anti-Inflammatory Drugs

Opioid

Anti-Depressants

Anti-Seizure

Others

Diabetic Neuropathy Market Segmentation By Distribution Channel:

Hospitals Pharmacies

Retail Pharmacies & Stores

Online Pharmacies

Diabetic Neuropathy Market Segmentation By Geographical Landscape:

North America

Europe

Asia Pacific

South America

Middle East and Africa

Major Key Players in the Global Diabetic Neuropathy Market Are:

  • Abbott
  • Lupin Pharmaceuticals, Inc.
  • Astellas Pharma U.S., Inc.
  • Eli Lilly and Company
  • Janssen Pharmaceuticals, Inc. 
  • Inc
  • Hoffmann-La Roche Ltd
  • GlaxoSmithKline plc.
  • Others

The Covid-19 Impact Analysis:

Patients with diabetes are at risk of serious complications if they are infected with the COVID-19 virus. Infections can lead to internal swelling, as well as increased inflammation in diabetic patients. Hospitals, clinics, and surgical centers must ensure that these complications are minimized by providing high-quality medical care.

Leading manufacturers in the diabetes industry have reported that COVID-19 has not had an effect on their manufacturing or distribution capabilities for crucial injections like insulin.

The majority of players agree that there is no shortage of medicines in the forecast period. This is due to the close monitoring of the supply chain for possible impacts on the sale of medicines. The shift to remote workers is causing delays in order processing.

Eli Lilly, a manufacturer of diabetic drugs, claimed that production would not be affected as insulin manufacturing sites in Europe and the United States continue to operate under increased precautions.

To avoid back orders from manufacturers, the company has advised pharmacies that they receive insulin supplies directly from them. Mankind (Afrezza), another player, claims its U.S. manufacturing facility is fully operational and that clients won't be affected by it.

The global COVID-19 pandemic will have negligible restraining effects on all areas of production of diabetic medications.

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