Diabetic Neuropathy Market Size & Share to See Modest Growth Through 2026
Market
Overview
Diabetic Neuropathy
is the damage caused to the nerve due to diabetes which often leads
to pain and numbness in feet or lower legs. The pain can be
experienced in other parts of the body such as hips, wrist and back
depending upon the effect of neuropathy. There are different types of
neuropathy such as focal neuropathy, proximal neuropathy, peripheral
neuropathy and autonomic neuropathy. An estimated 50% of diabetic
population suffers from diabetic neuropathy across the globe.
Further, as per CDC estimates, 6-7 people per 1000 diabetic
population suffer from diabetic neuropathy in the U.S. Rise in aging
population coupled with rise in prevalence of diabetes, the patient
pool for diabetic neuropathy will increase significantly, in turn
fueling growth of the diabetic neuropathy market.
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New drugs to
treat neuropathy pain will alter the current market dynamics
The diabetic
neuropathy market has been under continuous evolution from the past 5
years. There are generic drugs and specialty drugs including
antidepressants and antispasmodics, as well to treat pain associated
with the disorder. However, in 2011, there were an estimated 79 novel
drugs in the clinical trial phase with Horizant (Gabapentin Enacarbil
extended release) being one of the most effective drug. The
pharmaceutical companies will continue the required geographic
expansion and release novel drugs across major countries in different
regions. Further, the growing awareness about diabetic neuropathy,
increased healthcare spending and increase in pharmaceutical R&D
spending will be important factors for growth in the diabetic
neuropathy market.
Asia Pacific
region will be the next frontier of growth in the global diabetic
neuropathy market
North America is the
largest market for diabetic neuropathy, with an estimated 35 million
affected by the disease in U.S and Canada. The pharmaceutical
companies continue to introduce novel drugs in the region in order to
offset the generic drug erosion. Diabetic neuropathy treatment has
gained immense traction especially in U.S. due to large patient pool,
high incidence of diabetes and growing geriatric population. However,
the strict regulatory scenario for drug approval in U.S. and Canada
has been a challenge for the diabetic neuropathy market. Other
factors such as significant rate of failure during clinical trials
and long drug approval time continue to restrain the growth in
industry.
Asia Pacific region
is fastest growing region with countries such as India and China
showing lucrative growth. India has one of the highest rates of
diabetes type 2 in the world and according to an independent
research, by year 2030, an estimated 80 million people will be
affected with diabetes type 2 in India. Additionally, the study
concluded that the prevalence rate for diabetic neuropathy was 29% in
the entire patient population. China has edged India and has a
diabetes patient population of 110 million which is projected to
reach 150 million by 2040, as per data published by WHO. Major
pharmaceutical companies are now venturing into Asia pacific region
and the market is poised to witness substantial growth in the region
due to large patient population, less stringent regulatory scenario,
increasing R&D investment, growth in clinical trials conducted
and government funding for the disease treatment.
The
introduction of new players will change the existing market dynamics
as they continue to compete with existing key players
The key players in
the diabetic neuropathy market are Eli Lilly and Company,
GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen
Pharmaceuticals. Due to the high cost associated with the development
of novel drugs and long regulatory approval time, the major players
in the diabetic neuropathy industry acquire small players possessing
unique drugs. The market is consolidated in nature with major
pharmaceutical players accounting for major market share. As majority
of current breed of drugs undergo patent expiration, the generic
drugs will enter the market and the key competitors would have to
introduce innovative products into the market to stay competitive.
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