Albany, NY -- (SBWIRE) -- 03/20/2018 -- The vendor landscape of the world market for diabetic neuropathy is semi-consolidated wherein the leading market players have limited share. The competition amongst the already existing local and global producers of diabetic neuropathy drugs is fierce with much of the focus is on research and development work so as to offer improved neuropathy drugs sans the infections and complications that are associated with their use. Boehringer, for instance, has collaborated with Eli Lilly in an effort to come up with new drugs so as to help get over the complications that are caused by diabetes.
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Amongst all of the popular strategies that are leveraged by the prominent players that are operating in the world market for diabetic neuropathy, acquisitions is the most popular one. In another example, Novartis AG acquired Spinifex Pharmaceuticals, Inc., an Australia-based company so as to expand its neuropathic pain treatment portfolio.
A few of the eminent market players that are operating in the world market for diabetic neuropathy are GlaxoSmithKline plc, Glenmark Pharmaceuticals Ltd, Astellas Pharma Inc., Eli Lilly and Company, Johnson & Johnson, Arbor Pharmaceuticals, Pfizer, Inc., Depomed, Inc., Lupin Limited, NeuroMetrix, Inc., Boehringer Ingelheim GmbH, and many others. Amongst all of these, Pfizer, Inc. leads the said market owing to its significant spends in the research and development activities and wide outreach.
In accordance with a market research report by Transparency Market Research, the world market for diabetic neuropathy is estimated to register growth rate of 5.4% CAGR between the year 2017 and 2025 so as to attain a market valuation of around US$ 5.718 bn by the year 2024 from an earlier valuation of around US$ 3.6 bn in the year 2016.
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Major geographical segments pertaining to the world market for diabetic neuropathy are Europe, North America, Latin America, the Middle East and Africa, and Asia Pacific. Amongst them, the region of North America holds a leading share of the market, and that accounts to 34.9% of the total market in the year 2016. This is primarily due to the presence of a large pool of patients who have been diagnosed with diabetes and the existing expensiveness of the related therapy. As a matter of fact, interested companies are emphasizing on the market in the U.S. in the North American region to better their revenues and sales. The said market in North America was worth around US$ 1.071 bn in the year 2016 and it is expanding at a growth rate of around 5.3% CAGR between the year 2017 and 2025, it is poised to attain a market valuation of around US$ 1.68 bn by the year 2025.
The region of North America is followed by Europe in the international market for diabetic neuropathy in terms of size. The European market is being mostly influenced by the increasing occurrences of diabetic neuropathy and an expanding pool of the elderly population, especially in countries like the U.K., France, Italy, and Germany. Taking growth rate into consideration, the market in Asia Pacific is prognosticated to outdo all the other regions. Powered mostly by China, the region of Asia Pacific is expected to clock a growth rate of 6.7% of CAGR owing to the large pool of such patients, rising number of campaigns of health awareness, and hospitals that are equipped with radiology gadgets for the treatment of diabetic neuropathy.
One of the growth promoting market drivers that has been driving the said global market is the growing occurrences of diabetes that is caused by the ever changing lifestyles and unhealthy dietary patterns and habits of the people. As per World Health Organization or WHO as it is popularly known as, around 422 were affected by diabetes in the year 2014. Various other factors that catalyze the growth of the said market are the approval to the novel drugs by FDA and other regulatory bodies and favorable policies of reimbursement.
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