Global Chemotherapy Induced Peripheral Neuropathy Treatment Market - 2022-2029

Global Chemotherapy Induced Peripheral Neuropathy Treatment Market - 2022-2029

Market Overview

Chemotherapy-Induced Peripheral Neuropathy Treatment Market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 5 % during the forecast period (2022-2029).

Chemotherapy-induced peripheral neuropathy is a serious clinical problem induced by several chemotherapeutics drugs or cytotoxic drugs such as platinum, taxanes, and vinca alkaloids eribulin, epothilones, and bortezomib. These drugs cause different pathological problems to the neurons. The pathological problems lead to the degeneration of peripheral sensory and motor nerves and cause patients to present with sensory disturbances, balance problems, or weakness. The technological advancement in the treatment and diagnosis of cancer and the rising incidence of chemotherapy-induced peripheral neuropathy is expected to propel the market growth. Moreover, the increasing demand for cost-efficient therapeutics in emerging regions is an opportunity for market growth.

Market Dynamics: Continuous rise in R&D will continue supporting the growth of the market during the forecast period.

The companies operating in the chemotherapy-induced peripheral neuropathy market are constantly developing efficient drugs and medications to manage chemotherapy. Cancerous cells in the body make it critical to administer minor doses of drugs for peripheral neuropathy. Henceforth, the key market players in the global chemotherapy-induced peripheral neuropathy market are ramping up their oncological research investments. For instance, in December 2021, Paxman KTP created a new device to prevent chemotherapy side-effect CIPN. University of Huddersfield and Paxman partnered to develop a medical cooling system to prevent Chemotherapy-induced peripheral neuropathy (CIPN). CIPN causes progressive and often irreversible pain or sensitivity in the hands and feet of patients undergoing chemotherapy leading to delays and discontinuation of treatment.

Also, collaboration with research institutes is driving the growth of the global market. Harvard Health Reviews have been offering relevant signals for the management and treatment of neuropathy. Numerous chemotherapy-induced peripheral neuropathy market companies are expected to collaborate with Harvard's research fraternity to reap the benefits of collaborative research. The Harvard Medical School insights have already helped numerous companies, research units, and chemotherapy-induced peripheral neuropathy'stand nature and uropathy.

However, the adverse effect associated with the treatment may hamper the global chemotherapy-induced peripheral neuropathy treatment market.

Market Segmentation: The antidepressants segment accounted for the highest share in global chemotherapy-induced peripheral neuropathy treatment market.

Antidepressant contributes the major share of the chemotherapy-induced peripheral neuropathy treatment market. It has a clinically meaningful effect on chemotherapy-induced peripheral neuropathy. Adjunct treatment options for chemotherapy-induced peripheral neuropathy include a topical analgesic, a tricyclic antidepressant, an anticonvulsant, or an SNRI. Therefore, realizing the potential benefits of chemotherapy-induced peripheral neuropathy as an antidepressant will drive market growth during the forecast period.

The chemotherapy-induced peripheral neuropathy treatment market has been classified into platinum agents, taxanes, vinca alkaloids, and others based on the application. The Platinum Agents segment held a significant market share in the global chemotherapy-induced peripheral neuropathy treatment market in the forecast period. The major application of platinum agents is the chemotherapy-induced peripheral neuropathy treatment market. Platinum agents (carboplatin, cisplatin, and oxaliplatin) are a class of chemotherapy agents with a wide range of activity against several solid tumors. Toxicity to the peripheral nervous system is the key dose-reducing toxicity of a few platinum drugs of clinical interest. Among the platinum compounds, cisplatin is considered the most neurotoxic, inducing mainly sensory neuropathy of the upper and lower extremities.

Geographical Penetration: North America dominated the global market throughout the forecast period.

Based on geography, the study analyzes the chemotherapy-induced peripheral neuropathy treatment market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

North America dominated the global chemotherapy-induced peripheral neuropathy treatment market and is expected to retain its position during the forecast period. The U.S. contributed over xx % to the North American chemotherapy-induced peripheral neuropathy treatment market in 2022. The increase in the incidence and prevalence rate of different cancer has led to a rise in demand for cancer drugs. This growth is due to chemotherapy in earlier cancer treatment stages compared to other therapy options such as immunological therapy drugs and targeted therapy drugs used in the late stage.

The Asia Pacific is estimated to grow considerably in the chemotherapy-induced peripheral neuropathy treatment market during the forecast period. This growth can be accredited to the rapidly developing healthcare infrastructure and rising awareness programs in this region. Further, growing medical tourism in developing countries such as India, China, Singapore, and Malaysia is also estimated to positively youth the global chemotherapy-induced peripheral neuropathy treatment market.

Competitive Landscape:

The chemotherapy-induced peripheral neuropathy treatment market is highly competitive. The key chemotherapy-induced peripheral neuropathy treatment players contributing to the global market's growth market include Regency Pharmaceuticals, Nemus Bioscience Inc, PledPharma, Immune PharmaceIncnc., and DermaXon LLC. The major players are adopting new product launches and expansion strategies for global growth in the chemotherapy-induced peripheral neuropathy treatment market. In March 2022, Asahi Kasei Pharma announced that a drug administration study began for the first patient in the Japan-US international phase 1 study of ART-123 (generic name: thrombomodulin alfa; marketed as Recomodulin Injection in Japan) for the prevention of chemotherapy-induced peripheral neuropathy (CIPN). This study is performed jointly with Veloxis Pharmaceuticals, Inc., a wholly-owned subsidiary of Asahi Kasei Corp. In September 2021, Novaremed acquired Metys Pharmaceuticals to expand its Pipeline of Non-opioid Treatment Candidates for Chronic Pain Indications. This acquisition aims to deliver effective and well-tolerated medications to patients while simultaneously addressing the urgent need for non-addictive treatments.

COVID-19 Impact: Negative impact on the global chemotherapy-induced peripheral neuropathy treatment market.

The outbreak of COVID-19 has certainly impacted the global chemotherapy-induced peripheral neuropathy treatment market, as the lockdown has compelled the diagnosis of new cancer cases, which in turn has derailed the adoption rate of chemotherapy-induced peripheral neuropathy treatment amidst the COVID-19 pandemic. Therefore, the chemotherapy-induced peripheral neuropathy treatment market is expected to foresee a considerable decline in 2020.