Peripheral Neuropathy Treatment Market Analysis & Forecast 2032

Peripheral neuropathy, a result of damage to the nerves located outside of the brain and spinal cord (peripheral nerves), often causes weakness, numbness and pain, usually in the hands and feet. It can also affect other areas and body functions including digestion, urination and circulation.

The global peripheral neuropathy treatment market is estimated to be valued at US$ 1,795.1 million in 2022 and is expected to exhibit a CAGR of 3.8% during the forecast period (2022-2030).

Figure 1.Global Peripheral Neuropathy Treatment Market Share (%) in Terms of Value, By Indication, 2022

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Rising incidence of chronic diseases is expected to drive the market growth during the forecast period.

Rising incidence of chronic diseases such as diabetes, cancer, and hypothyroidism, which in turn increase the chances of peripheral neuropathy in the patients suffering from chronic diseases is expected to drive the global peripheral neuropathy treatment market growth over the forecast period. For instance, according to the International Agency for Research on Cancer report published in December 2020, around 19.3 illion new cancer cases and 10 million cancer deaths were observed in 2020 globally.

Figure 2.Global Peripheral Neuropathy Treatment Market Share (%), By Treatment, 2022

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Increasing number of pipeline products for the treatment of peripheral neuropathy are expected to drive the market growth during the forecast period

Rising the prevalence of cancer which is expected to drive the global peripheral neuropathy treatment market growth during the forecast period. For instance, in February, 2021, