The diabetic neuropathy market is projected to grow at a healthy CAGR of 5.6% in terms of value through the period of forecasting between 2020 and 2025. The growth of the market is essentially attributed to the rising prevalence of diabetes worldwide, coupled with increasing approvals of novel drugs for treating diabetic neuropathic pain. The market is expected to mitigate the risk posed by COVID-19, as demand for essential drugs remains persistent and players expand the functional capacity.
“With over 420 Mn people across the world suffering diabetes, there is a continual need for effective diabetic treatment. On this premise, the diabetic neuropathy market is expected to register robust growth worldwide, especially in the Asia Pacific, where the majority of the diabetic population is concentrated,” says the Fact.MR report.
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Diabetic Neuropathy Market – Key Takeaways
By disorder, peripheral neuropathy is projected to account for more than half of overall market value and grow at a value CAGR of 5.9% owing to the widening scope and efficiency of treatment.
Proximal neuropathy is poised to grow at a CAGR of 5.6% through the assessment period, backed by an increasing patient pool suffering from type 2 diabetes.
Based on treatment, drugs are forecasted to remain the most sought-out mode of treatment, expanding 1.4X and will account for more than 4/5th of the global value through 2025.
Online pharmacies are anticipated to gain prominence as a distribution channel through the forecast period, expanding 1.3X on the back of shifting consumer inclination towards digital sales and the expansion of the e-commerce industry.
North America will remain the leading regional market, capturing more than 2/5th of overall market revenue, owing to growing government investments in research for new drugs in the US.
The Asia Pacific is poised to expand 1.5X during the forecast period, on the back of a large patient pool and rising spending on healthcare.
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Diabetic Neuropathy Market – Driving Factors
Increasing prevalence of unhealthy lifestyles and changing eating habits are leading to surging incidence of diabetes, thus necessitating anti-diabetic drugs.
Development of effective drugs for neuropathic pain treatment and approvals of regulatory bodies are equally fuelling the growth of the market.
Diabetic Neuropathy Market – Constraints
High failure rates and disapproval rates at trial and approval phases, respectively, coupled with longer approval time for drugs are confining the market growth to an extent.
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Anticipated Market Impact by Coronavirus Outbreak
The growth of the market is expected to remain undisrupted through the pandemic period. With diabetes patients being a higher risk group of COVID-19, patients are seeking drugs as a measure to prevent complications in case they contract the infection. On this premise, market players are upscaling their production capacity to cater to the growing demand for essential pharmaceuticals. Although operations are experiencing delays due to travel restrictions, the continual demand for drugs is outweighing the challenges arisen due to the pandemic.
Competition Landscape
The key players operating in the diabetic neuropathy market include Johnson & Johnson (Janssen Global Services, LLC), Boehringer Ingelheim GmbH, NeuroMetrix, Inc., Eli Lilly and Company, GlaxoSmithKline Plc., Lupin Limited, Astellas Pharma Inc., Pfizer, Inc., Glenmark Pharmaceuticals Ltd., Arbor Pharmaceuticals, LLC, and Depomed, Inc. Market players, especially new entrants, are continually focusing on developing new drugs and studying new formulations to gain a competitive edge. For instance, Glenmark Pharmaceuticals Ltd., successfully out-licensed seven novel molecules to leading players such as Merck KGaA and remains the only company to execute multiple deals on novel molecules.
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More on the Report
The FACT.MR’s market research report provides in-depth insights into the diabetic neuropathy market. The market is scrutinized based on the disorder (Peripheral Neuropathy, Autonomic Neuropathy, Proximal Neuropathy, and Focal Neuropathy), treatment (Drugs, Radiotherapy, and Physiotherapy), and distribution channel (Hospitals, Clinics, Retail Pharmacy, and Online Pharmacy) (North America, Europe, East Asia, Asia Pacific, Latin America, and Middle East & Africa (MEA).
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