Global Peripheral Neuropathy Market - 2022-2029

Global Peripheral Neuropathy Market - 2022-2029

Market Overview

Peripheral Neuropathy Market size was valued US$ 1,539 million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 4.2% during the forecast period (2022-2029).

Peripheral neuropathy is a disorder when nerves that convey messages to and from the mind and spinal line from the remainder of the body are harmed or ailing. The peripheral nerves make up an unpredictable system that interfaces the brain and spinal string to the muscles, skin, and inside organs. Peripheral nerves come out of the spinal line. They are masterminded along lines in the body called dermatomes when damage to a nerve influence at least one dermatomes, which can be followed to specific regions of the body, harm to these nerves interferes with correspondence between the cerebrum and different pieces of the body and can disable muscle development and cause torment.

Market Dynamics

The peripheral neuropathy market is driven by the rising population, growing commonness of diabetes, increasing chemotherapy medicines for cancer growth, and rising mindfulness about fringe neuropathy.

Increasing chemotherapy medicines and rising prevalence of chronic diseases are expected to drive market growth.

The peripheral neuropathy market is expanding due to growing commonness of diabetes, increasing chemotherapy medicines for cancer growth, and rising mindfulness about fringe neuropathy. For instance, according to the International Diabetes Federation 2020, approximately 493 million adults of age-groups 20-79 have diabetes worldwide. This number is expected to increase and reach up to 700 million by 2045. Individuals with diabetes are probably going to experience the ill effects of diabetes-instigated fringe neuropathy. General population studies have revealed that 7% to 18% of adults now have incessant neuropathic torment, where the detailed frequency is 1000 individuals for every year. Alone, in the UK the 26% of people with diabetes experience fringe neuropathic torment. These factors will drive the growth of the peripheral neuropathy market in the forecast period.

Expanding mergers, acquisitions, and coordinated efforts by conspicuous players in the market encourage organizations to enter the new market with inventive innovations. For instance, in February 2019, Teva Pharmaceutical Industries Ltd launched a generic version of Sabril tablets to enter the US market. With more than 550 conventional prescriptions accessible, Teva has the biggest arrangement of FDA-endorsed nonexclusive items and holds the main situation in first-to-document openings. The tablets have serious side effects include peripheral neuropathy.

Peripheral neuropathy is perceived as the most continuous reason for non-awful removal in diabetic patients. The Neuropathy Association makes attention to peripheral neuropathy by furnishing patients with the essential assets, data, and apparatuses to manage to discover medicines. The collected data should be used to develop pharmaceuticals and the treatment of peripheral neuropathy in the future.

In December 2019, InvaGen Pharmaceuticals, Inc., get final approval for its Abbreviated New Drug Application (ANDA) for Pregabalin Capsules of 25mg to 300mg from the United States Food and Drug Administration (US FDA). Pregabalin capsules are indicated for the cure of neuropathic pain associated with diabetic peripheral neuropathy.

Stringent regulations associated with the medications are expected to hamper the market growth.

The stringent regulations regarding the side effects of the medicines use in the treatment, and the misdiagnosis of peripheral neuropathy due to its complex array of symptoms will hinder the market growth in the forecast period.

Industry Analysis

The global peripheral neuropathy market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, supply chain analysis and pricing analysis.

Segment Analysis

Diabetic peripheral neuropathy segment is expected to hold the largest market share in global peripheral neuropathy market

The peripheral neuropathy market is segmented by type into diabetic peripheral neuropathy, chemotherapy-induced peripheral neuropathy, idiopathic peripheral neuropathy, HIV/AIDS associated peripheral neuropathy and others. The diabetic peripheral neuropathy segment held the largest market share due to the increasing prevalence of diabetic peripheral neuropathy in youth suffering from diabetes. Diabetic neuropathy is a kind of nerve harm that can happen if you have diabetes. High blood sugar will harm nerves all through the body. Diabetic neuropathy regularly harms nerves in the legs and feet. About 60% to 70% of all people with diabetes will eventually develop peripheral neuropathy, although not all suffer pain.

The Chemotherapy-induced peripheral neuropathy segment is expected to have positive market growth due to its use common in patients receiving anticancer treatment. Although chemotherapy-induced peripheral neuropathy's clinical introduction can be comparable with the different classes of chemotherapeutic specialists, there are unpretentious contrasts, proposing that each class of medications may incite neuropathy using various systems. Different components have been proposed to underlie the turn of events and support of neuropathy. Most pharmacological operators created from preclinical trials have neglected to reduce the side effects.

