Peripheral Neuropathy Market Size Share Segmentation By Type (Diabetic Peripheral Neuropathy, Chemotherapy-induced Peripheral Neuropathy, Idiopathic Peripheral Neuropathy, HIV/AIDS Associated Peripheral Neuropathy), By Treatment, By End User, By Region| Global Market Forecast 2024-2032

Peripheral Neuropathy market Report Scope & Overview:

Get More Information on Peripheral Neuropathy Market - Request Free Sample Report

The Peripheral Neuropathy Market valued USD 1.48 billion in 2023, estimated to surpass USD 2.38 billion by 2032 with a compound annual growth rate of 5.46% over the forecast period 2024-2032.

Peripheral neuropathy is not age or background specific, but some are more affected than others. Although diabetes is the most common cause, many other potential factors can raise risk as well that is infections of any kind, metabolic issues in general inherited diseases traumatizing events toxins aging itself. The overarching term for multiple types of nerve damage is peripheral neuropathy, which affects many people in a range scenario which is likely the case for approximately 2.4% of people worldwide. Among those over 45 years of age, the rate rises to anywhere from 5% to 7%, showing an increased risk with aging.      

Awareness for chronic toxicities of cancer treatments such as Taxane-induced peripheral neuropathy, is one of the rising factors in driving peripheral neuropathy market. An increasing number of patients will live with long-term neuropathy, driving the need for better diagnosis and approaches to management and treatment. This drives the pipeline of medications, therapies and other interventions that help relieve neuropathy symptoms while enhancing quality of life for patients. According to the study published in the Journal of the National Cancer Institute in 2017, serves an important reminder of the necessity for better communication about latent side effects. Other evidence indicates that long-term peripheral neuropathy - a symptom of numbness and tingling in the hands and feet - after taxane-based chemotherapy is common.

An increasing number of people suffer from diabetes worldwide, and therefore it is more vulnerable to developing peripheral neuropathy that is diabetes mellitus is a progressive non-communicable disease affecting millions of people all over the world. In addition, diabetic neuropathy affects at least 50% of all patent with diabetes. This nerve damage complication gives one more facet to the challenge of caring for this disease. Over the last few decades, DM has shown an alarming rise in both developed and developing countries. Globally, a record 537 million adults aged 20-79 now live with diabetes. These figures are expected to get even worse in the future, with projections predicting a rise up to 643 million by 2030 and an astounding increase of people infected for this coming decade till 2045, according to nature article published in June 2024.

A recent study by Nature article in June 2024, examined the prevalence of peripheral neuropathy in a population of 225 patients with type I (2.2%) and type II (97.8%) diabetes. Moreover, over half (56%) of the participants had a diabetic history of less than five years, suggesting an emphasis on the relatively early stages of the disease. Researchers utilized the Michigan Neuropathy Screening Instrument, a well-established tool for detecting DPN in diabetic patients while the study itself doesn't provide a specific prevalence statistic, it reflects how cross-sectional studies can quantify DPN in diabetic populations. Real-world prevalence estimates vary, but large-scale reviews suggest DPN affects roughly 43% of diabetic patients. This highlights the significant impact of DPN on this population.

Diabetic peripheral neuropathy is a disease in which millions of people suffer across the globe. Early detection is crucial to proper management, especially with diabetic patients. This is why an innovative initiative was launched not just to raise awareness of the condition but also to collect important epidemiological data that will present how widespread and severe it really can be. According to a study, granted by the Asia Book of Records has been achieved through screening peripheral neuropathy for millions. The screening for neuropathy is being conducted by CORONA in the "May 2024 Neuropathy Awareness Week initiative".

Market Dynamics

Drivers

• Rising Cases of Diabetes, Obesity, and Chronic Disease as well as increasing Aging Population:

The peripheral neuropathy market is ready to experience exponential growth due to many opportunities such as the rising prevalence of the diseases, huge economic burden, and availability of drugs in markets. With an example of diabetes serving as one of the prime suspects behind peripheral neuropathy, Diabetes has been cited as a "global health emergency" in America.

According to the IDF Diabetes Atlas (2021), showed that more than 10% of adults aged 20-79 have diabetes and almost half are undiagnosed. This underscores the necessity for improved awareness programs. Technological advances engineer a smarter future ahead an alarming 783 million people—affected 1 in 8 adults would be living with diabetes, a steep 46% increase from current previsions by the year 2045. Unsurprisingly, type 2 diabetes is the prime suspect which is affecting more than 90% of diabetics. Needless to say, this upward surge comes from a tangled web - through different kinds of social, economic, and environmental factors as well including genetics.

As the global population ages, the risk of peripheral neuropathy naturally increases. Elderly individuals are more prone to age-related conditions like diabetes and vascular problems, both of which contribute to nerve damage. The global obesity epidemic is another concerning factor. Excess weight puts individuals at higher risk for developing diabetes and other chronic conditions that can lead to peripheral neuropathy. Beyond diabetes, other chronic illnesses like cancer, hypothyroidism, and kidney disorders can also cause peripheral neuropathy. The increasing prevalence of these conditions further fuels market growth. For instance, a 2020 report by the International Agency for Research on Cancer highlighted nearly 20 million new cancer cases globally, highlighting the substantial number of individuals potentially susceptible to neuropathy due to chemotherapy.

Advances being made in the development of various medications and therapies for peripheral neuropathy are good news to hopeful patients, with both traditional (pharmacological) as well as alternative drug treatments usable within the peripheral neuropathy market. The February 2021 phase 2/3-tractable clinical trial example (for venlafaxine for paclitaxel-induced neuropathy) illustrates the high level of active study in this area.

