According to MRFR analysis, Peripheral Neuropathy Market is expected to register a CAGR of 3.9% during the forecast period of 2019 to 2025 and is expected to reach USD 292.40 Million by 2025.
Peripheral neuropathy develops when nerves in the body’s extremities, such as the hands, feet, and arms, are damaged. The symptoms depend on which nerves are affected.
The growth of the global peripheral neuropathy market is driven by various factors, such as increasing chemotherapy treatments for cancer and growing awareness about peripheral neuropathy. Additionally, rising innovations in the field of peripheral neuropathy by top players are also driving the market. However, stringent government regulations are projected to hamper the growth of the global peripheral neuropathy market.
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Several market players currently dominate the global peripheral neuropathy market. The key players are involved in product launches and strategic collaborations to strengthen their market positions. For example, in June 2015, Spinifex Pharmaceuticals acquired by Novartis. The acquisition was centered on Spinifex’s EMA401, a new drug that could offer relief from chronic neuropathic pain. This acquisition helps Novartis to be a prominent player in the peripheral neuropathy market by expanding the market.
Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas are expected to be the largest market owing to the rising per capita healthcare expenditure. The peripheral neuropathy market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European peripheral neuropathy market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The peripheral neuropathy market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the rising geriatric population and the growing prevalence of diabetes, Asia-Pacific is expected to be the fastest-growing. The peripheral neuropathy market in the Middle East & Africa has been divided into the Middle East and Africa.
Segmentation
The Global Peripheral Neuropathy Market has been segmented based on type, treatment, and end user.
The market, based on type, has been divided into diabetic peripheral neuropathy (DPN), chemotherapy-induced peripheral neuropathy (CIPN), idiopathic peripheral neuropathy, and HIV/AIDS-associated peripheral neuropathy.
The diabetic peripheral neuropathy (DPN)segment is likely to be the largest during the review period due to their increasing prevalence of diabetic peripheral neuropathy in youth with diabetes.
The chemotherapy-induced peripheral neuropathy (CIPN) segment is predicted to be the fastest-growing due to increasing chemotherapy for the treatments of cancer patients. Many market players come up with different treatment methods and devices with advanced technologies. For instance, in June 2019, RxFunction launched sensory prosthesis for people with peripheral neuropathy.
The global peripheral neuropathy market has been segregated, on the basis of treatment, into pharmacological therapies, non-pharmacological therapies, and others.
The pharmacological therapies segment is expected to hold the majority share of the market owing to the pharmacological therapies are primary in the treatment of peripheral neuropathy. The non-pharmacological therapies segment is expected to be the fastest-growing due to the as non-pharmacological therapies are used along with other treatment options for neurotherapy.
The end users of the market are hospitals and clinics, ambulatory centers, and others. The hospitals and clinics segment is expected to hold the largest share of the market due to the rising awareness about advanced treatments available in the hospitals and expertise. The ambulatory centers segment is expected to be the fastest growing owing to the availability of specialized medical services and advanced medical technology
Key Players
Some of the key players in the Global Peripheral Neuropathy Market are Abbott Laboratories (US), Bristol Myers Squibb (US), Novartis AG (UK), Eli Lilly and Company (US), Pfizer Inc (US), GlaxoSmithKline plc (UK), Merck and Co. Inc. (US), Cipla Limited (India), Lupin Limited (India), Dr. Reddy’s Laboratories (India), F. Hoffmann-La Roche Ltd. (UK), RxFunction, Inc. (US) among others
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