Global Diabetic Neuropathy Market - 2022-2029
The global diabetic neuropathy market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 6.40% during the forecast period (2022-2029).
Diabetic neuropathy is nerve deterioration caused by diabetes. High blood sugar (glucose) injures nerves throughout the body. Most frequently, Diabetic neuropathy damages nerves in the legs and feet.
The global diabetic neuropathy market growth is boosted by the growing cases of diabetes, increasing awareness about diabetes, increased research and development in pain treatments and market developments during the forecast period.
The various market developments propel the diabetic neuropathy market growth globally.
The various market developments fuel the global diabetic neuropathy market growth during the forecast period. For instance, in December 2021, Eli Lilly and Company collaborated with Regor Therapeutics Group for multi-year research and licensing to discover, develop and commercialize novel therapies for metabolic disorders such as diabetes and obesity. In MAY 2022, Endo International plc's subsidiary Endo Ventures Limited (EVL) acquired six development-stage, ready-to-use injectable product candidates from Nevakar Injectables Inc., with active programs in critical patient care, acute pain management, long-acting injectables, and hospital injectables.
Also, in July 2020, Grünenthal's U.S. subsidiary Averitas Pharma, Inc. received U.S. Food and Drug Administration (FDA) approval for QUTENZA (capsaicin) 8% patch, a topical, non-systemic, non-opioid pain treatment delivered in the form of a patch and is the first and only treatment of its kind to deliver prescription-strength capsaicin directly into the skin for the treatment of neuropathic pain associated with diabetic peripheral neuropathy (DPN) of the feet in adults. Thus, from the above data, it is anticipated that market developments will drive the global diabetic neuropathy market during the forecast period.
The stringent regulatory policies and drug development costs threaten the global diabetic neuropathy market growth.
However, the stringent regulatory policies and the high development cost of drugs combined to hamper the global diabetic neuropathy market growth during the forecast period. For instance, developing new drug treatments for a disease costs $314 million to $2.8 billion, and the presence of stringent regulatory policies for the development, manufacturing and marketing of drugs will hamper the global diabetic neuropathy market during the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic has immensely influenced the global diabetic neuropathy market growth since the sales of neuropathic treatments increased during the pandemic. According to Academics from Washington University School of Medicine, individuals who have contracted COVID-19 are extremely at risk of experiencing symptoms of peripheral neuropathy, such as pain, numbness and tingling in the hands and feet, which, in turn, increased the sales of neuropathic treatment drugs, thus positively impacting the global diabetic neuropathy market growth.
Peripheral neuropathy is dominating the market and is predicted to continue during the forecast period (2022-2029).
Peripheral neuropathy is estimated to dominate the global diabetic neuropathy market throughout the forecast period (2022-2029) because peripheral neuropathy is the most common neuropathy affecting diabetic patients, and new treatment developments for peripheral diabetic neuropathy. Peripheral neuropathy is a condition that results from damaged or diseased nerves to and from the brain and spinal cord and to the rest of the body. Peripheral neuropathy is characterized by tingling, pain and numbness in the body's extremities. According to the NIH, diabetic peripheral neuropathy is higher among persons with type 2 diabetes. Therefore the growing cases of type 2 diabetes fuel the dominance of peripheral neuropathy over the global diabetic neuropathy market. As per the British Diabetic Association, type 1 affects 8% of everyone with diabetes. In comparison, type 2 diabetes affects about 90% of the population.
Furthermore, developing new treatment options for peripheral neuropathy ensures its dominance over the global diabetic neuropathy market. For instance, in January 2022, U.S. Food and Drug Administration approved Medtronic plc's Intellis™ rechargeable neurostimulator and Vanta™ recharge-free neurostimulator for treating chronic pain associated with diabetic peripheral neuropathy (DPN). Therefore from the data mentioned, it is estimated that peripheral diabetic neuropathy will dominate the global diabetic neuropathy market during the forecast period.
The North American region holds the largest market share of the global diabetic neuropathy market.
North America dominated the global diabetic neuropathy market and is expected to dominate throughout the forecast period (2022-2029) owing to the high prevalence of diabetes in this region and the presence of a majority of the key market players holding a large share of the market. For instance, NeuroMatrix, Inc., Eli Lilly, Jhonson and Jhonson and Pfizer. Inc. U.S.-based key market players who hold the majority of market share through a different market tactic ensure the dominance of North America over the global diabetic neuropathy market.
Furthermore, according to the American International Diabetes Federation, over 51 million adults were living with diabetes in 2021, and the number is anticipated to reach 57 million and 63 million by 2030 and 2045, respectively. Moreover, 1 in 4 American adults is with undiagnosed diabetes. There was $ 415 spent on diabetes, and over 931,000 Americans died of diabetes in 2021. Therefore, from the mentioned data, it is estimated that North America will dominate the global diabetic neuropathy market during the forecast period.
The increasing research and development for diabetes alternative treatment options create competition among the market players. Technological advances that provide excellent opportunities for high-volume manufacturing and increased reach through online platforms have made the market competitive. Major diabetic neuropathy market players are NeuroMatrix, Inc., Eli Lilly, Strides Pharma ScScienceimited, Novartis AG, Astellas Pharma Inc., Grünenthal, Jhonson and Jhonson Pfizer. Inc., GlaxoSmithKline plc and Boehringer Ingelheim. These key players hold the market through acquisitions, product launches, and collaborations. For instance, in July 2021, Lilly acquired a private biotech company Protomer Technologies, enhancing its product portfolio and market reach.
Eli Lilly Company
Eli Lilly company was founded in 1876 in Indianapolis, Indiana, U.S. and named after Colonel Eli Lilly, a pharmaceutical chemist and veteran of the American Civil War. It has its products sold in around 125 countries all around the world. Eli Lilly is pursuing bold advancements in medicine and pushing to close the gaps in healthcare inequality.
Eli Lilly’s product portfolio for diabetic neuropathy contains a CYMBALTA: a serotonin and norepinephrine reuptake inhibitor (SNRI) indicated for the treatment of Diabetic peripheral neuropathic pain (DPNP) in adults.
The global diabetic neuropathy market report would provide access to approximately 40+ market data tables, 45+ figures, and 200 (approximate) pages.
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