Diabetic Neuropathy Market Expansion: Untapped Market Opportunities

Posted by Roger on June 5th, 2024

Diabetic neuropathy, also called diabetic nerve damage, is a common complication of diabetes in which nerves in the legs, feet, hands, arms, and other parts of the body are damaged due to effects of high blood sugar levels. The symptoms of diabetic neuropathy may include numbness, tingling and burning pain. Medications like pregabalin, duloxetine and gabapentin are prescribed to relieve neuropathic pain in patients with diabetes. Anti-seizure medications are also commonly used off-label to treat diabetic nerve pain symptoms. Topical patches and creams containing lidocaine are also indicated for localized pain relief. The increasing diabetes prevalence rate and growing geriatric population are majorly driving the demand for effective treatment options against diabetic neuropathy globally. The Global Diabetic Neuropathy Market is estimated to be valued at US$ 3626.38 mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the Diabetic Neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. These players are involved in new product launches and strategic collaborations to strengthen their market position.

The rising awareness regarding early diagnosis and treatment compliance in diabetes neuropathy presents significant growth opportunities in this market. Emergence of novel treatment options and specialty pharmaceuticals for better pain management in diabetic neuropathy patients will further propel the market growth.

The major players are expanding their presence in developing nations through collaborations with regional medical institutes and healthcare providers. North America commanded the largest market share in 2023, however Asia Pacific region is projected to witness highest growth rate over the forecast period owing to rapidly increasing patient pool in India and China.

Market Drivers
Increasing geriatric population prone to develop diabetes is a major driver for this market. According to WHO, by 2050 approximately 2 in 5 people will be over 60 years worldwide. Older people have higher risks of diabetes and its complications including diabetic neuropathy. Additionally, growing prevalence of type 2 diabetes owing to rising obesity rates drives the need for neuropathy treatments worldwide. According to International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 and the number is projected to rise to 643 million by 2030.

Market Restraints
High treatment cost associated with newer medications and lack of asymptomatic screening for neuropathic symptoms in developing nations are key challenges restraining the market growth. Strict regulations regarding the use of pharmaceutical therapies also limit the scope of new product development.

Segment Analysis
The diabetic neuropathy market is dominated by drugs segment. Within drugs, pregabalin sub segment holds the largest share owing to its effectiveness in treating neuropathic pain associated with diabetes. Drugs offer effective relief from neuropathic pain and are hence preferred choice of treatment by healthcare experts and patients alike.

Devices segment is the fastest growing segment in diabetic neuropathy market driven by demand of neuromodulation devices for nerve stimulation. Neuromodulation devices are gaining acceptance due to advantages like minimal invasion and better relief from chronic pain compared to conventional pain therapies. Rising R&D efforts by market players will further aid segmental growth.

Global Analysis
North America holds the largest share in global diabetic neuropathy market supported by high awareness, healthcare investments and presence of major players. Favorable reimbursement policies aid patient adoption of pain management treatments in the region.

Asia Pacific exhibits highest growth and is emerging as potential market for diabetic neuropathy. Rising geriatric population, growing rates of diabetes and improvements in healthcare infrastructure drive regional market demand. Increasing healthcare spending in countries like China and India offers opportunities for players.