The diabetic neuropathy market will grow at the highest pace owing to the rising prevalence of diabetes. Diabetic neuropathy refers to nerve damage caused by diabetes. It usually affects the legs and feet but can also affect other areas like hands, arms and digestive tract. The major symptoms include numbness, pain, weakness and difficulties in performing daily tasks.
The global diabetic neuropathy market is primarily driven by the rising prevalence of diabetes worldwide. As per estimates, over 460 million adults are currently living with diabetes and the number is projected to rise to 700 million by 2045. Neuropathy is one of the most common complications of diabetes affecting around 50% of diabetic patients. Chronic high blood sugar levels damage nerves over time leading to neuropathy. Early detection and treatment can help prevent further nerve damage.
Key Takeaways
Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly manufactures Cymbalta (duloxetine) to treat diabetic neuropathic pain and fibromyalgia while Pfizer markets Lyrica (pregabalin) for neuropathic pain relief. GlaxoSmithKline's product spectrum includes Voltaren gel topical medication for peripheral neuropathy. These pharmaceutical giants are investing in research and development activities to develop more effective and novel treatment options.
The growing prevalence of diabetes worldwide due to rapid urbanization, changing lifestyles and rising obesity has fuelled the demand for diabetic neuropathy treatment drugs and devices. Based on estimates, over half a billion people will be living with diabetes by 2045 globally. This rising patient pool suffering from chronic high blood sugar levels shall drive the market growth over the forecast period.
Recent advances in nerve regeneration and tissue engineering has enabled the development of new minimally invasive treatment options like stem cell therapy for diabetic neuropathy. Key players are focusing on technologies like nerve growth factors, neurotrophic drugs and platelet rich plasma therapy to accelerate nerve repair and reduce symptoms. This shall complement the present pharmaceutical management approach.
Market Trends
1. Increasing preference for combination drug therapies: Recent clinical research indicates combination therapies using drugs with different mechanisms are more effective in managing neuropathic symptoms than monotherapies. Key market players are exploring fixed dose combination drugs.
2. Shift towards early intervention: With growing awareness, more patients are seeking medical help in the initial stages of neuropathy. This has prompted shift towards early screening to prevent or delay progression and complications through timely treatment intervention.
Market Opportunities
1. Emerging economies: Emerging economies like India, China, Brazil present vast opportunities due to rising diabetes prevalence and growing healthcare expenditure. However, current treatment rates are still low indicating ample scope for market expansion.
2. Novel drug pipeline: Companies are conducting extensive R&D to develop new classes of medications targeting underlying disease mechanisms beyond just symptom relief. Recent candidates in clinical trials include gene therapies and stem cell therapies to potentially reverse nerve damage.
Impact of COVID-19 on Diabetic Neuropathy Market Growth
The outbreak of COVID-19 pandemic has negatively impacted the growth of global diabetic neuropathy market. During the COVID-19 lockdown periods, major challenges faced by the market included delays in new product launches, supply chain disruptions, restriction on international trades, and limited access to hospitals and clinics for treatment. However, with increased healthcare awareness and focus on diabetes management, the demand for neuropathic pain management drugs witnessed steady growth.
In the pre-COVID era, the market was growing at a moderate pace mainly driven by rising geriatric population, growing diabetes prevalence, innovative product pipelines, and improved reimbursement policies for neuropathic pain management. However, postponing of elective surgeries and access restrictions imposed on OPDs/clinics significantly declined the sales of prescription pain drugs in 2020. With resumption of global healthcare operations post-lockdowns, the market is witnessing a rebound backed by rescheduling of deferred treatments and catching up of diagnostic procedures.
Moving ahead, the key focus for market players would be on strengthening digital healthcare services like teleconsultations and online prescriptions. Companies are also promoting self-administration training programs and compliance packages to support patients in managing chronic pain at home. Collaborations with healthcare systems for affordable access to advanced treatments like spinal cord stimulators would further boost the market recovery post-COVID.
Diabetic Neuropathy Market: Geographical Concentration
In terms of value, North America accounted for the largest share of global diabetic neuropathy market in 2024. This is attributed to high diabetic population, growing incidences of obesity and metabolic disorders, rising healthcare expenditure, and availability of advanced treatment technologies. Within the region, the United States represented the major revenue pocket owing to strong presence of key market players and favorable reimbursementscenario for neuropathic pain medications and devices.
Diabetic Neuropathy Market: Fastest Growing Region
Asia Pacific region is expected to exhibit the fastest growth in global diabetic neuropathy market during the forecast period from 2023 to 2030. This is majorly driven by booming geriatric demography, rapid economic development, improving access to healthcare facilities, and rising medical tourism across Asia Pacific countries. In addition, increasing diabetic prevalence caused by changing lifestyles and rising obesity is creating high demand for neuropathic pain relief drugs and therapies in the region. China and India are anticipated to be the most lucrative Asian markets for diabetic neuropathy over the coming years.
