Diabetic neuropathy refers to nerve damage caused by diabetes. It is one of the most common complications of diabetes and occurs when high blood sugar levels damage the protective coating around nerve fibers. The symptoms include numbness, pain, and weakness which usually start in the feet or legs and progress further up. Timely management of blood sugar levels is important to prevent or delay neuropathy. Currently, pharmacological treatments such as anti-seizure medications, antidepressants, and creams or patches are used to manage pain related to diabetic neuropathy.
The Global Diabetic Neuropathy Market is estimated to be valued at US$ 3626.38 mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030. Factors such as increasing prevalence of diabetes globally along with growing geriatric population and rising adoption of sedentary lifestyle are majorly driving the market.
Key Takeaways
Key players: Key players operating in the Diabetic Neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly and Company offers various drugs for managing diabetic neuropathy such as Cymbalta.
Growing demand: Increasing incidence of diabetes due to obesity, unhealthy diet and lack of physical activity has led to growing number of neuropathy cases. It is estimated that over half a billion people worldwide will have diabetes by 2030. This growing diabetes burden will boost demand for neuropathy treatments over the coming years.
Global expansion: Major players in the market are expanding their geographical presence into emerging markets of Asia Pacific, Latin America, Middle East and Africa to tap the business opportunities. These regions are witnessing rapid economic growth and rising medical needs offering a favorable environment for diabetic neuropathy drugs and devices.
Market Key Trends
One of the key trends in the diabetic neuropathy market is the growing prominence of North America region. According to estimates, North America accounted for the largest share in the global diabetic neuropathy treatment market owing to well-established healthcare infrastructure and greater access to advanced treatment options. Additionally, supportive reimbursement policies for neuropathy drugs in the US and Canada are further aiding the regional market growth. However, Asia Pacific region is expected to witness highest CAGR during the forecast period with rising healthcare investments in countries such as India and China to meet the medical needs of the diabetic population.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the R&D investment required is high due to complex drug discovery and development of treatment options for diabetic neuropathy. Bargaining power of buyers: The bargaining power of buyers is high due to availability of generic drugs and treatment alternatives. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative treatment options and suppliers. Threat of new substitutes: Threat of new substitutes is moderate as new treatment options focus on reducing symptoms and improving quality of life. Competitive rivalry: Competitive rivalry is high among existing players to gain higher market share.
Geographical Regions
North America region accounts for the largest market share currently due to growing incidence of diabetes, aging population, and availability of advanced healthcare facilities. Asia Pacific region is expected to grow at the fastest CAGR during the forecast period owing to increasing diabetic population base, rapid economic growth, healthcare infrastructure development and rising healthcare awareness levels in emerging economies such as India and China.
No comments:
Post a Comment