Global Diabetic Neuropathy Treatment Market

Diabetic Neuropathy Treatment Market Size, Share, Growth Analysis, By Drug Class(Non-steroidal Anti-inflammatory Drugs, Opioid), By Disease(Peripheral, Autonomic), By Distribution Channels(Hospitals, Clinics) - Industry Forecast 2024-2031

Report ID: SQMIG35A2836 | Region: Global | Published Date: April, 2024
Pages: 211 | Tables: 94 | Figures: 73

Diabetic Neuropathy Treatment Market News

  • In March 2022, Yostra Labs, a medtech startup based in India, announced that the company, which raised US$484,164 in seed funding led by Vilgro Innovations Foundation, Indian Angel Network, and other investors, has some unique features management and diagnosis of peripheral neuropathy. The company was expected to use the capital to expand its staff and marketing teams.
  • In January 2022, the FDA approved spinal stimulation for the treatment of chronic pain caused by diabetic neuropathy, according to Medtronic.
  • In December 2023, Vertex Pharmaceuticals received FDA approval for CRISPR-based gene editing therapy, a strategy focused on developing and promoting non-opioid pain relievers Based on Vertex's Phase 2 clinical trial results for VX-548, highlighting alternative pain management strategies in diabetic peripheral neuropathy Thiah of the safe and consistent with the search for more effective treatments. This strategy ensures competitive advantage by addressing the urgent need for innovative solutions in the market.
  • In July 2023, Indian pharmaceutical company Asprius Lifesciences recently started treating diabetic neuropathy, a disease that causes nerve damage in different parts of the body The company has filed patents for a patented drug combination (FDC), indicating potential for peripheral nerve block. These developments allow Asprius to establish a competitor in the global marketplace and meet the broader need for effective solutions.
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Diabetic Neuropathy Treatment Market size was valued at USD 5.08 Billion in 2022 and is poised to grow from USD 5.53 Billion in 2023 to USD 10.94 Billion by 2031, growing at a CAGR of 8.9% in the forecast period (2024-2031).

The competitive environment of the Diabetic Neuropathy Treatment Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The diabetic neuropathy treatment market is characterized by fierce competition among pharmaceutical companies, medical device manufacturers, and biotechnology companies. Major players in the market keep growing their product lines, expanding the market presence, mergers and acquisitions, collaboration, product differentiation and gain competitive advantage through strategic initiatives. 'Novartis AG', 'Pfizer Inc.', 'Glenmark Pharmaceuticals Ltd.', 'Eli Lilly and Company', 'Abbott Laboratories', 'F. Hoffmann-La Roche Ltd', 'Johnson & Johnson', 'GlaxoSmithKline Plc', 'Lupin Ltd', 'Depomed, Inc', 'Astellas Pharma Inc', 'Meda Pharma GmBH & Co. KG', 'Pfizer Inc.', 'Novo Nordisk A/S', 'Merck & Co., Inc.', 'Teva Pharmaceutical Industries Ltd.', 'AbbVie Inc.'

The prevalence of diabetes affects the growth of the diabetic neuropathy treatment market during the forecast period. Moreover, vascular disease due to diabetes, heart disease, obesity and other challenges related to glucose utilization are considered as some of the factors driving the growth of the market along with consumption of unhealthy foods, sedentary lifestyle under poor quality of life due to increased urbanization also market development.

Increasing Awareness of Diabetes Management: Worldwide, diabetes management is considered a priority. The increasing number of diabetics is driving the growth of this market. Also, increasing incidence of diabetic neuropathy, increasing awareness of diabetes management, and others motivate key players to focus on new product launches in coming years due to the acquisition of technologies by key players advanced for diabetic neuropathy advanced treatment market during the forecast period hence -focuses on product development. The manufacturers focus on producing transdermal patches, facial sprays and powders. For example, diabetes medications administered by aggressive methods, such as insulin, are more problematic to take on a daily basis.

North America is expected to be the major regional market due to the high, high incidence of diabetes. In addition to this, fast availability of pharmaceuticals, availability of advanced treatments in the industry, and availability of compounded drugs are also driving the growth of the market. According to the National Diabetes Report, it is estimated that the US. 26.9 million people have diabetes. North America holds the largest share in the diabetic neuropathy treatment market. There is a well-established healthcare system, high healthcare costs, and many patients affected by diabetes and its complications, including arthritis, within the facility.

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Global Diabetic Neuropathy Treatment Market

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