Diabetic neuropathy cases are increasing worldwide, fueling market growth. Diabetic neuropathy treatment is the second-highest contributor to global disability and an estimated 30% to 40% of people worldwide live with diabetic neuropathy. It is the most common illness in low- and middle-income countries which is the majority of the world, and this disorder requires lifelong care to manage. Thus Diabetic neuropathy treatment is one the most demand market in the world due to growing global geriatric population.
Change in lifestyle habits such as to bad posture, which increases of diabetic neuropathy disorder. Increasing research and development of new drugs to treat diabetic neuropathy disorder which is stimulating this market share. Increase diabetic neuropathy prevalence in the fiscal year 2000 to 2030 will reach up to 366 million people in the US. Rising awareness of advanced treatments for diabetic neuropathy, launch of a new treatment methods to manage the symptoms of chronic diabetic neuropathy is boosting this market growth.
Global Diabetic Neuropathy Treatment Market is expected to cross USD 5.80 Billion by 2025 at a CAGR of 5.1%.
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Peripheral Neuropathy segment is one of the largest market afflicting almost 1% of the entire global population and is three times as likely to afflict women than men. Autonomic Neuropathy disorder generally afflicts elderly people. As of 2018, about 23 million people in the US had autonomic neuropathy and over a quarter of those afflicted could not perform daily activities thus fueling the market share. Proximal Neuropathy is another rare type of nerve damage that occurs in hip, buttock, or thigh having its market share in a small amount. It typically affects one side of the body and rarely spreads to the other side of the body of which about 50% of patients suffering from diabetes have proximal neuropathy. Focal Neuropathy disorder afflicts roughly 3 out of every ten individuals who have diabetes with over 100 million people affected globally. Hence such diabetic neuropathy segments by disorder has a major chunk of market share boosting it.
Asia-Pacific is considered as the fastest-growing regional market for diabetic neuropathy. Asia-Pacific is seeing a surge in the number of people afflicted with this disorder due to bad posture brought into lifestyle, aging, and genetic predisposition. Diabetic neuropathy is an increasing problem in Asia and about 3839 patients were diagnosed with diabetic neuropathy in Korea in 2018, whereas in Japan, around 381 people were diagnosed with diabetic neuropathy in 2018.
The key competitors in the market are Pfizer Inc., Novartis AG, Johnson & Johnson Services, Inc. Eli Lilly and Company, DAIICHI SANKYO COMPANY, LIMITED. MEDA Pharma GmBH & Co. KG, Lupin Limited, Glenmark Pharmaceuticals Limited, among others
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