The Rising Prevalence Of Diabetic Neuropathy To Boost Diabetic Neuropathy Market Growth

Diabetic Neuropathy Market
Diabetic Neuropathy Market

Diabetic Neuropathy Market, By Type (Peripheral Neuropathy, Autonomic Neuropathy, Focal Neuropathies, Proximal Neuropathies), Treatment (Pain Relieving, Managing Complications, Slow Progression of Diseases), End-User (Hospitals, Research Institutes, Specialty Clinics), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, online Pharmacies and Others) and Geography (North America, Europe, Asia-Pacific, and Rest of the World) Size, Share, Outlook, and Opportunity Analysis, 2023-2030

The global Diabetic Neuropathy Market is estimated to be valued at reach US$ 3876.6 million in 2022 and is expected to exhibit a CAGR of 6.9 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Diabetic neuropathy is a kind of nerve damage that can takes place if one suffers from diabetes. High blood sugar can harm nerves in the entire body. Diabetic neuropathy usually destroy nerves in the legs and feet. Based on the abnormal nerves, diabetic neuropathy symptoms involve pain and numbness in the hands, legs and feet. It can also lead to concerns with the digestive system, UT, blood vessels and cardiac. For some patients Diabetic neuropathy can be painful.

Competitive Landscape:

Key players involved in the growth of global Diabetic Neuropathy Market are Pfizer Inc., GSK plc, Lupin , Glenmark Pharmaceuticals Ltd., NeuroMetrix, Inc , LUMITOS AG, Astellas Pharma Inc, Teva Pharmaceutical Industries Ltd and Janssen Global Services, LLC

Market Key Drivers:

The rising prevalence of diabetic neuropathy is expected to boost the growth of global Diabetic Neuropathy for Market. For instance, around 425 million people globally suffer from diabetic neuropathy and the number is projected to reach 628 million by 2045.

Rising research survey and medical trials can lead to the advancement of new products and is expected to boost the growth of global Diabetic Neuropathy Market. For instance, in May 2021, Pure Green Pharmaceuticals Inc. stated that in a Phase II test, a CBD sublingual capsule decrease pain in people suffering from diabetic peripheral neuropathy.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Diabetic Neuropathy for Market due to the surge in pandemic. Regular checkup was largely unapproachable throughout the pandemic as several medical practitioners were forced to shut the clinics as they were deemed elective processes. The rising pandemic cases have imposed strict lockdown and social distancing measures and there was a delay in treating patients suffering from other diseases. The lack of healthcare staff has impeded the market growth.

Key Takeaways:

The global Diabetic Neuropathy Market is anticipated to exhibit a CAGR of 6.9 % during the forecast period due to increasing launches and product approvals. For instance, in July 2020, Averitas Pharma, Inc. got approval from USFDA for QUTENZA 8% patch, that is injected in the form of a patch.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Diabetic Neuropathy for Market due to rising prevalence of diabetes, diabetic neuropathy and increasing approvals and launches for the expansion of the product. For instance, as per NIH, around 2.4% of the U.S. population suffer from diabetic neuropathy.

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