Diabetic Neuropathy Market
Market Overview
Pharmanucleus analyzes a growth rate of the diabetic neuropathy market over the forecast period 2023-2030. The expected CAGR of the diabetic neuropathy market tends to be around 6.9% during the mentioned forecast period. The market was valued at USD 3876.6 Million in 2022, and it will reach USD 6611.08 Million by 2030. Diabetic Neuropathy Market tends to have a healthy CAGR during the mentioned forecast period.
In addition to market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Pharmanucleus team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis and regulatory framework.
Market Analysis and Size
Diabetic neuropathy is a common complication of diabetes that affects a significant portion of the diabetic population worldwide. It is estimated that approximately 50% of individuals diagnosed with diabetes also suffer from diabetic neuropathy. This condition occurs when high blood sugar levels damage the nerves, leading to symptoms such as numbness, tingling, pain, and weakness, typically starting in the feet and gradually progressing to other parts of the body.
In the United States, the Centers for Disease Control and Prevention (CDC) estimates that diabetic neuropathy affects around 6 to 7 out of every 1,000 individuals with diabetes. This prevalence indicates that a considerable number of people in the country are experiencing the debilitating effects of this condition.
As the global population continues to age and the incidence of diabetes rises, the number of individuals affected by diabetic neuropathy is expected to increase significantly. The aging population is particularly susceptible to developing diabetes and its associated complications, including neuropathy. Additionally, lifestyle changes, sedentary behaviors, and obesity contribute to the growing prevalence of diabetes, further expanding the pool of potential patients with diabetic neuropathy.
The projected growth of the diabetic neuropathy market is directly linked to this increasing patient population. With a larger number of individuals seeking treatment and management for their neuropathy symptoms, there is a greater demand for medical interventions, therapies, and products related to diabetic neuropathy. This creates opportunities for healthcare providers, pharmaceutical companies, medical device manufacturers, and other stakeholders to develop innovative solutions, invest in research and development, and expand their market presence.
In summary, the prevalence of diabetic neuropathy is significant, affecting approximately 50% of the diabetic population globally and around 6 to 7 out of every 1,000 diabetics in the United States according to CDC estimates. As the aging population grows and the incidence of diabetes continues to rise, the number of individuals suffering from diabetic neuropathy is expected to increase substantially. This, in turn, will drive the growth of the market as the demand for effective treatments and management options for diabetic neuropathy rises.
Market Definition
Diabetes-related neuropathy refers to a specific type of nerve damage that occurs as a result of persistently high levels of glucose in the blood. This condition primarily affects individuals with diabetes and is considered one of the significant long-term complications associated with both type 1 and type 2 diabetes.
The elevated blood glucose levels in diabetes can lead to damage to the nerves throughout the body. The nerves most commonly affected by diabetic neuropathy are those in the legs and feet. Symptoms of diabetic neuropathy can manifest as pain, tingling, numbness, or a loss of sensation in these areas. As the condition progresses, it can also affect other organs and systems, such as the urinary tract, blood vessels, and the heart.
One of the key risk factors for developing diabetic neuropathy is the duration of diabetes. Individuals who have had diabetes for a longer period are more likely to develop neuropathy compared to those who have recently been diagnosed. However, it's important to note that not all diabetics will experience neuropathy, and the severity of symptoms can vary from person to person.
Diabetic neuropathy is a serious complication as it can significantly impact an individual's quality of life. The pain and numbness in the legs and feet can make it difficult to walk and perform daily activities. Additionally, the loss of sensation can lead to injuries or infections that may go unnoticed, potentially resulting in more severe complications, such as foot ulcers or even amputation in extreme cases.
The prevalence of diabetic neuropathy is relatively high due to the growing number of people affected by diabetes worldwide. Both type 1 and type 2 diabetes can lead to neuropathy, although the risk may be higher for individuals with poorly controlled blood sugar levels and those who have had diabetes for a longer time.