Overall, the rising prevalence of diabetes, the aging population, increasing obesity rates, and the burden of chronic diseases all contribute to a significant growth potential in the peripheral neuropathy market. As research efforts continue to develop new treatment options, the peripheral neuropathy market is expected to see further expansion in the coming years.

Restraints

• Higher Treatment Costs

The significant cost of medications and therapies for peripheral neuropathy can be a major barrier for patients and healthcare systems alike. This can limit patient access to treatment and hinder peripheral neuropathy market expansion.

Key Segmentation

By Type

• Diabetic Peripheral Neuropathy

• Chemotherapy-induced Peripheral Neuropathy

• Idiopathic Peripheral Neuropathy

• HIV/AIDS Associated Peripheral Neuropathy

The peripheral neuropathy market can be segmented based on the type of nerve damage. Diabetic peripheral neuropathy was the dominant segment, with 53.02% of the market share in 2023. This dominance is primarily driven by the concerning rise in the number of young diabetic patients experiencing neuropathy, coupled with the growing presence of companies developing treatments for this specific condition.

Positive developments are emerging in the fight against peripheral neuropathy. For instance, in September 2021, Biogen Inc. reported promising results from a Phase 2 clinical trial (CONVEY study) evaluating vixotrigine, a potential non-opioid treatment for small fiber neuropathy (SFN), a type of peripheral neuropathy. Such advancements in clinical trials offer hope for the future development of effective therapies for this condition.

Need any customization research on Peripheral Neuropathy Market - Enquiry Now

By Treatment

• Pharmacological Therapies

  • Pain Relievers

  • Anti-seizure Medications

  • Antidepressants

• Non-Pharmacological Therapies

  • Transcutaneous Electrical Nerve Stimulation

  • Plasma Exchange

  • Intravenous Immune Globulin

• Others

The peripheral neuropathy market can be segmented based on the treatment approach used. Pharmacological therapies, encompassing medications, hold the dominant share of the 58.09% market revenue in 2023. This dominance reflects their role as the primary tool for managing peripheral neuropathy.

In February 2021, a promising development emerged with the initiation of a Phase 2/3 clinical trial by Mendel AI and Cairo University. This study investigates the potential of venlafaxine, a medication, in mitigating paclitaxel-induced peripheral neuropathy, a complication of cancer treatment. This signifies ongoing research into non-pharmacological options for managing this condition.

By End User  

• Hospitals and Clinics

• Ambulatory Centers

• Others

The peripheral neuropathy market can be segmented based on the treatment setting.  Hospitals and clinics were dominated with 76.03% of the largest market share in 2023. This dominance is likely due to several factors like the increasing prevalence of chronic diseases, a major contributor to peripheral neuropathy, which leads more patients to seek care in these settings. Hospitals and clinics are often the first point of contact for diagnosis and initial treatment of peripheral neuropathy. These facilities typically have the expertise and access to various treatment methods, making them a comprehensive option for patients.

Moreover, other than traditional approaches, May 2021 saw promising results from a Phase II trial conducted by Pure Green Pharmaceuticals Inc. This trial investigated the use of a sublingual cannabidiol (CBD) tablet for diabetic peripheral neuropathy. The encouraging outcome, with a reported pain reduction of approximately 50%, suggests potential for further exploration of CBD as a treatment option.

Regional Analysis

North America held the leading position in peripheral neuropathy with a 43.06% market share in 2023. This dominance can be attributed to several key factors including the rising number of diabetic individuals in North America is a significant driver. Diabetes is a major risk factor for developing peripheral neuropathy. The well-established healthcare infrastructure in North America facilitates earlier diagnosis and access to treatment options for peripheral neuropathy. An increased awareness of peripheral neuropathy among diabetic patients in North America is likely leading to more timely diagnosis and treatment seeking, further contributing to the peripheral neuropathy market size.

Europe holds the second-largest market share. This is fueled by a growing number of treatment options, rising patient awareness, and a promising pipeline of new therapies. Notably, Germany holds the largest market share within Europe, while the UK is experiencing the fastest growth.

The Asia-Pacific region is expected to witness the most significant growth in the coming years. This surge is attributed to factors like increasing healthcare expenditure and a rapidly growing geriatric population susceptible to chronic diseases like diabetes and cancer, which are major risk factors for peripheral neuropathy. China is currently the leader in this region, but India is experiencing the fastest growth.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

Key Players

GlaxoSmithKline plc, Lupin Limited, Abbott Laboratories, Cipla Limited, Bristol Myers Squibb, Eli Lilly and Company, Novartis AG, Merck and Co. Inc., Pfizer Inc. Reddy's Laboratories, and others.

Recent developments

In Jan 2023, Researchers at the Salk Institute (US) published a groundbreaking study in Nature. They found that low levels of the amino acid serine increased the risk of peripheral neuropathy in diabetic mice. This exciting discovery opens doors for exploring serine supplementation as a potential treatment to alleviate neuropathy symptoms, and perhaps even pave the way for future cure development.

In Jan 2023, Neuralace Medical Inc. (US) announced a significant step forward with the enrollment of the first patients in their Axon Therapy and Painful Diabetic Neuropathy (AT-PDN) study. This clinical trial, aiming to recruit around 80 patients across five sites led by Dr. Lora Brown at TruWell Health (Florida), represents a promising avenue for exploring new treatment options for diabetic neuropathy.