What are the recent trends in market size and growth for the peripheral neuritis treatment market?
The peripheral neuritis treatment market size has grown strongly in recent years. It will grow from $1.84 billion in 2024 to $1.93 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to increase in healthcare expenditure, the increase in chronic diseases, the growing burden of diseases associated with peripheral neuritis, higher prevalence rate of diabetic people and increasing aging population.
The peripheral neuritis treatment market size is expected to see strong growth in the next few years. It will grow to $2.36 billion in 2029 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to growing number of treatment options, an increasing geriatric population, rising obesity rates, prevalence of HIV/AIDS, growth in generic drug market and government and healthcare initiatives. Major trends in the forecast period include collaboration and partnerships, technological advancement, the rise in diabetic peripheral neuritis treatment product launches, increased focus on personalized medicine, development of non-pharmacological therapies and integration of digital health tools.
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How have varous drivers impacted the growth of the peripheral neuritis treatment market?
The rising prevalence of diabetes is expected to propel the growth of the peripheral neuritis treatment market going forward. Diabetes is a chronic medical condition that occurs when the body is unable to properly regulate blood sugar (glucose) levels. The rising prevalence of diabetes is due to factors such as sedentary lifestyles, unhealthy diets, obesity, aging populations, and genetic predisposition. Peripheral neuritis treatment supports diabetic individuals by relieving nerve pain, reducing inflammation, and enhancing nerve function, helping to improve their quality of life and prevent complications. For instance, in November 2023, according to the American Diabetes Association, a US-based non-profit organization, in 2022, around 25.5 million people in the U.S. were diagnosed with diabetes, accounting for 7.6% of the total population. Therefore, the rising prevalence of diabetes is driving the growth of the peripheral neuritis treatment market.
What are the primary segments of the peripheral neuritis treatment market?
The peripheral neuritis treatment market covered in this report is segmented –
1) By Treatment Type: Pharmacological Therapies, Non Pharmacological Therapies
2) By Drug Class: Anti-Depressants, Anticonvulsants, Local Anesthesia, Analgesics, Steroids, Other Drug Classes
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Drug Stores
4) By Application: Diabetic Peripheral Neuropathy, Chemotherapy-Induced Peripheral Neuropathy, Idiopathic Peripheral Neuropathy, Other Applications
Subsegments:
1) By Pharmacological Therapies: Pain Relievers (Analgesics), Antidepressants, Anticonvulsants, Topical Medications
2) By Non-Pharmacological Therapies: Physical Therapy, Transcutaneous Electrical Nerve Stimulation (TENS), Acupuncture, Lifestyle And Dietary Modifications
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Which firms are leading the peripheral neuritis treatment market?
Major companies operating in the peripheral neuritis treatment market are Pfizer Inc., Johnson & Johnson (J&J), AstraZeneca Plc, Novartis AG, GSK plc, Takeda Pharmaceuticals & Co. Ltd., Eli Lilly and Co., Mallinckrodt Pharmaceuticals plc, Viatris Inc., Teva Pharmaceutical Industries Ltd., Astellas Pharma Inc., Sun Pharmaceutical Industries Ltd., Apotex Inc., Dr Reddys Laboratories Ltd., Cipla Inc., Amneal Pharmaceuticals LLC, Lupin Ltd., Daiichi Sankyo Co. Ltd., Glenmark Pharmaceuticals Ltd., Cadila Pharmaceuticals Ltd.
How will industry trends affect the trajectory of the peripheral neuritis treatment market?
Major companies in the peripheral neuritis treatment market are focusing on development of innovative treatments such as magnetic peripheral nerve stimulation (mPNS) treatment to enhance nerve regeneration and reduce neuropathic pain. Magnetic peripheral nerve stimulation (mPNS) treatment refers to a non-invasive neuromodulation technique that uses magnetic fields to stimulate peripheral nerves, helping to manage pain, enhance nerve regeneration, and improve motor function in conditions such as neuropathy and musculoskeletal disorders. For instance, in January 2024, Neuralace Medical Inc., a US-based medical equipment manufacturing company announced Axon Therapy (mPNS), for the treatment of chronic painful diabetic neuropathy (PDN) approved by the Food and Drug administration, a US-based government agency. This therapy provides a quick, painless, and non-invasive approach to pain relief. Clinical trials demonstrated a 72.3% responder rate at Day 30 and an 81.4% responder rate at Day 90, highlighting its effectiveness in reducing pain and numbness. This approval marks a significant advancement in pain management, offering patients an alternative to traditional treatments without the side effects of medication.
Which geographic trends are shaping the peripheral neuritis treatment market, and which region has the highest market share?
North America was the largest region in the peripheral neuritis treatment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the peripheral neuritis treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Peripheral Neuritis Treatment Market Report 2025 Offer?
The peripheral neuritis treatment market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Peripheral neuritis refers to the inflammation or damage of peripheral nerves, leading to symptoms such as pain, weakness, numbness, and tingling, often caused by diabetes, infections, toxins, or nutritional deficiencies, with treatment involving medications, physical therapy, lifestyle modifications, and management of underlying conditions.
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