Fast Approval Of Novel Drugs For The Treatment Has Pushed Diabetic Neuropathy Market To Growth By 5.5% CAGR During The Forecast Period.
10 Aug 2022
Antibody
By End User, The Peripheral Neuropathy Disorder Is Expected To Witness 5.9% CAGR, Owing To Surge In Usage Of Diabetic Neuropathy Formulations In This Segment
Fact.MR – A Market Research and Competitive Intelligence Provider: The global diabetic neuropathy market is expected to witness a CAGR of 5.9% during the forecast period (2020-2025)
Diabetes is the most common chronic conditions, affecting millions of patients globally. Imbalanced diets and changing lifestyle are the major factors responsible for increased incidence of diabetes.
The approval of novel drugs for the treatment of various diabetic problems such as diabetic neuropathic pain has pushed the growth of the diabetic neuropathy market. For instance, In 2015, the Food Drug and Administration (FDA) had approved Nucynta ER for the treatment of neuropathic pain caused by diabetes.
In addition to this, the peripheral neuropathy disorder segment is expected to boost the growth of the market. Moreover, the peripheral neuropathy disorder is used in various application areas. Also, increased usage of diabetic neuropathy has been witnessed in the last few years. In addition to this, the scope of peripheral neuropathy drugs is expected to expand, as the treatment is currently confined on managing pain.
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Besides this, an increase in the patients suffering from proximal neuropathy is expected to drive the growth of diabetic neuropathy market. Along with this, growing government investments in research for new drugs and therapies are anticipated to boost the market growth prospects. For instance, the National Institute of Neurological Disorders (NIND) and Stroke funded research on neuropathy.
Moreover, high percentage of patients getting diagnosed with diabetic neuropathy is contributing to the share of the market. In addition to this, inadequate healthcare infrastructure and lack of good dietary habits are motivating companies to invest in research and develop new pipeline drugs.
Key Takeaways:
North America is expected to witness prominent usage of diabetic neuropathy drugs market during the forecast period.
Asia Pacific is expected to offer profitable opportunities and is anticipated to witness 1.5X of the growth during the forecast period. This is due to large patient pool and supportive government policies in the region.
Growth Drivers:
Lack of treatments reversing underlying nerve damage has pushed healthcare providers to increase research and development to find a potential solution.
Fast approval of drugs for the treatment of diabetic neuropathic pain has led to a major growth in the market. For instance, Lyrica, has been approved for neuropathic pain treatment in 130 countries.
Inadequate healthcare infrastructure and lack of good dietary habits in Asia Pacific is pushing medical companies to make significant investments in drug development.
Restraints:
Covid-19 pandemic has limited the production of novel drugs or supplies of insulin to hospitals, pharmacies. Also, this has led to delays in the processing orders.
Moreover, Covid-19 had a restraining impact on the production of diabetic drugs across all regions.
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Competitive Landscape:
The market is highly consolidated in nature. Key players in the market are Pfizer Inc., Arbor Pharmaceuticals., Janssen Global Services, LLC, Eli Lilly, Deposed, Inc., NeuroMatrix, Inc.
For instance,
Janssen Global Services, LLC, offers diabetic neuropathy drugs such as NUCYNTA, NUCYNTA ER, Duragesic and INVOKANA. Moreover, these drugs contain canagliflozin and tapentadol which are important for regulating blood sugar levels. Similarly, Pfizer, Inc. manufactures Celebrex, Lyrica EH, and Tafamidis Meglumine.
Glenmark Pharmaceuticals Ltd., offers remoglifozin etabonate, belonging to the gliflozin class to treat type-2 diabetes.
Additionally, the company has successfully out-licensed seven novel molecules to leading pharmaceutical giants such as Merck KGaA and remains the only company to execute multiple deals on novel molecules.
Key Companies Profiled by Fact.MR
Pfizer Inc.
Arbor Pharmaceuticals
Janssen Global Services, LLC
Eli Lilly
Deposed, Inc.
NeuroMatrix, Inc.
More Valuable Insights on Diabetic Neuropathy Market Research
Segmentation of Diabetic Neuropathy Market Research
Disorder
Peripheral Neuropathy
Autonomic Neuropathy
Proximal NeuropathyNeuropathy
Focal NeuropathyNeuropathy
Treatment
Drugs
Analgesic
Topical:
Capsaicin
Others
Opioid:
Morphine
Others
NSAIDs:
Ibuprofen
Naproxen
Others
Antidepressants:
TCAs:
Amitriptyline
Imipramine
Others
SNRIs:
Duloxetine
Others
SSRIs:
Citalopram
Paroxetine
Others
Anticonvulsant Drugs:
Gabapentin
Pregabalin
Topiramate
Others
Other Drugs
Radiotherapy:
Transcutaneous Electrical Nerve Stimulation (TENS)
Others
Physiotherapy
Distribution Channel
Hospitals
Clinics
Retail Pharmacy
Online Pharmacy
Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
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