Albany, NY -- (SBWIRE) -- 06/27/2017 -- Diabetic neuropathy is the chronic pain condition caused by primary lesion or dysfunction in the nervous system of diabetic patients. The diabetic neuropathies are heterogeneous, which affect different parts of nervous system. Diabetic neuropathy can occur in early stages of diabetic diseases or may develop slowly after many years of disease. Symptoms are often minor at first, and as most nerve damage occurs over several years, mild cases get unnoticed for a long time which leads to severe complications. The risk of occurrence of neuropathy in diabetic patients increases as the duration of patients suffering from diabetes increases. The rising prevalence of diabetes, growing aging population, increasing healthcare expenditure, and novel drug development are the factors driving the growth of global diabetic neuropathy market.

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Geographically, the diabetic neuropathy market is segmented in five main regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest market for diabetic neuropathy market in 2016 which is attributed to rising population affected by diabetic neuropathy in North America leading to high demand for diabetic neuropathy treatment. The region is expected to continue to dominate the market in the forecast period attributed to factors such as the rising prevalence of diseases, government support in research and development of new therapies and therapeutics, and increasing approval of new drugs supported by strong pipeline products.

Europe is considered as the second largest market for diabetic neuropathy market in 2016. High incidence of diabetic neuropathy and rise in geriatric population in countries such as Germany, the U.K., Italy, and Spain are the major factors contributing to the Europe market growth, and high healthcare expenditure are anticipated to augment the growth of diabetic neuropathy market in Europe.
The diabetic neuropathy market in Asia Pacific is attributed to witness remarkable growth rate during the forecast period. The market in Asia Pacific is projected to record a high growth rate due to factors such as the surge in healthcare awareness programs, presence of a large pool of patients affected by diabetes, and the rising number of hospitals equipped with radiology devices to treat diabetic neuropathy. The growing presence of private insurance companies in the region is redefining the reimbursement scenario and further contributing to the market in the region.

The Latin America and Middle East & Africa are expected to grow at high CAGR in forecast period with immense growth potential. Increase in the number of distribution channels, rising prevalence of diabetic neuropathy among aged population, increase in healthcare expenditure and rise in awareness from government organizations about control and treatment of diabetes through therapeutic drugs is further augmenting the growth of market in regions.

The major players in the diabetic neuropathy market are – Johnson & Johnson (Janssen Global Services, LLC), Boehringer Ingelheim GmbH, NeuroMetrix, Inc. Eli Lilly and Company, GlaxoSmithKline plc, Pfizer, Inc. Lupin Limited, Astellas Pharma Inc., Pfizer, Inc., Glenmark Pharmaceuticals Ltd, Arbor Pharmaceuticals, LLC, Depomed, Inc., and others.

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