USD 4.3 billion
Report ID: SQSG35I2004 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Diabetic Neuropathy Market Size was valued at USD 4.3 billion in 2021, and it is expected to reach a value of USD 7.3 billion by 2028, at a CAGR of 8% over the forecast period (2022 -2028).
A condition that damages the nerves and is connected to hyperglycemia is diabetic neuropathy. Although diabetic neuropathies' symptoms could not be detected early on, people who have had diabetes for a long period are more likely to experience nerve damage across their bodies. Since diabetic neuropathy cannot be cured, it can be controlled or avoided with the help of a variety of therapeutic approaches. Because of the disease's complexity, regulating agencies are required to authorize additional products and therapy methods that are related to it. Numerous expansion prospects will arise for the businesses operating in this market as a result of the high occurrence of diabetic neuropathy, which affects mainly diabetic individuals.
Global Market Size
USD 4.3 billion
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The Global Diabetic Neuropathy Market segmentation is based on Disorder, Distribution Channel, and Region. Based on disorder the market is segmented into peripheral neuropathy, autonomic neuropathy, proximal neuropathy, and focal neuropathy. Based on distribution channels the market is segmented into hospitals, clinics, retail pharmacies, and online pharmacies. Based on region the global Diabetic Neuropathy market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Disorder
During the projected timeframe, the world market for diabetic neuropathy is expected to be dominated by the peripheral neuropathy sector. The spread of chronic illnesses like diabetes is a major factor in the sector's expansion. Those with chronic nerve damage and peripheral neuropathy are more likely to develop diabetes. Depending on a variety of factors including age, type of diabetes, glycemic control, and length of diabetes, the occurrence of peripheral diabetic neuropathy in people can vary from 6 to 51 %.
Analysis by Distribution Channel
The diabetic neuropathy market is majorly driven by the hospital sector, which held the greatest market share in 2021. Hospital visits for routine checkups have dramatically grown as a result of the high number of diabetic patients. Additionally, the expansion of the medical services and rising government backing for programs that evaluate health problems and maintain the health of diabetics are significant factors in the rise of hospitals.
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In 2021, the greatest market for diabetic neuropathy is in North America. In order to counteract the degradation of generic pharmaceuticals, pharma companies continue to give fresh medications in the area. Due to a big incidence of chronic diseases such as diabetes, and an increasing senior generation, diabetic neuropathy treatment has become extremely popular, particularly in the United States.
With economies such as China demonstrating profitable growth, the Asia Pacific area is the fastest-growing market overall. According to studies published, India does have one of the highest proportions of type 2 diabetes in the globe and by 2030, 80 million Indians are expected to have the disease. Due to the region's large population of patients, poorly enforced regulatory environment, rising Research and Development investment, expansion of clinical studies, and federal funding for therapeutic strategies, pharma industries are now expanding there. As a result, the market is expected to experience significant regional growth.
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Because of the rising prevalence of diabetes, global demand for diabetic neuropathy would grow at a slower rate during the projection period. Furthermore, obesity, coronary heart disease, diabetic neuropathy, and other sugar-related issues are thought to be some of the factors driving the market's expansion. The market's expansion is also influenced by rising urbanization, which promotes sedentary lifestyles such as carbohydrate consumption and low physical activity.
A surge in diabetes incidence is being caused by an increase in the elderly people and carbohydrate intake. The requirement for treatments for diabetic neuropathy is rising as the world's diabetes population grows. The expansion of the market is also being aided by the rising government expenditures to upgrade health services. The sector for diabetic neuropathy is anticipated to increase in the near future due to the quick advance in science and the rising investments made by the major industry participants.
The rising expense of medications for treating diabetic neuropathy, the expanding range of alternative medicines, and other considerations are among the barriers to market expansion. One factor limiting the market's potential is the accessibility of other therapies like radiotherapy and physio, which are seen to be more comfortable and may provide consumers with adequate clinical outcomes. The development of this market may also be hampered by the stringent guidelines, product recalls, delays in Food and Drug Administration clearances, and other similar problems.
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Due to the rise in R&D projects, Johnson & Johnson and GlaxoSmithKline plc are the major players outperforming the diabetic neuropathy market. Major market companies are being influenced by this to diversify their product offerings globally. As a result, the important companies' varied product portfolios tend to increase the company's value. For instance, The most significant player in the market is thought to be Pfizer Inc. due to its emphasis on creating goods like Motrin and Lyrica that are expected to fuel growth.
Top Players Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Peripheral Neuropathy sector dominated the global Diabetic Neuropathy market in 2021 and is anticipated to maintain its dominance throughout the forecast period. The Hospital sector dominated the market share in 2021. In 2021, North America dominated the global diabetic neuropathy market and Asia-Pacific is anticipated to be the fastest-growing region over the forecast period.
|Market size value in 2021||USD 4.3 billion|
|Market size value in 2028||USD 7.3 billion|
|Forecast period||2022 -2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Diabetic Neuropathy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Diabetic Neuropathy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Diabetic Neuropathy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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