Market Dynamics
Drivers
- Development of new drugs to treat neuropathy pain
Diabetes has been slowly worsening over the last five years. Antidepressants and antispasmodics are among the generic and specialty medications available to treat the disorder's discomfort. In 2011, however, 79 new medications were being tested in clinical trials alongside Horizant. Pharmaceutical companies will continue to perform vital research and bring novel therapies to market in major global markets. Furthermore, expanding diabetic neuropathy awareness, rising healthcare spending, and rising pharmaceutical R&D investment will be important market drivers.
- Increasing Product Approvals
The market for diabetic neuropathy treatment is witnessing the launch and approval of new products by major market participants. One notable example is Pfizer, Inc., which received FDA clearance in October 2017 for LYRICA CR extended release tablets. These tablets are designed to be taken once daily and specifically target neuropathic pain caused by diabetic peripheral neuropathy. LYRICA CR provides an extended release formulation of the active ingredient pregabalin, offering a convenient treatment option for patients.
Another significant development in the market is the FDA clearance received by Averitas Pharma, Inc., a subsidiary of Grünenthal, in July 2020. Their product, QUTENZA (capsaicin) 8% patch, is a topical pain therapy supplied as a patch. It is a non-systemic and non-opioid treatment option that involves the application of a patch containing prescription-strength capsaicin directly on the skin. QUTENZA is specifically indicated for the treatment of diabetic peripheral neuropathy (DPN) of the feet in adults. It is the first therapy of its kind to utilize this approach, providing an innovative alternative for managing neuropathic pain.
The introduction of these new products demonstrates the ongoing efforts of pharmaceutical companies to address the unmet needs of individuals suffering from diabetic neuropathy. By offering different treatment modalities and mechanisms of action, these innovations aim to provide patients with a wider range of options to manage their neuropathic pain effectively.
The FDA clearances received by Pfizer, Inc. and Averitas Pharma, Inc. for LYRICA CR and QUTENZA, respectively, highlight the commitment to advancing treatments for diabetic peripheral neuropathy. These approvals contribute to the expansion and evolution of the market by introducing novel therapeutic options that can potentially enhance patient outcomes and improve their quality of life.
Overall, the launch and approval of new products in the diabetic neuropathy treatment market demonstrate the industry's dedication to addressing the needs of patients. These advancements offer hope for individuals living with neuropathic pain and contribute to the overall growth and development of the market.
Opportunities
- Growth in Smoking and Lifestyle Changes
Cigarette smoking is one of the top causes of preventable illness and death in the United States. It kills around 480,000 individuals per year. Furthermore, the changing lifestyles of today's population, such as unhealthy lifestyles, poor nutrition, stress, and other comparable issues, all contribute to the market's growing potential.
- Existence of new strategic collaborations
To obtain a competitive advantage in the industry, several market players are focusing on various business methods such as partnerships and agreements. For example, in November 2018, NeuroMetrix, Inc., a health technology business, signed a distribution deal for DPNCheck with Fukuda Denshi Co. Ltd. The test is NeuroMetrix's point-of-care test for diabetic peripheral neuropathy, and the arrangement grants Fukuda exclusive distribution rights in Japan until March 2021.
Restraints/Challenges
- Increase in stringent regulatory policies
The diabetic neuropathy market is estimated to be restricted by stringent regulatory requirements during the forecast period. Strict regulations, delays in FDA clearances, product recalls, and other analogous issues may hamper the industry's expansion.
- High Cost of Treatment
The high cost of therapeutic methods stifles market growth. Many market participants invest much in the development of new and creative treatment approaches in attempt to accelerate the recovery process, increasing the cost. During the projected period, the expense of creating novel pharmacological therapy for a disease, which varies from $314 million to $2.8 billion, will be a hindrance to the business.
This diabetic neuropathy market report includes information on new recent developments, trade regulations, import-export analysis, production analysis, value chain optimisation, market share, impact of domestic and localised market players, opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, and geopolitical trends. For more information on the diabetic neuropathy market, please contact Pharmanucleus for an Analyst Brief; our experts will assist you in making an informed market choice in order to achieve market growth.
