Peripheral Neuropathy Market Size Worth USD 8.54 Billion in 2032 | Emergen Research

Rise in peripheral neuropathy cases, the increased prevalence of chronic illnesses, and increasing number of pipeline drugs are some of the key factors driving Peripheral Neuropathy market revenue growth

Vancouver, Jan. 22, 2024 (GLOBE NEWSWIRE) — The global peripheral neuropathy market size was USD 3.61 Billion in 2022 and is expected to register a revenue CAGR of 9.0% during the forecast period. Rise in peripheral neuropathy cases, the increased prevalence of chronic illnesses, and increasing number of pipeline drugs are some of the key factors driving market revenue growth.
Increasing number of pipeline drugs is also a major factor expected to continue to drive adoption of peripheral neuropathy, due to large unfilled medical need and the possibility of novel, efficient treatments for peripheral neuropathy. Drugs categorized as pipelines are those that require approval and marketing and are undergoing various phases of clinical development, ranging from preclinical to phase III trials. There are a number of pipeline drugs for treating various forms of peripheral neuropathy, including idiopathic, diabetic, and chemotherapy-induced peripheral neuropathy.

Gene therapy, stem cell therapy, nerve growth factors, wearable devices, nerve regeneration devices, and other innovative therapies are among the drugs that try to prevent, reverse, or restore nerve damage. Other complementary and alternative therapies, such as acupuncture, massage, yoga, meditation, and herbal medicines, are intended to treat the symptoms of peripheral neuropathy, which include pain, tingling, numbness, and weakness.

The side effects from medications used to treat peripheral neuropathy can restrain market revenue growth. Peripheral neuropathy can be treated with various drugs, including painkillers, antidepressants and medications that prevent seizures. These medications often lead to side effects such as drowsiness, dry mouth, impaired vision, insomnia, nausea and weight gain. For instance, gabapentin and pregabalin are useful medications for treating postherpetic neuralgia, diabetic neuropathy and spinal cord injury pain.

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A current trend observed in the global peripheral neuropathy market is development of novel interventions and treatments. Neuropathic pain targets 7% to 10% of individuals, and the majority of them receive insufficient or nonexistent care. The difficulties in identifying and managing chronic neuropathic pain must be addressed immediately due to the heavy financial burden and low quality of life experienced by patients and caregivers. As a result, numerous novel interventions and therapies for peripheral neuropathy are being developed or put through testing in clinical studies.

Segment Insights

Type Insights:

On the basis of type, the global peripheral neuropathy market is segmented into diabetic peripheral neuropathy, chemotherapy-induced peripheral neuropathy, idiopathic peripheral neuropathy, and HIV/AIDS associated peripheral neuropathy.

The diabetic peripheral neuropathy segment accounted for largest revenue share in the global peripheral neuropathy market in 2022. Rising prevalence of diabetes is the primary factor driving revenue growth of the diabetic peripheral neuropathy segment. Long-term high blood sugar levels can lead to diabetic peripheral neuropathy, a disorder that damages nerves. While some individuals may exhibit no symptoms, others may experience severe manifestations.

According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), neuropathy affects 60% to 70% of diabetics. Peripheral neuropathy associated with diabetes usually begins in the arms and hands and progresses to feet and legs. Diabetic neuropathy cannot be cured; however, its progression can be controlled. It is best to keep blood sugar levels within a healthy range in order to reduce the risk of developing diabetic neuropathy or to slow the advancement of the condition. Also, diabetic neuropathy-related discomfort can sometimes be managed with medications. People might also think about alternative therapies such as acupuncture. According to some research, capsaicin is beneficial. In addition to medicine, complementary and alternative therapies might offer more relief. With careful blood glucose management, diabetic neuropathy can be easily prevented.

Treatment Method Insights:

On the basis of treatment method, the global peripheral neuropathy market is segmented into pharmacological therapies, non-pharmacological therapies, and others.

The pharmacological therapies segment accounted for largest revenue share in the global peripheral neuropathy market in 2022. The primary factor driving revenue growth of this segment is need for efficient management of Peripheral Neuropathic Pain (PNP). PNP is associated with a significant disease load and can occur either immediately or during the chronic stage of a peripheral nerve system lesion or illness. Pharmacological therapies refer to medical interventions that involve the use of pharmaceuticals or medications to address the underlying cause of PNP or to relieve pain.

The pharmaceutical therapy category is further subdivided into antidepressants, anti-seizure drugs, and pain relievers. Painkillers, including prescription medications such as tramadol or opioids and over-the-counter options such as acetaminophen or ibuprofen, inhibit pain impulses and reduce inflammation. Anti-seizure drugs, such as phenytoin, carbamazepine, pregabalin, and gabapentin, are originally designed for epilepsy but can alleviate nerve discomfort associated with various conditions. In addition, antidepressants such as amitriptyline, nortriptyline, duloxetine, venlafaxine, and bupropion are used to treat depression by raising the concentrations of specific brain chemicals that influence mood and pain perception.

