Diabetic Neuropathy Market Forecast 2023-2027 By The Business Research Company
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s diabetic neuropathy market report forecasts the diabetic neuropathy market size to grow to $6.90 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.
Learn More On The Diabetic Neuropathy Market Report 2023 – https://www.thebusinessresearchcompany.com/report/diabetic-neuropathy-global-market-report
Diabetic Neuropathy Market Size Forecast
The global diabetic neuropathy market is expected to grow from $4.52 billion in 2022 to $4.97 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global diabetic neuropathy market size is expected to reach $6.90 billion in 2027 at a CAGR of 8.5%.
North America held the largest diabetic neuropathy market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Diabetic Neuropathy Market Driver – Rise In The Prevalence Of Diabetes
According to the International Diabetes Federation, a Belgium-based global diabetes community and an umbrella organisation of over 230 national diabetes associations, 6.7 million deaths were attributed to diabetes in the year 2021 in August 2022, which is equivalent to one death every five seconds. Diabetes affects 537 million individuals (aged 20 to 79), or one out of every ten persons. This figure is expected to rise to 643 million by 2030 and 783 million by 2045. As a result, the increased prevalence of diabetes is propelling the diabetic neuropathy market forward.
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Key Diabetic Neuropathy Market Trend – Technological Advancement
Major businesses in the diabetic neuropathy market are focusing on developing innovative solutions to increase their market position. In July 2021, for example, Nevro Corporation, a medical device company based in the United States, developed Senza (also known as “HFX”), a high spinal cord stimulation technology for the treatment of painful diabetic neuropathy (PDN), a condition that affects up to one-third of people with diabetes (PWDs) in the United States and causes loss of sensation and pain in the lower limbs. Senza® HFX iQTM is a next-generation technology that uses artificial intelligence to maximise and maintain pain relief based on the response of each patient. It was created with the intention of taking into account how different people experience pain and assisting patients in achieving and maintaining long-term pain alleviation and an enhanced quality of life. The Senza HFX iQ system will be the first to use algorithms designed exclusively for treating chronic back and leg pain, such as severe diabetic neuropathy and non-surgical back pain.
Diabetic Neuropathy Market Segment
1) By Disorder: Peripheral Neuropathy, Autonomic Neuropathy, Proximal Neuropathy, Focal Neuropathy
2) By Drug Class: Analgesics, Anti-Depressants, Anti-consulvants, Other Drug Classes
3) By Treatment: Drug Treatment, Radiotherapy, Physiotherapy, Other Treatments
4) By Distribution Channel: Online Distribution, Offline Distribution
5) By End-user: Hospitals, Specialty Clinics, Other End-users
Diabetic Neuropathy Market Major Players and Strategies
Major players in the diabetic neuropathy market are Pfizer Inc., Eli Lilly and Company, GSK PLC (GlaxoSmithKline PLC), Daiichi Sankyo Company Limited, Johnson & Johnson, Glenmark Pharmaceuticals Limited, Depomed Inc., Astellas Pharma Inc., F. Hoffmann-La Roche AG, NeuroMetrix Inc., Abbott Laboratories, Lupin Limited, Novartis AG, Boehringer Ingelheim, and Janssen Pharmaceuticals Inc.
Withings SA, a consumer electronics business located in France that creates and manufactures a variety of clinically approved smart health devices and accompanying apps, bought Impeto Medical SAS for an undisclosed sum in January 2022. With this acquisition, Withings will be able to use Impeto’s technology, such as nerve monitoring activity, into its products and services. Impeto Medical SAS is a medical device firm established in France that develops equipment for monitoring peripheral neuropathies and detecting small fibre neuropathies in a variety of diseases and conditions.
The Diabetic Neuropathy Global Market Report 2023 covers regional data on diabetic neuropathy market size, diabetic neuropathy market trends and drivers, opportunities, strategies, and diabetic neuropathy market competitor analysis. The countries covered in the diabetic neuropathy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Diabetic neuropathy is a type of nerve injury that can develop in diabetics. It is caused by high blood sugar levels, which can damage the blood vessels. It can affect the body’s nerves, particularly those in the foot, organs, and muscles.
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