Market Overview

Diabetic Neuropathy Market is projected to achieve a value of USD 5.23 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 9.45 Billion by 2033 with a CAGR of 8.1% during the forecast period 2024-2033.

Diabetic neuropathy is a result of diabetes that affects nerves throughout the body due to consistently elevated blood sugar levels. Usually affecting the hands and feet, it presents as a nerve injury that causes tingling, numbness, pain, or weakness. Over time, serious problems affecting digestion, heart rhythm, and even organ function may develop. This illness is brought on by altered metabolism, inflammation, and decreased blood flow, and it impairs nerve signaling. Blood sugar control, medication to relieve symptoms, and lifestyle changes are all necessary to stop diabetes from worsening and developing new complications.

Around the world, diabetes management is regarded as a top priority. The diabetic neuropathy market is expanding since there are more people with diabetes. In addition, rising rates of diabetic neuropathy, heightened consciousness regarding diabetes care, and other factors are compelling major businesses to concentrate on the introduction of new products in the upcoming years. Because of this, throughout the projection period, major players will be concentrating on developing cutting-edge products for the better treatment of diabetic neuropathy. Manufacturers are concentrating on creating mouth spray, powder, transdermal patches, and other products.

According to the current state of the industry, the rising incidence of diabetes worldwide is predicted to cause the global diabetic neuropathy market to expand significantly over the next several years. Furthermore, there has been a significant increase in the prevalence of diabetic neuropathy due to the aging population and the adoption of sedentary lifestyles. Innovative treatment options including gene therapy, stem cell therapy, and RNA interference therapy are among the major trends in the diabetic neuropathy industry. In addition, market expansion is anticipated due to the launch of innovative medications created specially to address neuropathic pain. Further factors expected to fuel market expansion include the need for non-invasive therapies and the growing emphasis on creating customized medications for patients with diabetic neuropathy.

The COVID-19 outbreak has presented difficulties for those suffering from diabetic neuropathy. Because of the body's inflammatory reaction, the virus itself may intensify neuropathic symptoms, possibly leading to worsening nerve pain or other consequences. Lockdowns and restricted access to medical care can interfere with routine exams or treatments, which can affect management plans. Furthermore, the pandemic's stress might raise blood sugar levels, exacerbating symptoms of neuropathy. Neuropathic pain may be influenced by diabetes management, which in turn may be affected by reduced physical activity and changed routines. To lessen the impact on diabetic neuropathy in the face of these pandemic-related issues, telehealth service adaptation and strict diabetes care become essential.

Market Scope

Market Dynamics

Market Drivers

Increasing prevalence of diabetes

The diabetic neuropathy market is expanding due in large part to the increasing incidence of diabetes. Diabetic neuropathy, a common consequence of diabetes, is becoming more widespread as the disease spreads over the world. The market is growing at a substantial rate because of diabetic neuropathy, which is defined as nerve damage brought on by persistently high blood sugar levels. The increase in diabetes cases fuels the need for neuropathy care and treatment alternatives, which in turn encourages innovation in medications and medical equipment. The market is growing because there is an urgent need for practical solutions to deal with the growing number of people with diabetes who are experiencing diabetic neuropathy.

Growing the Number of Product Approvals

The diabetic neuropathy market is expanding as a result of more product approvals. Increased therapeutic choices are shaping market dynamics as regulatory bodies approve new drugs and devices to treat diabetic neuropathy. Innovation and competitiveness among producers are fostered by the expanding list of permitted items, which is a reflection of research and development developments. In addition to improving patient care, this flood of authorized solutions draws capital and propels industry growth. The increase in product approvals is a reaction to the growing incidence of diabetic neuropathy, providing medical practitioners with a more comprehensive toolkit of efficacious interventions and advancing the market as a whole.

