Diabetes has a leading cause of neuropathy which occurs due to nerve damage caused by high blood sugar levels. Diabetic neuropathy often begins in the feet and legs but can eventually progress to the hands, arms, and other areas. Symptoms range from numbness, pain, and tingling to muscle weakness. Some patients may experience a complete loss of sensation. Diabetic neuropathy drugs help in reducing symptoms like pain by regulating nerve conduction. Oral medications such as pregabalin and duloxetine are commonly prescribed. Topical products are also available for localized symptom relief. The global diabetic neuropathy market is estimated to be valued at US$ 3626.38 mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The rising prevalence of diabetes and increasing patient pool suffering from diabetic neuropathy presents a substantial growth opportunity for players in the market. According to the International Diabetes Federation, nearly 537 million adults were living with diabetes in 2021 and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Since diabetic neuropathy often develops as a complication of long-standing diabetes, its prevalence is directly associated with the growing diabetic population globally. Improved diagnosis and therapeutic options for better management of neuropathic pain symptoms will further drive the demand in the diabetic neuropathy market during the forecast period.
Threat of new entrants: The threat of new entrants is moderate as developing new drugs requires high R&D investment and effective clinical trials. However, presence of untapped opportunities attract new players.
Bargaining power of buyers: The bargaining power of buyers is high as buyers have a wide range of treatment options to choose from. Buyers can exert pressure on prices by choosing substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as developing new drugs requires collaboration with material suppliers and contract manufacturing organizations however, presence of many suppliers restraint their power.
Threat of new substitutes: The threat of new substitutes is high as research pipelines are exploring new treatment options like stem cell therapy, gene therapy and neural stimulation devices.
Competitive rivalry: The competitive rivalry is high among major players due to intense competition to develop advanced therapies.
Strengths: Wide product portfolio, strong R&D capabilities and global presence of major players.
Weaknesses: High costs associated with drug development & clinical trials. Side effects of current medications.
Opportunities: Growing cases of diabetes presents need for better treatment options. Emerging markets provide growth opportunities.
Threats: Patent expiries of major drugs, pricing pressures & regulatory challenges. Competitive landscape and changing research trends.
The global Diabetic Neuropathy Market is expected to witness high growth due to rising prevalence of diabetes worldwide. The market size for 2024 is projected to grow to USD 3626.38 million registering a CAGR of 6.9% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the market currently due to presence of major players and increasing healthcare spending in the US. However, Asia Pacific region is expected to grow at a highest CAGR owing to rising cases of diabetes and growing healthcare expenditure in emerging countries like India and China.
Key players: Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. These companies focus on developing innovative treatment options and strengthening their product pipelines through partnerships and collaborations.