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Diabetic neuropathy refers to nerve damage caused by diabetes. It typically occurs when long-term high blood sugar levels from diabetes damages small blood vessels that nourish nerves. This can eventually lead to pain, numbness, and weakness usually in hands, feet or legs. Symptoms often develop slowly over time and can range from a tingling or burning sensation to sharp or shooting pain. Some patients may experience muscle weakness and loss of reflexes as nerves controlling automated functions are affected. Diabetic neuropathy causes significant decrease in quality of life and hampers day to day activities for those suffering from this condition. Medications for pain management and control of blood sugar levels are the primary treatment options. 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:
One of the major trends witnessed in the diabetic neuropathy market is investments in new drug formulations and therapies. Currently, available pharmacological treatment options provide only symptomatic relief without curing the underlying condition. Hence, there is significant interest from pharmaceutical companies to develop drugs targeting the cause rather than just the symptoms. For instance, in June 2022, Novartis announced positive topline results from a phase 3 study of evobrutinib, an oral Bruton’s tyrosine kinase inhibitor for the treatment of diabetic peripheral neuropathic pain. Evobrutinib reduced pain from baseline compared to placebo in patients with type 1 and type 2 diabetes. Since the global burden of diabetes continues to rise rapidly worldwide, it will drive further research focus on finding safe and effective therapeutic solutions specially for debilitating complications of the condition like diabetic neuropathy.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as diabetic neuropathy drug development requires huge capital investment and compliance with strict regulatory norms.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of generic drugs at lower costs.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many pharmaceutical companies developing drugs for diabetic neuropathy.
Threat of new substitutes: The threat of new substitutes is low as there is no alternative for drug therapy in severe cases of diabetic neuropathy.
Competitive rivalry: The competitive rivalry is high among existing players to gain more market share.
Key Takeaways
The global diabetic neuropathy market is expected to witness high growth.
Regional analysis: North American region dominates the global diabetic neuropathy market owing to the rising geriatric population suffering from diabetes.
Key players operating in the diabetic neuropathy are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly and Company leads the global diabetic neuropathy drug market with its popular product Cymbalta used for treating neuropathic pain associated with diabetes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
