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How Has the Peripheral Neuropathy Market Size Shifted in Recent Years?
In recent times, there has been a swift expansion in the size of the peripheral neuropathy market. It is projected to escalate from $4.09 billion in 2024 to $4.59 billion in 2025, marking a compound annual growth rate (CAGR) of 12.2%.
The significant growth in the past was due to factors like the surge in chronic diseases such as diabetes, raised awareness regarding the management of neuropathic pain, a global increase in the elderly population, betterment of healthcare infrastructure, the existence of dedicated treatment centers, and various government initiatives that focus on enhancing neurological healthcare services. There’s also a rise in the adoption of innovative treatment solutions.
The market size for peripheral neuropathy is projected to experience significant expansion in the forthcoming years, with expectations to reach $7.24 billion in 2029 showcasing a compound annual growth rate (CAGR) of 12.1%. This predicted growth during the forecast period can be traced back to the ongoing increase in chronic conditions, notably diabetes and cancer, progress in drug therapies aimed at neuropathic pain channels, boosted funding in research and development towards groundbreaking treatment methods, and the incorporation of digital health systems for distant monitoring and individualized managing of neuropathic indications.
Other contributing factors include the enhanced focus on patient-oriented care schemes and improved accessibility to multidisciplinary healthcare offerings. Foreseen trends during the forecast period incorporate the growing acceptance of personalized treatments, increasing utilization of wearable technologies for instantaneous tracking of neuropathic symptoms and their treatments, promotion of telemedicine services for distance consultations and check-ins, creation of targeted therapies addressing particular neuropathic pain routes and mechanisms, progress in regenerative medicine tactics, incorporation of digital therapeutic platforms for cognitive behavioral therapy, mindfulness-based initiatives, and technological advancements in diagnostic instruments for early identification and tracking of peripheral neuropathy.
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What’s Driving the Upward Growth Trajectory of the Peripheral Neuropathy Market?
The escalating instances of diabetes are anticipated to boost the peripheral neuropathy market’s expansion in the future. Diabetes is an enduring disease typified by excessively high blood sugar levels, stemming from the body’s deficient production or ineffective utilisation of insulin.
The surge in diabetes is predominately attributable to contributing factors like rising obesity levels, inactive lifestyles, and ageing demographics. Persistent high blood sugar can lead to peripheral neuropathy, as diabetes can damage nerves, resulting in symptoms such as discomfort, prickling sensation, and numbness in the limbs.
Maintaining appropriate blood sugar levels is pivotal to preventing or decelerating this complication’s progression. An illustrative example of this is reflected in a report from The British Diabetic Association in April 2023, which disclosed that 4.3 million individuals in the UK were diagnosed with diabetes, an augment of 148,951 cases compared to 2020-21 based on registration information for 2021-22.
Furthermore, more than 2.4 million residents in the UK are at significant risk of contracting type 2 diabetes. Hence, the mounting prevalence of diabetes is fuelling the growth of the peripheral neuropathy market.
Which Segments in the Peripheral Neuropathy Industry Are Seeing the Fastest Growth?
The peripheral neuropathymarket 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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How Will Shifting Market Trends Influence Peripheral Neuropathy System Adoption?
Leading corporations in the peripheral neuropathy market are emphasizing on the production of innovative products, including point-of-care devices, to enhance the diagnosis and treatment of the disease. A speedy, point-of-care quantitative screening examination for peripheral neuropathy is utilized for the immediate identification of nerve damage in patients’ extremities, mainly in those suffering from diabetes.
In January 2023, NeuroMetrix Inc., an American firm specializing in non-invasive medical equipment, introduced DPNCheck 2.0, a point-of-care instrument for identifying peripheral neuropathy. This device employs nerve conduction technology to spot the systemic degeneration of peripheral nerves, potentially leading to severe conditions such as diabetic peripheral neuropathy (DPN).
It facilitates speedier patient screening via the quantitative measurement of peripheral nerve function, making it a more precise and effective tool than older techniques like monofilament and tuning fork tests.
Which Global Regions Are Powering Demand in the Peripheral Neuropathy Market?
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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How Key Players Are Driving Growth in the Peripheral Neuropathy Market?
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
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