Market Overview:
Global Diabetic Neuropathy Market size was valued at USD 3626.38 million in 2019 and is poised to grow from USD 3876.6 million in 2023 to USD 7067.25 million by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031). The Diabetic Neuropathy market is poised for considerable growth, propelled by several key drivers, such as rising cases of neurological disorders, continuous technological innovation, and an increasing need for minimally invasive procedures, are expected to take the Diabetic Neuropathy market to considerable heights.
Other factors contributing to this can be attributed to the large and rapidly growing patient population suffering from such targeted diseases in key markets, resulting in a significant rise in demand for Diabetic Neuropathy. One of the major factors acting as a potential catalyst to drive the market growth over the forecast period is a high prevalence of acute ischemic stroke.
Market Insights:
Diabetic Neuropathy Market Driver
Rise in prevalence of diabetes to cause a rise in the demand for diabetic neuropathy
Because of the rising prevalence of diabetes, global demand for diabetic neuropathy would grow at a slower rate during the projection period. Furthermore, obesity, coronary heart disease, diabetic neuropathy, and other sugar-related issues are thought to be some of the factors driving the market’s expansion. The market’s expansion is also influenced by rising urbanization, which promotes sedentary lifestyles such as carbohydrate consumption and low physical activity.
Growing research and development activities by key players to fuel the global diabetic neuropathy market.
A surge in diabetes incidence is being caused by an increase in the elderly people and carbohydrate intake. The requirement for treatments for diabetic neuropathy is rising as the world’s diabetes population grows. The expansion of the market is also being aided by the rising government expenditures to upgrade health services. The sector for diabetic neuropathy is anticipated to increase in the near future due to the quick advance in science and the rising investments made by the major industry participants.
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Key Market Segments:
Disorder
Peripheral Neuropathy, Autonomic Neuropathy, Proximal Neuropathy, Focal Neuropathy
Distribution channel
Hospitals, Clinics, Retail Pharmacy, Online Pharmacy
Drug Class
Anti-Depressants, Anti-Seizures, Opioid, Non-Steroidal Anti-Inflammatory, and others
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Regional Insights:
In 2021, the greatest market for diabetic neuropathy is in North America. In order to counteract the degradation of generic pharmaceuticals, pharma companies continue to give fresh medications in the area. Due to a big incidence of chronic diseases such as diabetes, and an increasing senior generation, diabetic neuropathy treatment has become extremely popular, particularly in the United States.
With economies such as China demonstrating profitable growth, the Asia Pacific area is the fastest-growing market overall. According to studies published, India does have one of the highest proportions of type 2 diabetes in the globe and by 2030, 80 million Indians are expected to have the disease. Due to the region’s large population of patients, poorly enforced regulatory environment, rising Research and Development investment, expansion of clinical studies, and federal funding for therapeutic strategies, pharma industries are now expanding there. As a result, the market is expected to experience significant regional growth.
Prominent Players in Diabetic Neuropathy Market:
- Johnson & Johnson
- Pfizer Inc
- Eli Lilly and Company
- Boehringer Ingelheim International GmbH
- GlaxoSmithKline plc
- Astellas Pharma Inc.
- Novartis AG
- Sanofi S.A.
- Teva Pharmaceutical Industries Ltd.
- Merck & Co., Inc.
- AbbVie Inc.
- Glenmark Pharmaceuticals Limited
- Lupin Pharmaceuticals, Inc.
- Intas Pharmaceuticals Ltd.
- Alkem Laboratories Ltd.
- Cipla Limited
- Mylan N.V.
- Zydus Cadila Healthcare Limited
- Sun Pharmaceutical Industries Ltd.
- Reddy’s Laboratories Ltd.
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Additional Insights:
Market Penetration: Analysis of the product portfolio of different market players and the status of new product launches.
Product Development/Innovation: Assessment of R&D activities, new product development, and emerging trends.
Market Development: Analysis of regions with high growth potential.
Market Diversification: Assessment of new products, recent developments, and emerging regional markets.
Competitive Landscape: Growth strategies, revenue analysis, and product innovations by market players.
Key Questions Answered in Diabetic Neuropathy Market Report:
What is the global market size of the Diabetic Neuropathy Market?
Who are the key vendors in the Diabetic Neuropathy Market?
What is the key driver of the Diabetic Neuropathy Market?
What is the key market trend for the Diabetic Neuropathy Market?
Which region accounted for the largest share in the Diabetic Neuropathy Market?
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