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Diabetic neuropathy is a type of nerve damage that affects many patients with diabetes. It often initially causes numbness or tingling sensations in the hands or feet. Left untreated, it can lead to sharp or burning foot pain. Foot ulcers or sores may develop and will not heal. This ultimately increases the risk of lower limb amputations. The major symptoms of diabetic neuropathy include reduced or heightened sensations, pain, and loss of reflexes. The demand for diabetic neuropathy treatment drugs and therapeutic devices is increasing with the rising prevalence of diabetes across the world. Drugs are used to reduce nerve pain and promote nerve repair. Assistive devices help protect numb or altered limbs. The global Diabetic Neuropathy Market is estimated to be valued at US$ 3626.38 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
There has been a significant rise in research and development activities to develop advanced therapeutics for diabetic neuropathy management. Companies are conducting extensive clinical trials evaluating the efficacy of various drug candidates such as pregabalin, duloxetine, gabapentin, and opioids. Researchers are also focusing on the development of new biologics and compounds that specifically target neuropathic pain pathways. Gene and stem cell therapies hold promising potential to treat peripheral neuropathy. Companies are collaborating to explore the clinical benefits of gene therapies involving gene silencing and replacing techniques. The growing R&D investments are expected to help introduce more safe and effective treatment options for diabetic neuropathy in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is relatively low due to high capital requirements and stringent regulations set by regulatory bodies for drug approval and development.
Bargaining power of buyers: The bargaining power of buyers is moderate as diabetic neuropathy drugs are prescribed by physicians.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to the availability of substitutes. However, suppliers have some control over prices owing to patent protection.
Threat of new substitutes: Threat of new substitutes is moderate as research focus on finding better treatment options.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of major players.
Key Takeaways
The global diabetic neuropathy market is expected to witness high growth. Factors such as the rising prevalence of diabetes and technological advancements are expected to boost market growth during the forecast period.
Regional analysis: North America dominated the global market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the rising diabetes prevalence and growing awareness regarding diabetic neuropathy treatment in the region. Asia Pacific is anticipated to witness the fastest growth rate over the forecast period owing to healthcare infrastructure development and growing diabetes incidence in developing countries.
Key players: Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson, and Janssen Pharmaceuticals. Eli Lilly and Company is one of the dominating players in the market with strong product portfolio and vast geographical presence. GlaxoSmithKline also holds a sizable market share owing to its established brand presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