COVID-19 Impact
Diabetic neuropathy is a complication of diabetes that affects the nerves, leading to symptoms such as pain, numbness, and tingling in the extremities. It is a significant healthcare concern globally, with a considerable impact on patients' quality of life.
COVID-19 has had a multifaceted impact on the healthcare industry, including the diabetic neuropathy market. Here are some potential effects:
Delayed diagnosis and treatment: During the pandemic, healthcare systems faced significant strain, and non-urgent medical appointments and screenings were postponed or canceled. This situation may have resulted in delayed diagnosis and treatment of diabetic neuropathy cases.
Disruption in healthcare services: Lockdowns, social distancing measures, and the redirection of resources to manage COVID-19 have led to disruptions in regular healthcare services. This disruption may have affected access to healthcare providers, medications, and therapies for individuals with diabetic neuropathy.
Research and development: The focus of pharmaceutical companies and researchers shifted towards COVID-19-related efforts, including vaccine development and treatments. This diversion of attention and resources may have temporarily slowed down research and development efforts for diabetic neuropathy-specific treatments.
Telemedicine and digital health: The pandemic accelerated the adoption of telemedicine and digital health solutions. These technologies have allowed healthcare providers to remotely monitor and manage patients with diabetic neuropathy. Telemedicine has been instrumental in providing continuous care, reducing the need for in-person visits, and ensuring patient safety during the pandemic.
Increased awareness: The pandemic highlighted the importance of managing underlying health conditions and maintaining overall well-being. This increased awareness about the importance of managing diabetes and its complications, including diabetic neuropathy, may lead to improved recognition and treatment of the condition.
It is important to note that the specific impact on the diabetic neuropathy market may vary depending on factors such as regional healthcare infrastructure, government policies, and the severity of the COVID-19 outbreak in different regions.
As the situation evolves, it is advisable to consult recent market research reports and industry analyses to obtain the most accurate and up-to-date information on the post-COVID impact on the diabetic neuropathy market.
Global Diabetic Neuropathy Market Scope
The diabetic neuropathy market is divided into four sections: type, therapy, distribution channel, and end-user. The growth in these segments will assist you in analysing the growth sectors in industries and providing users with a beneficial market overview and industry insights to assist them in making strategic decisions for finding key market applications.
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
- Others
Regional Analysis/Insights
The highest share in the Diabetic Neuropathy market is expected to be in North America, particularly in the United States and Canada. Several factors contribute to this region's dominance. Firstly, North America has a high prevalence of diabetes, which serves as a significant driver for the market. The well-established healthcare infrastructure in these countries allows for efficient diagnosis and management of diabetic neuropathy, further supporting market growth. Additionally, favorable reimbursement policies ensure that patients have access to necessary treatments and therapies.
Furthermore, increasing awareness about diabetic neuropathy among healthcare professionals and patients in North America leads to early diagnosis and intervention, positively impacting market growth. The region also experiences continuous advancements in technology and research activities focused on diabetic neuropathy treatment. These advancements, coupled with the presence of leading pharmaceutical companies and research institutions, further contribute to North America's highest market share.
While other regions such as Europe, South America, Asia Pacific, and the Middle East and Africa are witnessing growth in the diabetic neuropathy market, the combination of factors in North America positions it as the region with the highest market share.
Competitive Landscape
Each firm is profiled in the diabetic neuropathy market competitive landscape. Included are a business overview, financials, revenue produced, market potential, R&D investment, new market efforts, worldwide presence, production sites and facilities, production capacity, corporate strengths and weaknesses, product launch, product width and breadth, and application domination. The information shown above is only related to the businesses' focus on the diabetic neuropathy market.
Key players operating in the diabetic neuropathy market include:
- Pfizer Inc (U.S.)
- Janssen Global Services, LLC (U.S.)
- Lilly (U.S.)
- Teva Pharmaceutical Industries Ltd. (Israel)
- LUMITOS AG (Germany)
- GSK plc (U.K.)
- NeuroMetrix, Inc (U.S.)
- Lupin (India)
- Astellas Pharma Inc (Japan)
- Glenmark Pharmaceuticals Ltd (India)