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Expanding at 5.9% CAGR, Peripheral Neuropathy to Cement Dominance in Diabetic Neuropathy Treatment Market

The diabetic neuropathy market study by Fact.MR offers compelling insights into key growth drivers and restraints impacting the market through 2031. The survey offers diabetic neuropathy demand outlook and studies opportunities existing in key segments, including type and end user. It also highlights key strategies adopted by market players to increase diabetic neuropathy sales.

Fact.MR A Market Research and Competitive Intelligence Provider: As per the insights by Fact.MR, the global market for diabetic neuropathy is anticipated to rise at a CAGR of 5.6% over the forecast period 2021-2031.

Increasing prevalence of diabetes as a result of changing lifestyles and imbalanced diets is a primary factor, supporting the growth of the diabetic neuropathy market. In 2019, it was found that over 1/10th of the worlds population suffered from diabetes.

Considering this, leading manufacturers are increasingly focusing on incorporating anti-diabetic formulations within their diversified portfolio. For instance, Janssen Global Services LLC, a leading pharmaceutical company offers a wide range of drugs including NUCYNTA, NUCYNTA ER, Duragesic and INVOKANA.

These drugs include tapentadol and canagliflozin, which help in regulating the blood sugar levels. Several other leading pharmaceutical companies are expected to join the bandwagon, while expanding their portfolio. These factors will contribute towards the growth of the diabetic neuropathy market.

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Among various types of disorders, peripheral neuropathy segment is gaining traction and exhibiting a higher sales of diabetic neuropathy formulations. As per the Fact.MR, demand outlook for peripheral neuropathy remains optimistic and it is set to expand at a CAGR of 5.9% over the upcoming years.

Besides these, hospitals have emerged as dominant end users owing to the availability of advanced infrastructure and healthcare expertise. Also higher footfall patients will continue supporting growth in demand across hospitals.

According to the study, North America is dominating the market for diabetic neuropathy, accounting for nearly 2/5 of the market revenue across the globe. Owing to factors such as increasing number of patients for getting treatment along with rising investment in research for the development of new drugs, the market in the region is expected to expand considerably over the forecast period 2021-2031.

Increasing emphasis on research and development pursuits along with innovations in drug combinations for fulfilling the dual purpose of providing symptomatic pain relief and preventing the progression of neuropathic processes will bolster future growth prospects, says a Fact.MR analyst.

Key Takeaways from Diabetic Neuropathy Market Survey

Key Drivers

Key Restraints

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Competitive Landscape

Diabetic neuropathy manufacturers are focusing on receiving certifications from international organizations for their new product launches.

In 2017, Pfizer announced that the U.S. Food and Drug Administration (FDA) approves STEGLATRO(ertugliflozin) tablets, an oral sodium-glucose cotransporter 2 (SGLT2)inhibitor, and the fixed-dose combination STEGLUJAN (ertugliflozin and sitagliptin) tablets

For instance, in 2020, Lupin Pharmaceuticals Inc, received tentative approval from U.S. health regulator to market type 2 diabetes drugs namely Empagliflozin and Linagliptin tablets.

Some of the leading players operating in the diabetic neuropathy market profiled by Fact.MR are:

More Valuable Insights on Diabetic Neuropathy Market

Fact.MR, in its new report, offers an unbiased analysis of the global diabetic neuropathy market, analysing forecast statistics through 2021 and beyond. The survey reveals growth projections on diabetic neuropathy market with detailed segmentation:

Key Questions Covered in the Diabetic Neuropathy Market Report

Explore Fact.MRs Coverage on the Healthcare Domain

Diabetes Diagnostics Market- The demand for diabetes diagnostics is predicted to increase as a result of the COVID-19 outbreak, which has resulted in an increase in hospitalizations. Diabetes test strips are in high demand as a result of studies that show diabetics are at a higher risk of becoming seriously ill if infected with the virus. Government investment for hospitals will help to expand the market overall by making healthcare more accessible in remote areas. The diabetes diagnostics industry will see further growth as the prevalence of obesity rises. Through 2030, the global diabetes diagnostics market will be dominated by players from North America, Asia Pacific, and Europe.

Diabetes Management Software Market- The rising prevalence of type 1 and type 2 diabetes is one of the factors driving the growth of the diabetes management software industry. Diabetes patients are growing as a result of unhealthy lifestyles, poor diets, and rising stress and tensions. As a result, in recent years, the adoption of diabetes management software has increased, resulting in a favourable impact on the diabetes management software market. Another factor driving the growth of the diabetes management software market is technological advancements. One of the most important elements driving the remarkable development in the use of diabetes management software is the increasing number of younger diabetics.

OTC Analgesics Market- Over the last few years, there has been an increase in the use of off-label medications, which are inexpensive and unapproved but effective in treating ailments. Off-label medications such as tricyclic antidepressants, antihistamines, anticonvulsants, selective serotonin reuptake inhibitors, anti-anxiety medicines, and steroids are increasingly being used to treat pain sensations. Because of the widespread availability of over-the-counter analgesics, which are administered with approved medications as maintenance therapy, symptom management linked with pain has become convenient and straightforward. The market for over-the-counter analgesics has shown to have a lot of potential all over the world.

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Source: Fact.MR

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Out of Every Ten Diabetic Patient, At least Seven are Identified with Diabetic Neuropathy - BioSpace

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