Global Diabetic Neuropathy Market: Overview
Diabetic neuropathy is a complication triggered due to diabetes and involves nerve damage. The disease affects all peripheral nerve tissues across motor neurons, autonomic nervous system, and pain fibers. The WHO states that the condition affects nearly 50% of the total global population of diabetics. Thus, with the global count of diabetics well surpassing 422 mn (according to a 2014 WHO study) and the numbers constantly rising, diabetic neuropathy remains a burning issue for the global healthcare industry.
This report on the global diabetic neuropathy market includes a thorough overview of the state of development of the market in the present scenario and vast forward-looking statements predicting the future growth prospects of the market over the period between 2016 and 2024. The report also includes a detailed analysis of the factors expected to induce a sizeable positive or negative impact on the overall development of the market over the said period.
Global Diabetic Neuropathy Market: Trends and Opportunities
The alarmingly rising prevalence of diabetes and diabetic neuropathy is inherently the central factor driving any form of development in the global diabetic neuropathy market. Factors such as rising investments in research and development in the field of drug discovery and other methods of relieving neuropathy related pain are also credited for the excellent growth prospects of the market in the next few years.
As a complete cure for the condition is not available, combination therapies that manage most of the condition’s symptoms are gaining increased popularity. These therapies combine drug classes such as antidepressants and antispasmodics, radio therapies such as Transcutaneous Electric Nerve Stimulation (TENS), and physiotherapies.
Technological advancements in the field have also led to the development of several wearable devices capable of giving the patient relief from neuropathy pain. Most of these wearable device varieties in the global market make use of electric current to block pain signals from spreading across the body. The noninvasive nature of this method of treating diabetic neuropathy has helped it gain more popularity as compared to drug treatments.
Global Diabetic Neuropathy Market: Geographical Analysis
The report examines the market for diabetic neuropathy for regional markets such as North America, Europe, Asia Pacific, and Middle East and Africa. Of these, the North America market is presently the leading regional market in terms of revenue contribution to the global market, followed by Europe. The easy availability of technologically advanced medical services, a huge patient pool of the condition, presence of some of world’s leading companies operating in the diabetic neuropathy market, and high disposable incomes are some of the key factors attributable to the dominance of these regional markets.
Asia Pacific is also a promising market for diabetic neuropathy treatment and is expected to emerge as one of the most lucrative regional markets over the report’s forecast period. The rising pupation of diabetics in countries such as India, China, and Japan is the key factor for the market’s promising growth prospects in the near future. The increased awareness regarding the presence of available therapies among people across these countries and a rising consumer base with high disposable incomes will also induce the increased use of diabetic neuropathy diagnostic and treatment methods.
Global Diabetic Neuropathy Market: Competitive Analysis
Some of the leading vendors operating in the global diabetic neuropathy market are Glaxo Smith Kline (GSK), Pfizer, Eli Lilly and company, and Johnson & Johnson. In the devices segment, NeuroMetrix is a prominent player in the market. Leading players are expected to exert pressure on small and medium-sized vendors through the introduction of new medications and treatment techniques. The continuous rise in demand for effective treatment methods and drugs for diabetic neuropathy is expected to encourage a slew of new players to foray into global market in the next few years, further intensifying the competitiveness of the market.
Note : All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Transparency Market Research.