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Regional Insights:

North America accounted for largest revenue share in the global peripheral neuropathy market in 2022. Significant advancements and developments in the treatment of peripheral neuropathy drive market revenue growth in North America. For instance, on 16 September 2021, Biogen announced positive topline findings from the Phase 2 CONVEY study of vixotrigine (BIIB074), an experimental oral pain medication that is non-opioid and being assessed for the treatment of small fiber neuropathy (SFN). A Phase 2 placebo-controlled, double-blinded, enhanced enrollment, randomized withdrawal research called CONVEY assessed the safety and effectiveness of vixotrigine in the management of pain in individuals who had been diagnosed with either idiopathic or diabetic mellitus-associated small fiber neuropathy.

Europe is expected to register a robust revenue CAGR during the forecast period. The Europe market revenue growth is driven by significant investments in the development of an early diagnostic screening programme for diabetic peripheral neuropathy. For instance, on 07 June 2023, researchers from Manchester Metropolitan University and the University of Liverpool were awarded USD 1.89 million to develop an early diagnostic screening for diabetic peripheral neuropathy, a complication associated with diabetes that presently incurs billions of pounds in costs for the National Health Service (NHS). Together, they are developing this groundbreaking screening method for DPN, enabling an early and accurate diagnosis. This assists medical professionals in intervening early to limit further damage and treat the condition before it progresses to more serious stages, potentially leading to foot ulcers and amputations.

Scope of Research

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Major Companies and Competitive Landscape

The global peripheral neuropathy market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective peripheral neuropathy solutions. Some major players included in the global peripheral neuropathy market report are:

• Assertio Holdings, Inc
• AstraZeneca
• Abbott
• Cadila Pharmaceuticals
• Cipla Inc
• DAIICHI SANKYO COMPANY, LIMITED
• Dr. Reddy’s Laboratories Ltd
• Eli Lilly and Co.
• Endo International plc
• Grünenthal
• Hikma Pharmaceuticals PLC
• Johnson & Johnson, Inc
• Lupin
• Novartis AG
• Pfizer Inc
• Shionogi & Co., Ltd
• Sun Pharmaceutical Industries Ltd
• Teva Pharmaceutical Industries Ltd
• UCB S.A.
• Viatris Inc

Strategic Development

• On 16 August 2022, Yostra Labs announced that the Indian Angel Network (IAN)-led seed investment round had yielded USD 0.56 million. Other participants included Impact Innovators and Entrepreneurs Foundation (Villgro Innovations Foundation) and the Centre for Cellular and Molecular Platforms. Yostra offers a line of unique diabetes neuropathy-focused devices that can prevent complications and improve the quality of life for those with the disease. The investment from IAN and co-investors is intended to enhance the company’s market share, facilitate the commercialization of its product line, optimize the bill of materials, and increase production.
• On 27 July 2023, Asprius Lifesciences announced the development of a drug for the treatment of Diabetic Neuropathy, a disorder causing damage to nerves in the body’s peripheral regions. The company has already submitted a patent application for the Fixed-Dose Combination (FDC), which holds potential as a treatment for peripheral neuropathy, a common ailment affecting over 2% of the world’s population. Asprius Lifesciences aims to mitigate the effects of neuropathy by providing neuro-protective drugs and addressing medical disorders that increase the risk of neuropathy development.

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For the purpose of this report, Emergen Research has segmented global peripheral neuropathy market on the basis of type, treatment method, route of administration, diagnosis, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Diabetic Peripheral Neuropathy
  • Chemotherapy-Induced Peripheral Neuropathy
  • Idiopathic Peripheral Neuropathy
  • HIV/AIDS Associated Peripheral Neuropathy
• Treatment Method Outlook (Revenue, USD Billion; 2019-2032)
  • Pharmacological Therapies
    • • Pain Relievers
      • Anti-Seizure Medications
      • Anti-Depressants
  • Non-Pharmacological Therapies
    • • Transcutaneous Electrical Nerve Stimulation
      • Plasma Exchange
      • Others
  • Others
• Route of Administration Outlook (Revenue, USD Billion; 2019-2032)
  • Oral
  • Parenteral
  • Others
• Diagnosis Outlook (Revenue, USD Billion; 2019-2032)
  • Blood Test
  • Biopsy
  • Imaging
  • Others
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
  • Hospitals and Clinics
  • Retail Pharmacy
  • Online Pharmacy
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    • • U.S.
      • Canada
      • Mexico
  • Europe
    • • Germany
      • France
      • U.K.
      • Italy
      • Spain
      • Benelux
      • Rest of Europe
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
  • Latin America
    • • Brazil
      • Rest of LATAM
  • Middle East & Africa
    • • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of MEA

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