Market Restrains

High Research and development costs for new therapies and medications

The diabetic neuropathy market is constrained by the high expenses associated with developing novel treatments and pharmaceuticals. Because diabetic neuropathy is so complex, it will take a lot of research to create novel, efficient treatments. Smaller pharmaceutical businesses find it difficult to enter the market since preclinical research, clinical trials, and regulatory compliance require significant financial inputs. Higher R&D expenses may result in more expensive products when they first hit the market, which would make them less affordable for patients and healthcare systems. This financial obstacle might slow the development of novel treatments and make it more difficult for the market to quickly respond to the rising incidence of diabetic neuropathy.

Market- By Disease Type Analysis

By Disease Type, the Diabetic Neuropathy Market is Categories into Proximal, Peripheral, Autonomic and Focal, Others. The Peripheral segment accounts for the largest share of around 70% in 2022.

This is because peripheral neuropathy, which affects about 50% of diabetic patients, is the most prevalent kind of diabetic neuropathy. Peripheral neuropathy is predicted to be increasing in the upcoming years due to a projected sharp rise in the global diabetes patient population. As a result, there will be a greater need for peripheral neuropathy therapies such painkillers, physical therapy, and surgery.

Market- By Drug Class Analysis

By Drug Class, the Diabetic Neuropathy Market is Categories into Anti-Seizures, Anti-Depressants, Opioid, Non-Steroidal Anti-Inflammatory, and others. The Anti-Seizures segment accounts for the largest share of around 45% in 2022.

The market for ASDs in diabetic neuropathy is driven by these drug’s established use in neurology, acceptable safety profile, cost-effectiveness, and mechanistic approach to pain control. ASDs are a beneficial therapy option for patients with diabetic neuropathy because of these factors.

Market- By Distribution Channel Analysis

By Distribution Channel, the Diabetic Neuropathy Market is Categories into Hospital Pharmacies, Retails Pharmacies & Stores, and Online Pharmacies. The Hospital Pharmacies segment accounts for the largest share of around 65% in 2022.

Hospital pharmacists are skilled in treating complicated medical disorders such as diabetic neuropathy because of their specific training and experience. They can guarantee that patients are taking the appropriate meds at the appropriate dosages and offer thorough medication counseling.

Market-Regional Analysis

North America dominate the Diabetic Neuropathy Market with the highest revenue generating market with share of more than 47%. The high rate of diabetes, growing knowledge of diabetic neuropathy, and advantageous reimbursement practices are the main factors in the area which dominate the market. With more than 60% of the North American market share, the United States is expected to be the largest market in the area.

Europe is expected to become the second-largest market due to factors such as the aging population, the incidence of diabetes, and the rising cost of healthcare. It is expected that Germany and France will be the primary markets in the area.

The Asia Pacific region is predicted to grow at the quickest rate due to increased urbanization, improved healthcare infrastructure, and rising incidence of diabetes. It is anticipated that the two main forces propelling regional expansion will be China and India.

Competitive Analysis

The Diabetic Neuropathy Market is dominated by a few large companies, such as GlaxoSmithKline plc., Abbott, Eli Lilly and Company, Astellas Pharma US, Inc., F. Hoffmann-La Roche Ltd, Janssen Pharmaceuticals, Inc., Pfizer Inc, Lupin Pharmaceuticals, Inc. and Others.

There are some of the key trends that are shaping the competitive landscape of the Diabetic Neuropathy Market.

April 2019, Japan's Tarlige pills, marketed under the generic name microgabalin bestilate, were introduced by Daiichi Sankyo to relieve the pain experienced by individuals with peripheral diabetic neuropathy.

October 2018, A phase III clinical trial called AKCEA-TTR-L has been initiated by Ionis Pharmaceuticals and Akcea Therapeutics to treat polyneuropathy in patients with hereditary TTR (hATTR) amyloidosis.

Research Report Following Segments:

By Disease Type

·         Proximal

·         Peripheral

·         Autonomic and Focal

By Drug Class

·         Anti-Seizures

·         Anti-Depressants

·         Opioid

·         Non-Steroidal Anti-Inflammatory

·         others

By Distribution Channel

·         Hospital Pharmacies

·         Retails Pharmacies & Stores

·         Online Pharmacies