Astute Analytica is recognized as a leading provider of comprehensive market research reports specifically designed for the Peripheral Neuropathy Market sector. Our reports are characterized by their in-depth market forecasts, detailed analyses of industry trends, competitive benchmarks, and assessments of future growth opportunities. As the healthcare sector undergoes transformative changes, driven by technological advancements, evolving patient needs, and a growing emphasis on sustainability, our insights are crucial for stakeholders aiming to navigate this complex landscape. The current focus is on shifting care from traditional hospital settings to patients' homes, enhancing quality of life while minimizing disruptions.
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The Global Peripheral Neuropathy Market is estimated to grow at a CAGR of around 3.4% during the forecast period 2021-2027. Astute Analytica predicted that the market accounted for US$ 0.976 Bn in the year 2019 and is anticipated to reach US$ 1.3 Bn by the end of the year 2027.
The prevalence of peripheral neuropathy among adults with diabetes in the United States is nearly 28%, whereas, in Japan, a population-based epidemiological survey with more than 5,000 respondents led to a neuropathic pain prevalence of 3.2%. The rapid growth of the geriatric and obese population across the world highly contributes to the risk of developing peripheral neuropathy.
Peripheral neuropathy results due to malfunctioning of nerves ending up in severe damage, which further leads to inappropriate signaling to various parts of the body. Diabetic neuropathy recorded as a major type of neuropathy with its prevalence rate estimated between 6-51% among adults with diabetes depending on age, duration of diabetes, glucose control, etc. According to the University of Chicago’s Centre for Peripheral Neuropathy (UCCPN), approximately 60% of people with diabetes have some type of nerve damage. Thus, rising cases of chronic diseases have aided in the growth of the peripheral neuropathy market.
Embracing Digital Solutions in Healthcare
Healthcare providers are increasingly adopting digital solutions and collaborative models to create more integrated, efficient, and patient-centered systems. This shift is essential as the industry faces challenges such as an aging population and resource constraints, prompting the exploration of innovative care delivery models. Emerging trends reflect these pressures, with a critical emphasis on the role of data in optimizing healthcare delivery, improving patient outcomes, and fostering a more connected, efficient, and sustainable system. The integration of data into everyday care is not just a trend; it is a fundamental change that is reshaping how healthcare is delivered.
The Impact of Digitization on Healthcare Costs
The digitization of healthcare is bringing about rapid changes, particularly as systems adapt to evolving patient expectations and the increasing demand for sustainability. The focus is shifting toward enhancing accessibility and efficiency through digital tools. Projections indicate that medical costs will rise at a global average rate of 10.4% in 2025, underscoring the urgent need for cost-effective solutions.
Key trends anticipated in the near future include the widespread adoption of digital home monitoring, AI-powered personalized treatments, and the integration of behavioral and mental health services into primary care. Additionally, there will be a stronger emphasis on prevention to mitigate long-term healthcare costs. As demand for healthcare services is expected to rise significantly, with 64% of insurers predicting higher medical trends globally, healthcare systems must adopt more sustainable, tech-driven care models to meet these challenges. This is particularly evident in regions like Asia Pacific, where 76% of insurers foresee increased medical trends.
The Complex Landscape of the U.S. Healthcare Market
The U.S. healthcare market is a complex, multi-billion-dollar industry characterized by a blend of private and public financing. It accounts for approximately 18% of the GDP, making it a vital sector of the U.S. economy. Despite the significant spending on healthcare, the outcomes do not always reflect this high expenditure, leading to disparities in access and quality of care. The U.S. healthcare system continues to evolve in response to these challenges, particularly the pressures of rising costs and an increasing number of uninsured individuals.
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Competitive Landscape: Current and Forthcoming Scenario
Though the current market of peripheral neuropathy does not witness many approved therapies and treatment options, its pipeline or emerging landscape is quite diverse providing room for better treatment options to boon its market in near future. Drug approvals by the major key companies are expected to propel the overall growth of the global peripheral neuropathy treatment market.
PledPharma, Solasia Pharma, Helixmith, Asahi Kasei Pharma America Corporation, Lexicon Pharmaceuticals, Abbott Laboratories, Cipla Limited, Eli Lilly and Company, GlaxoSmithKline plc, Lupin Limited, Merck and Co. Inc., Novartis, Pfizer Inc., Dr. Reddy's Laboratories, Bristol Myers Squibb and others are some major key players present in the global peripheral neuropathy market. Some major recent developments are:
- Pfizer’s Lyrica CR received the Food and Drug Administration (FDA) approval in 2017. These are pregabalin extended-release tablets which are once in day treatment for the management of neuropathic pain associated with diabetic peripheral neuropathy (pDPN) and the management of postherpetic neuralgia (PHN).
- LX9211 by Lexicon Pharmaceuticals is a potent, orally delivered, selective small-molecule inhibitor of AAK1, a target discovered and extensively characterized in an alliance with Bristol Myers Squibb.
- GSK Consumer Healthcare acquired NeuropMetric Inc.’s Quell Wearable Pain Relief Technology for the market outside the US in 2018. The two companies collaborated with the aim to increase fund development and technological expansion.
- Despite all advances in the era of neurology, some factors still remain unaddressed such as to date there is no approved therapy available to the patients posing an unmet need. At the same time, the potential pipeline of the pharmaceutical industry will drive the market of peripheral neuropathy in the future.
- Asahi Kasei Pharma America Corporation is in the process of developing Thrombomodulin alfa, which inhibits the coagulation process by accelerating the activation of protein C by thrombin. The activated protein C (APC) degrades Factor Va and Factor VIIIa and reduces thrombin generation in patients with Chemotherapy-induced Peripheral Neuropathy.
- KCP506 is a first-in-class α9α10 nicotinic acetylcholine receptor (nAChR) antagonist in development for the treatment of chronic neuropathic pain. It received the Clinical Trial Application (CTA) approval in the Netherlands for the initiation of a first-in-human clinical trial in August 2020. The therapeutic may be an effective treatment for many types of chronic neuropathic pain.
Segmentation Overview of the Global Peripheral Neuropathy Market
The global peripheral neuropathy market is segmented on the basis of type, diagnosis, treatment, and end-user. These major segments are further categorized into sub-segments to study the market in detail.
By Type
- Chemotherapy-induced
- Diabetic
- HIV/AIDS Associated
- Idiopathic
By Diagnosis
- Blood test
- Biopsy
- Imaging
- Others
By Treatment
- Medications
- Antidepressants
- Anti-seizure medication
- Pain reliever
- Topical treatment
- Therapies
- Nerve stimulation
- Plasma exchange
- Physical Therapy
- Surgery
- Others
By End-User
- Hospitals
- Clinics
- Ambulatory Centres
Key Trends Shaping the Future of Healthcare
As we look to the future, ten key trends are emerging that will shape the healthcare landscape over the next decade. These include: an increase in the number of patients, greater reliance on technology, an abundance of information, the patient as the ultimate consumer, the development of new delivery models, innovation driven by competition, rising costs, an increasing number of uninsured individuals, reduced payments for providers, and the ongoing need for a reformed healthcare system. These trends highlight the necessity for healthcare organizations to adapt and innovate continuously to meet the evolving demands of the market.
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