Peripheral Neuropathy Market : Technology Advancements, Industry Insights, Trends And Forecast 2033

Overview and Scope
The peripheral neuropathy market consists of revenues earned by entities by providing services such as neurological evaluation, pain management, physical therapy, occupational therapy, podiatry services, orthopedic support, nutritional counseling, psychological support, and medication management. The market value includes the value of related goods sold by the service provider or included within the service offering. The peripheral neuropathy market also includes sales of pain relief creams, orthopedic shoes, compression socks, tens devices, foot care kits, braces and supports, nutritional supplements, mobility aids, and assistive devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Sizing and Forecast
The peripheral neuropathy market size has grown rapidly in recent years. It will grow from $3.62 billion in 2023 to $4.09 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to the increased prevalence of chronic diseases like diabetes, growth in awareness about neuropathic pain management, rise in geriatric population globally, expansion of healthcare infrastructure, availability of specialized treatment centers, government initiatives aimed at improved neurological healthcare services, growing adoption of novel treatment options.

The peripheral neuropathy market size is expected to see rapid growth in the next few years. It will grow to $6.66 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to the continued rise in the prevalence of chronic diseases, particularly diabetes and cancer, advancements in pharmacological therapies targeting neuropathic pain pathways., increased investment in research and, development for innovative treatment modalities, integration of digital health solutions for remote monitoring and personalized management of neuropathic symptoms, heightened focus on patient-centric care models, improved access to multidisciplinary healthcare services. Major trends in the forecast period include increasing adoption of personalized treatment, growing use of wearable devices for real-time monitoring of neuropathic symptoms and treatment, expansion of telemedicine services for remote consultations and follow-ups, development of targeted therapies addressing specific neuropathic pain pathways and mechanisms, advancements in regenerative medicine techniques, integration of digital therapeutics platforms for cognitive behavioral therapy, mindfulness-based interventions, technological advancements in diagnostic tools for early detection and monitoring of peripheral neuropathy.

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Segmentation & Regional Insights
The peripheral neuropathy market covered in this report is segmented –

1) By Type: Chemotherapy-Induced, Diabetic, Human Immunodeficiency Virus (HIV) Or Acquired Immunodeficiency Syndrome (AIDS Associated, Idiopathic
2) By Diagnosis: Blood Test, Biopsy, Imaging, Other Diagnosis
3) By Treatment: Medications, Antidepressants, Anti-Seizure Medication, Pain Reliever, Topical Treatment, Therapies, Nerve Stimulation, Plasma Exchange, Physical Therapy, Other Treatments
4) By End-User: Hospitals, Clinics, Ambulatory Centres

North America was the largest region in the peripheral neuropathy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the peripheral neuropathy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising prevalence of diabetes is expected to propel the growth of the peripheral neuropathy market going forward. Diabetes refers to a chronic condition characterized by high levels of glucose in the blood due to the body’s inability to produce or effectively use insulin. The rising prevalence of diabetes is primarily due to factors such as increasing rates of obesity, sedentary lifestyles, and aging populations. Diabetes can cause peripheral neuropathy by damaging nerves due to prolonged high blood sugar levels, leading to symptoms like pain, tingling, and numbness in the extremities. Effective blood sugar management is crucial to prevent or slow the progression of this complication. For instance, in July 2021, according to a report by the International Diabetes Federation, a Belgium-based national diabetes association, the total number of people living with diabetes is expected to increase to 643 million by 2030 and 783 million by 2045. Therefore, the rising prevalence of diabetes is driving the peripheral neuropathy market.

Key Industry Players
Major companies operating in the peripheral neuropathy market are Pfizer Inc., Merck and Co. Inc., Novartis AG, Bristol Myers Squibb Co, AstraZeneca Plc, Abbott Laboratories, Eli Lilly and Co., Asahi Kasei Corporation, Daiichi Sankyo Co. Ltd., Sun Pharmaceutical Industries Ltd, Aurobindo Pharma, Cadila Pharmaceuticals Ltd., Dr. Reddy’s Laboratories, Cipla Ltd., Apotex Inc, Hikma Pharmaceuticals PLC, Lupin Limited, Grunenthal GmbH, ACI Limited, Lexicon Pharmaceuticals, Solasia Pharma KK, Helixmith Co. Ltd., PledPharma AB

The peripheral neuropathy market report table of contents includes:

1. Executive Summary

2. Peripheral Neuropathy Market Characteristics

3. Peripheral Neuropathy Market Trends And Strategies

4. Peripheral Neuropathy Market – Macro Economic Scenario

5. Global Peripheral Neuropathy Market Size and Growth
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32. Global Peripheral Neuropathy Market Competitive Benchmarking

33. Global Peripheral Neuropathy Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Peripheral Neuropathy Market

35. Peripheral Neuropathy Market Future Outlook and Potential Analysis

36. Appendix

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