How is the Peripheral Neuropathy Market Poised for Growth: Trends and Opportunities Through 2034
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How has the peripheral neuropathy market grown over the years?
In the past few years, we have seen swift expansion in the peripheral neuropathy market, which is poised to grow from $4.09 billion in 2024 to $4.62 billion in 2025, showing a compound annual growth rate (CAGR) of 13.2%. The market growth during the historic period is a consequence of multiple factors such as an increase in the incidence of chronic diseases like diabetes, a rise in global awareness surrounding neuropathic pain management, an aging population worldwide, the widening of healthcare infrastructure, the accessibility of specialized treatment centers and new treatment options. Further elements include government-inspired initiatives for the improvement of neurological healthcare services.
What Is the forecasted market size and growth rate for the peripheral neuropathy market?
In the subsequent years, the peripheral neuropathy market size is projected to witness a substantial surge. This market is predicted to expand to $7.52 billion in 2029, with a compound annual growth rate (CAGR) of 12.9%. This growth during the forecast period may be associated with the continuous increase in the incidences of chronic illnesses, predominantly diabetes and cancer, evolution in pharmacological treatments focusing on neuropathic pain channel, heightened investment in research and innovation for different treatment modalities, consolidation of digital health tools for distant observation and customized care for neuropathic symptoms. There is also an increased emphasis on patient-oriented care models and enhanced accessibility to multidisciplinary healthcare services. The upcoming trends within the forecast period consist of the growing adoption of personalized treatment, increased utilization of wearable gadgets for real-time monitoring of neuropathic symptoms and treatment, growth of telemedicine services for remote evaluation and follow-ups, creation of targeted therapies that focus on specific neuropathic pain pathways and mechanisms, improvements in regenerative medicine approaches, and integration of digital therapy platforms for cognitive behavioral treatment and mindfulness-based interventions. There will also be technological advancements in diagnostic instruments for the early identification and observation of peripheral neuropathy.
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What are the major factors driving growth in the peripheral neuropathy market?
The peripheral neuropathy market is poised for growth due to the escalating prevalence of diabetes. This chronic condition, typified by elevated blood glucose levels, is caused by either a dearth of insulin production or the body’s ineffective use of insulin. The surge in diabetes cases can mainly be attributed to a rise in obesity rates, inactive lifestyles, and aging populations. Prolonged high blood sugar levels can result in peripheral neuropathy by causing nerve damage, which eventually leads to symptoms such as pain, numbness, and tingling in the limbs. Keeping blood sugar levels within normal range is pivotal in slowing or preventing the progression of such complications. For instance, The British Diabetic Association, a UK diabetes charity, reported in April 2023 that 4.3 million individuals in the UK have been diagnosed with diabetes. Data from 2021-22 shows an uptick of 148,951 cases compared to 2020-21. Additionally, more than 2.4 million people in the UK are deemed at high risk for type 2 diabetes. As such, the rising number of diabetes cases is propelling the growth of the peripheral neuropathy market.
What key areas define the segmentation of the global peripheral neuropathy Market?
The peripheral neuropathy market covered in this report is segmented –
1) By Type: Chemotherapy-Induced, Diabetic, Human Immunodeficiency Virus (HIV) Or Acquired Immunodeficiency Syndrome (AIDS Associated, Idiopathic
2) By Diagnosis: Blood Test, Biopsy, Imaging, Other Diagnosis
3) By Treatment: Medications, Antidepressants, Anti-Seizure Medication, Pain Reliever, Topical Treatment, Therapies, Nerve Stimulation, Plasma Exchange, Physical Therapy, Other Treatments
4) By End-User: Hospitals, Clinics, Ambulatory Centers
Subsegments:
1) By Chemotherapy-Induced: Taxane-Induced Peripheral Neuropathy, Platinum-Based Drug-Induced Neuropathy, Other Chemotherapy-Induced Neuropathies
2) By Diabetic: Type 1 Diabetes-Induced Peripheral Neuropathy, Type 2 Diabetes-Induced Peripheral Neuropathy
3) By Human Immunodeficiency Virus (HIV) Or Acquired Immunodeficiency Syndrome (AIDS) Associated: HIV-Associated Peripheral Neuropathy, AIDS-Related Peripheral Neuropathy
4) By Idiopathic: Acute Idiopathic Neuropathy, Chronic Idiopathic Neuropathy
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What are the top market players propelling the growth of the peripheral neuropathy industry?
Major companies operating in the peripheral neuropathy market are Pfizer Inc., Merck and Co. Inc., Novartis AG, Bristol Myers Squibb Co, AstraZeneca Plc, Abbott Laboratories, Eli Lilly and Co., Asahi Kasei Corporation, Daiichi Sankyo Co. Ltd., Sun Pharmaceutical Industries Ltd, Aurobindo Pharma, Cadila Pharmaceuticals Ltd., Dr. Reddy’s Laboratories, Cipla Ltd., Apotex Inc, Hikma Pharmaceuticals PLC, Lupin Limited, Grunenthal GmbH, ACI Limited, Lexicon Pharmaceuticals, Solasia Pharma KK, Helixmith Co. Ltd., PledPharma AB
What key trends are currently impacting the peripheral neuropathy market’s development?
Firms that hold a prominent place in the peripheral neuropathy market are keen on creating enhanced solutions like point-of-care apparatus, aiming to augment the diagnosis and treatment of the disease. The point-of-care peripheral neuropathy quantitative screening test is a tool that swiftly identifies the existence of nerve damage in an individual’s extremities, especially applicable in diabetes cases. For example, NeuroMetrix Inc., a non-invasive medical device producer based in the US, presented its DPNCheck 2.0 point-of-care apparatus for identifying peripheral neuropathy in January 2023. This equipment employs nerve conduction technology to identify the systemic breakdown of peripheral nerves, potentially causing severe disorders like diabetic peripheral neuropathy (DPN). It provides swift patient screening via quantitative analysis of peripheral nerve functionality, proving itself to be a more precise and effective method over traditional procedures like monofilament and tuning fork tests.
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What regions are dominating the peripheral neuropathy market growth?
North America was the largest region in the peripheral neuropathy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the peripheral neuropathy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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