Apr 08, 2020
Global Diabetic Neuropathy Market to Surge, Development of Novel Drugs to Receive Uptick amid COVID-19 Pandemic, Infers Fact.MR
by Team Fact.MR
The incidence of diabetes has increased globally. As of 2019, nearly one-tenth of the global population was afflicted by this deadly disease. Adoption of sedentary lifestyles and a decline in the consumption of a balanced diet are key drivers behind this rising prevalence. As a result, the number of patients seeking treatment has also increased. Various pharmaceutical companies are investing in anti-diabetic drugs to address this problem. Drugs are further receiving an uptick among diabetic patients afflicted by COVID-19 to reduce fatalities.
The introduction of novel drugs such as Nucynta ER and Lyrica are anticipated to be major growth drivers for the global diabetic neuropathy market. Moreover, rising insurance coverage to neuropathic pain drug companies will also market prospects. The global diabetic neuropathy market is poised to expand at a CAGR of 5.6% across the forecast period (2020-2025).
Key Takeaways of Global Diabetic Neuropathy Market Study:
- By disorder type, the peripheral neuropathy segment is poised to register positive growth, capturing more than half of the global diabetic neuropathy market. Current limitations of diabetic neuropathy treatment and underdiagnoses of patients are anticipated to leverage the segment’s growth. Present treatment is largely restricted to managing pain instead of regeneration of nerves.
- Proximal neuropathy shall also find substantial application in diabetic neuropathy formulations. This is attributed to an increasing patient pool suffering from type 2 diabetes. Projections indicate a market share of nearly a quarter of the global diabetic neuropathy market, growing at a CAGR of 5.6% during the forecast period.
- By treatment type, the drugs segment is poised to register maximum growth, expanding 1.4x and capturing more than four-fifths of the global diabetic neuropathy market. This is attributed to rising consumption of antidepressant and analgesic categories. Analgesics, particularly opioids, are effective painkillers, thus surging their popularity.
- By distribution channel, online pharmacies are set to surge in popularity, attributed to increase in digital sales and a flourishing e-commerce industry. Several governments are supporting the concept of e-pharmacy as it is very convenient for patients in terms of cost and delivery. The segment is projected to expand 1.3x during the forecast period.
- By region, North America is projected to capture greater than two-fifth of the diabetic neuropathy market. Increasing percentage of patients getting diagnosed and receiving treatment for diabetic neuropathy and government efforts to fund research for new drugs and therapies shall drive growth. The region shall expand 1.4x during the forecast period.
- Asia-Pacific shows healthy growth prospects, owing to a large population base, poor dietary habits and limited healthcare infrastructure. The region is anticipated to expand 1.5x, capturing over one-fifth of the global diabetic neuropathy market during the forecast period.
- The COVID-19 pandemic is anticipated to create delays in processing orders, owing to a shift towards a remote workforce. However, supply chain disruptions are not anticipated. Key manufacturers are working tirelessly to ensure that essential drugs are supplied as quickly as possible to hospitals. For this, many companies have suggested that hospitals and pharmacies purchase products directly from the wholesalers.
“The global diabetic neuropathy market shows healthy growth prospects in the future. Approval of new drugs for treatment by agencies such as the FDA has prompted key manufacturers to increase their product pipeline. This is anticipated to steer the market in a positive direction,” concludes a Fact.MR analyst.
Molecular Development, Product Launches Act as Key Growth Levers
The global diabetic neuropathy market consists of the following players: Arbor Pharmaceuticals, LLC, Pfizer, Inc., Janssen Global Services, LLC, NeuroMatrix, Inc., Depomed, Inc., and Eli Lilly. These companies primarily concentrate on developing new drugs within their pipeline, owing to the burgeoning need for treatment of diabetes.
Janssen Global Services, LLC, the pharmaceutical arm of Johnson & Johnson, manufactures diabetic neuropathy drugs such as NUCYNTA, NUCYNTA ER, Duragesic and INVOKANA. These drugs contain canagliflozin and tapentadol which are important for regulating blood sugar levels. Likewise, Pfizer, Inc., produces Lyrica EH, Celebrex, Lyrica IH and TafamidisMeglumine.
Another prominent market player, Glenmark Pharmaceuticals Ltd., manufactures remoglifozin etabonate, belonging to the gliflozin class to treat type-2 diabetes. Additionally, the company has successfully out-licensed seven novel molecules to leading pharmaceutical giants such as Merck KGaA and remains the only company to execute multiple deals on novel molecules. An example of this is the development of the SGLT2 inhibitor which developed into remoglifozin.
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The research study on the global diabetic neuropathy market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global diabetic neuropathy market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of disorder type (Peripheral Neuropathy, Autonomic Neuropathy, Proximal Neuropathy and Focal Neuropathy), treatment type (Drugs, Radiotherapy and Physiotherapy) and distribution channel (Hospitals, Clinics, Retail Pharmacy and Online Pharmacy) across five major regions.
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