2024 Peripheral Neuropathy Market Sees Growth in Treatment Demand

Peripheral Neuropathy Market Report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the peripheral neuropathy market.

Peripheral Neuropathy Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size
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 the geriatric population globally, expansion of healthcare infrastructure, availability of specialized treatment centers, government initiatives aimed at improved neurological healthcare services, and 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, and 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, and technological advancements in diagnostic tools for early detection and monitoring of peripheral neuropathy.

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Scope Of Peripheral Neuropathy Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Peripheral Neuropathy Market Overview

Market Drivers
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, 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.

Market Trends
Major companies operating in the peripheral neuropathy market are focused on developing advanced solutions, such as point-of-care devices, to improve the diagnosis and management of the condition. A point-of-care peripheral neuropathy quantitative screening test is a diagnostic tool used to rapidly detect the presence of nerve damage in the extremities of individuals, particularly those with diabetes. For instance, in January 2023, NeuroMetrix Inc., a US-based non-invasive medical device manufacturer, launched the DPNCheck 2.0 point-of-care device for detecting peripheral neuropathy. The device uses nerve conduction technology to detect the systemic degeneration of peripheral nerves, which can lead to debilitating conditions such as diabetic peripheral neuropathy (DPN). It offers rapid patient screening through quantitative peripheral nerve function measurement, making it a more efficient and accurate tool compared to traditional methods such as monofilament and tuning fork tests.

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

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Regional Insights
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, and Africa.

Key Companies
Major companies operating in the peripheral neuropathy market include 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.

Table of Contents

1. Executive Summary
2. Peripheral Neuropathy Market Report Structure
3. Peripheral Neuropathy Market Trends And Strategies
4. Peripheral Neuropathy Market – Macro Economic Scenario
5. Peripheral Neuropathy Market Size And Growth
   …..
6. Peripheral Neuropathy Market Competitor Landscape And Company Profiles
7. Key Mergers And Acquisitions
8. Future Outlook and Potential Analysis
9. Appendix

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