Peripheral Neuritis Treatment Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What fueled the previous growth in the peripheral neuritis treatment market?
In the past years, the peripheral neuritis treatment market has seen significant expansion. The market size is projected to increase from $1.84 billion in 2024 to $1.93 billion in 2025, with a compound annual growth rate (CAGR) of 5.4%. The growth experienced in the historical past can be ascribed to factors such as an increase in healthcare spending, a rise in chronic illnesses, an escalating disease burden correlated with peripheral neuritis, a high incidence rate among diabetic individuals, and an increasing populace of aging individuals.
What will be the peripheral neuritis treatment market size in the future?
The market for peripheral neuritis treatment is anticipated to enjoy significant expansion in the upcoming years, reaching $2.36 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 5.0%. This market growth during the projected period is attributed to the increased number of treatment choices, a growing elder population, escalating obesity rates, pervasiveness of HIV/AIDS, the expansion of the generic drug market, and initiatives taken by the government and healthcare sector. Key trends forecasted for this period encompass collaborations and partnerships, technological advancements, a surge in the launch of treatment products for diabetic peripheral neuritis, a heightened emphasis on personalized medicine, the emergence of non-pharmacological therapies and the incorporation of digital health tools.
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What main drivers are fueling expansion in the peripheral neuritis treatment market?
The increasing incidence of diabetes is anticipated to fuel the expansion of the peripheral neuritis treatment market in the future. Diabetes, a long-term health condition, arises when the body cannot effectively manage blood sugar (glucose) levels. The escalating incidence of diabetes can be attributed to factors such as inactive lifestyles, poor eating habits, obesity, elderly populations, and inherited tendencies. Peripheral neuritis treatment aids people with diabetes by alleviating nerve discomfort, decreasing inflammation, and boosting nerve functionality, thus enhancing their life quality and averting complications. For example, the American Diabetes Association, a non-profit organization based in the US, reported in November 2023, that roughly 25.5 million individuals in the U.S. had been diagnosed with diabetes in 2022, which makes up 7.6% of the entire population. Hence, the escalating incidence of diabetes is fuelling the growth of the peripheral neuritis treatment market.
What key areas define the segmentation of the global peripheral neuritis treatment market?
The peripheral neuritis treatment market covered in this report is segmented –
1) By Treatment Type: Pharmacological Therapies, Non Pharmacological Therapies
2) By Drug Class: Anti-Depressants, Anticonvulsants, Local Anesthesia, Analgesics, Steroids, Other Drug Classes
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Drug Stores
4) By Application: Diabetic Peripheral Neuropathy, Chemotherapy-Induced Peripheral Neuropathy, Idiopathic Peripheral Neuropathy, Other Applications
Subsegments:
1) By Pharmacological Therapies: Pain Relievers (Analgesics), Antidepressants, Anticonvulsants, Topical Medications
2) By Non-Pharmacological Therapies: Physical Therapy, Transcutaneous Electrical Nerve Stimulation (TENS), Acupuncture, Lifestyle And Dietary Modifications
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Who are the dominant players expanding their reach in the peripheral neuritis treatment market?
Major companies operating in the peripheral neuritis treatment market are Pfizer Inc., Johnson & Johnson (J&J), AstraZeneca Plc, Novartis AG, GSK plc, Takeda Pharmaceuticals & Co. Ltd., Eli Lilly and Co., Mallinckrodt Pharmaceuticals plc, Viatris Inc., Teva Pharmaceutical Industries Ltd., Astellas Pharma Inc., Sun Pharmaceutical Industries Ltd., Apotex Inc., Dr Reddys Laboratories Ltd., Cipla Inc., Amneal Pharmaceuticals LLC, Lupin Ltd., Daiichi Sankyo Co. Ltd., Glenmark Pharmaceuticals Ltd., Cadila Pharmaceuticals Ltd.
What emerging trends are influencing the growth of the peripheral neuritis treatment market?
Leading businesses in the peripheral neuritis treatment market are shifting their focus towards the creation of novel therapies such as magnetic peripheral nerve stimulation (mPNS), aiming to improve nerve regeneration and decrease neuropathic pain. Magnetic peripheral nerve stimulation (mPNS) is a non-invasive neuromodulation procedure that employs magnetic fields to trigger peripheral nerves, assisting in pain control, nerve regeneration enhancement, and motor function improvement in disorders like neuropathy and musculoskeletal conditions. For example, in January 2024, Neuralace Medical Inc., a U.S.-based medical equipment producer, proclaimed the FDA approval of Axon Therapy (mPNS) for chronic painful diabetic neuropathy (PDN) treatment. This therapy offers a fast, pain-free, and non-invasive solution to pain. Clinical research has shown a 72.3% responder rate on Day 30 and an 81.4% responder rate on Day 90, proving its efficiency in alleviating pain and numbness. This endorsement signifies a considerable advancement in pain management, providing patients a substitute for traditional treatments devoid of any drug side effects.
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Which regions are emerging as leaders in the peripheral neuritis treatment market?
North America was the largest region in the peripheral neuritis treatment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the peripheral neuritis treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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