Paresthesia Treatment Market: Overview
Paresthesia is a neurological disorder. It is characterized by an abnormal and spontaneous sensation, wherein people feel a painless sensation of tingling, numbness, burning, itching, or prickling. It can also be described as a skin-crawling sensation or pins-and-needles. Paresthesia often occurs in the fingers, toes, hands, and feet; however, it can also affect other parts of the body. Paresthesia can be caused by nerve irritation, neurological disorders, hyperventilation, dehydration, neuropathy migraines, and heavy metal poisoning. Major causes of the disorder are hyperventilation syndrome, vitamin deficiency, and use of anesthesia. The various types of paresthesia are transient ischemic attack (TIA), hyperventilation syndrome, obdormition, whiplash, panic attack, and seizures. It can occur due to various reasons such as sitting crossed legs for a long time and sleeping for a long time with arm twisted under the hands. In worst cases, the symptoms can last for a lifetime and become chronic. Moreover, diseases such as cancer, arthritis, and diabetes increase the risk of paresthesia.
Paresthesia Treatment Market: Key Trends
The global paresthesia treatment market is driven by increase in incidence of diseases such as cancer, diabetes, arthritis, and other chronic diseases, surge in geriatric population, changing lifestyle, poor diet, and rise in prevalence of paresthesia. Additionally, lack of proper diet & exercise, favorable support from government for research & development, and excess smoking and alcohol consumption are projected to fuel the growth of the global paresthesia treatment market during forecast period. However, longer period required for drug approval and stringent regulatory rules are anticipated to act as restraints of the market.
Paresthesia Treatment Market: Segmentation
The global paresthesia treatment market can be segmented based on disease type, treatment type, and distribution channel. In terms of disease type, the market can be bifurcated into acute paresthesia and chronic paresthesia. Based on treatment type, the global paresthesia treatment market can be categorized into anticonvulsants, immunosuppressant, antivirals, topical creams, and others. Immunosuppressants include intravenous gamma globulin, prednisone, and others. Topical creams comprise prilocaine, lidocaine, and others. In terms of distribution channel, the market can be classified into hospitals, clinics, and diagnostic centers.
Paresthesia Treatment Market: Regional Analysis
In terms of region, the global paresthesia treatment market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is projected to lead the global paresthesia treatment market during the forecast period. The region’s dominance is attributed to large population with cancer and neurological disorders such as dementia, Alzheimer’s disease, and metabolic diseases. According to the Centers for Disease Control and Prevention (CDC), in 2015, more than 30 million people in the U.S. had diabetes and about 1.5 million new cases were diagnosed among adults aged 18 years or older. Furthermore, high health care expenditure and favorable government support for research & development contribute to the growth of the market in North America. Europe is anticipated to be the second largest market, followed by Asia Pacific. Asia Pacific is the fastest growing market for paresthesia treatment, as companies focus on exploiting the opportunities presented by the region and expanding presence.
Paresthesia Treatment Market: Competitive Landscape
Key players operating in the global paresthesia treatment market are Boston Scientific Corporation, EnteroMedics, Inc., Baxter, Bio-Medical Research Ltd., GlaxoSmithKline plc, St. Jude Medical, LLC, Nevro Corp., Cyberonics, Inc., Stimwave LLC, and Omron Healthcare, Inc. The market is highly fragmented, with the presence of large number of international players and local players. Local players are focusing on innovation and cost reduction and to ensure sustainability in the global paresthesia treatment market. Furthermore, some of the global players are adopting various strategies such as partnerships and collaborations with other companies to expand market share.
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1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
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