Diabetic Neuropathy Market to Register 5.6% CAGR Through 2025; Revenue Growth Remains Unscathed by COVID-19 Pandemic, Infers Fact.MR
Published : 22 Jun 2020 Industry: Healthcare
Over the years, 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 factors driving the prevalence of diabetes. As a result, the number of patients seeking treatment has augmented. Various pharmaceutical companies are investing in anti-diabetic drugs to address this problem.
The introduction of novel drugs such as Nucynta ER and Lyrica is anticipated to be a major growth driver for the global diabetic neuropathy market. Moreover, rising insurance coverage to neuropathic pain drug companies will continue to augment market prospects. The global diabetic neuropathy market is poised to expand at a CAGR of 5.6% during the forecast period (2020-2025).
Key Takeaways of Global Diabetic Neuropathy Market Study
- Treatment for peripheral neuropathy is poised to register positive growth, capturing more than half of the global diabetic neuropathy market share. Current limitations of diabetic neuropathy treatment and underdiagnoses of patients are anticipated to drive the segment’s growth. Present treatment is largely restricted to managing pain instead of regeneration of nerves.
- Proximal neuropathy will find substantial application of diabetic neuropathy formulations. This is attributed to an increasing patient pool suffering from type 2 diabetes. Projections indicate nearly a quarter of the global diabetic neuropathy market share, growing at a CAGR of 5.6% during the forecast period.
- Drugs – highly preferred treatment method – are poised to register maximum growth, expanding 1.4X and capturing more than four-fifth of the total revenue through 2025. This is attributed to rising consumption of antidepressant and analgesic categories. Analgesic, particularly opioids, is gaining significant traction as an effective painkiller.
- 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 convenient for patients in terms of cost and delivery. The segment is projected to expand 1.3x during the forecast period.
North America at Forefront; Asia Pacific Set for Strong Growth
North America’s diabetic neuropathy is projected to capture greater than two-fifth of the global market value. Increasing percentage of patients getting diagnosed and receiving treatment for diabetic neuropathy and government efforts to fund research for new drugs and therapies will continue to drive growth. The regional market is expected to expand 1.4X during the forecast period.
Asia Pacific shows healthy growth prospects, owing to a large patient pool resulting from poor dietary habits along with rapid expansion of healthcare infrastructure. The regional market is anticipated to grow 1.5X, capturing over one-fifth of the global diabetic neuropathy market during the forecast period.
COVID-19 to Challenge Steady Operations
The COVID-19 pandemic is anticipated to create delays in processing orders, owing to a shift towards a remote operation. However, supply chain disruptions are not anticipated.
Key manufacturers are working tirelessly to ensure that essential drugs are supplied as quickly as possible to key stakeholders. Moreover, many companies have suggested hospitals and pharmacies to purchase products directly from the wholesalers.
“The global diabetic neuropathy market shows healthy growth prospects, primarily owing to rise in cases of diabetes. 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 the Fact.MR analyst.
Molecular Development and Product Launches Act as Key Growth Levers
Key companies operating in the global diabetic neuropathy market are: 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 the treatment of diabetics.
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.
Looking for more information?
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 (Peripheral Neuropathy, Autonomic Neuropathy, Proximal Neuropathy and Focal Neuropathy), treatment (Drugs, Radiotherapy and Physiotherapy) and distribution channel (Hospitals, Clinics, Retail Pharmacy and Online Pharmacy) across five major regions.
Fact.MR’s Domain Knowledge in Healthcare
Fact.MR’s healthcare and research professionals guide organizations at each step of their business strategy by helping you understand how contemporary influencers impact transformation in the healthcare sector. Our expertise in recognizing the challenges and trends affecting the global healthcare industry provides valuable insight and support, helping identify critical issues and construct relevant solutions. For more information on our deep domain expertise, click here.