HIV/AIDS associated peripheral neuropathy side effects on patients as a rule experience incorporate consuming, firmness, prickling, shivering, and deadness or lost inclination in the toes and bottoms of the feet. The nerves in the fingers, hands, and wrists are additionally influenced. Generally extraordinary, torment over the lower legs could show increasingly serious nerve harm. According to the Foundation for Peripheral Neuropathy 2021, it is estimated that about 33% of individuals with HIV/AIDS experience some fringe nerve harm. For patients with HIV/AIDS, peripheral neuropathy can be brought about by the infection itself, by specific medications utilized in the treatment of HIV/AIDS or different intricacies, or because of deft diseases.

Further, the market is also classified based on pharmacological therapies, non-pharmacological therapies, physical therapies, surgery, and others. The pharmacological therapies segment accounts for the highest market share due to the high usage of primary in peripheral neuropathy treatment. A huge array of pharmacologic specialists, for example, nonsteroidal calming drugs (NSAIDs), antidepressants, analgesics, and antiepileptic drugs, are utilized alone or in the blend for indicative administration. These medications bring about moderate adequacy, possible symptoms, and medication cooperation.

Non-Pharmacological therapies are used to decrease pain without the use of medicine. In this therapy, the treatments should be modified for the developmental stages, reflecting both the most problematic behavioral symptoms at that stage in time and the patient’s level of understanding.

Geographical Analysis

North America region holds the largest market share in the global peripheral neuropathy market

By region, North America is dominating the peripheral neuropathy market. It is expected to grow at the highest CAGR over the forecast period due to the increasing prevalence of diabetes in the region. According to the Royal Pharmaceutical Society 2020, in Canada, 17.9% of the population reported chronic pain with neuropathic symptoms; however, a recent Canadian study has reported lower percentages. A study in the United States revealed that the prevalence rates for peripheral neuropathy determined by either clinical examination or self-reporting were 9.8% and 12.4%, respectively. The rising incidences of people suffering from various neuropathy problems in the region have fueled the market's growth. The higher spending on the research and development activities for treating peripheral neuropathy shall boost the market demand over the forecast period.

The Asia-Pacific region is expected to have a large market share due to the increasing number of geriatric populations afflicted with chronic diseases like diabetes and cancer. The developing healthcare sector in the region has boosted the market. Countries like China and India have a huge population; also, the rise in the middle class's income level has given them the capacity to spend on health care. These factors stimulate market growth over the forecasted period.

Competitive Landscape

The peripheral neuropathy market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. GlaxoSmithKline, Abbott Laboratories, Cipla Laboratories, Novartis AG, Merck and Co., Bristol Meyer Squibb, Reddy’s Lab, Pfizer and Elli Lilly and Company, Eli Lilly are the leading market players with significant market share. The major players are using product development, novel product launches, market expansion, and product diversification strategies for holding their position in the market.

The companies enter into collaborations, mergers, strategic partnerships, acquisitions and novel product launches to increase the demand for peripheral neuropathy treatment across the globe. For instance,

• In July 2020, The Food and Drug Administration (FDA) had approved Qutenza, a topical, non-systemic, non-opioid pain treatment delivered in the form of a patch for neuropathic treatment pain with peripheral neuropathy of the feet.

• In July 2020, Bristol Myers Squibb and bluebird bio reported the accommodation of their Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for idecabtagene vicleucel, the organizations' investigational B-cell development antigen (BCMA)- coordinated illusory antigen receptor (CAR) T cell immunotherapy, for the treatment of grown-up patients with backslid and unmanageable numerous myeloma.

Key Companies to Watch

Averitas Pharma:

Overview: It is an US commercial subsidiary of Grunenthal group, a multinational pharma company that works in research and development of therapeutics for inflammation, pain and gout. Its products and services are present in over 30 countries. It was founded in 2018 and is headquartered in Germany.

Product Type Portfolio:

QUTENZA (Capsaicin): It is a non-systemic and non-opioid that is used in adults for neuropathic pain treatment that is linked with postherpetic neuralgia and diabetic peripheral neuropathy of feet.

Key Developments: In Mar 2021, Averitas pharma announced about conducting phase III trial of QUTENZA to observe its efficacy and safety in post-surgical neuropathic pain.

The global peripheral neuropathy market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.