As per a report by Transparency Market Research, the global diabetic neuropathy market will likely expand at a 5.4% CAGR between 2017 and 2025 to reach a value of US$5.718 bn by 2024 from US$ 3.6 bn in 2016.
Albany, NY -- (SBWIRE) -- 11/24/2017 -- The global diabetic neuropathy market is semi-consolidated in which the prominent players hold limited share. The competition among the existing global and local manufacturers of diabetic neuropathy drugs is robust with most focused on research and development of better neuropathy drugs sans the complications and infections associated with their use. Boehringer, for example, has collaborated with Eli Lilly to develop new drugs to help overcome the complications caused by diabetes.
Other popular strategies leveraged by the keen leading players in the global diabetic neuropathy market are acquisitions. Novartis AG, for instance, acquired Australia-based Spinifex Pharmaceuticals, Inc., to grow its portfolio of neuropathic pain treatments.
Some of the prominent names operating in the global diabetic neuropathy market are Pfizer, Inc., Johnson & Johnson, Boehringer Ingelheim GmbH, NeuroMetrix, Inc., Astellas Pharma Inc., Eli Lilly and Company, GlaxoSmithKline plc, Lupin Limited, Depomed, Inc., Glenmark Pharmaceuticals Ltd, and Arbor Pharmaceuticals, LLC. Pfizer, Inc., among them, leads the market due to its massive outreach and substantial spends in research and development in therapeutic areas.
Depending upon the type of disorder, the global diabetic neuropathy market can be segmented into peripheral neuropathy, autonomic neuropathy, proximal neuropathy, and focal neuropathy. Among them, peripheral neuropathy accounts for maximum market share. Surpassing other segments by clocking a 5.7% CAGR from 2017 to 2025, the peripheral neuropathy is expected to hold on to its dominant position in the foreseeable future too on the back of high prevalence of diabetic neuropathy.
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Based on geography, the key segments of the global diabetic neuropathy market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America, of them, holds a leading share of 34.9% in the market mainly on account of the substantial number of diagnosed patients and the steep cost of therapy in the market. As a result most companies of diabetic neuropathy products are targeting the North America market.
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Lifestyle Changes Trigger Market Growth
The most obvious driver of the global diabetic neuropathy market is the rising instances of diabetes caused by changing lifestyles and unhealthy dietary habits and patterns. As per WHO, about 422 were afflicted by diabetes in 2014. Other factors catalyzing growth in the market are the nod to novel drugs by FDA and other regulatory bodies and helpful reimbursement policies. "The FDA approved Nucynta ER for treating neuropathic pain caused by diabetes in 2015. Further, opioid drugs, namely morphine and methadone have also been approved to treat severe pain," informs the lead analyst of the TMR report.
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Limited Effect of Drugs Crimps Growth
Acting as a hindrance to the global diabetic neuropathy market, on the other hand, is the limited effect of therapies. Explains the lead analyst of the TMR report, "Only a quarter of patients given drugs for neuropathic pain have seen pain relief. In addition, inadequate diagnosis and incorrect understanding or selection of treatment options also serve to decrease the success of neuropathic pain treatment." Side effects and rising cost of diabetic neuropathy treatment drugs are also serving to restrain the market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.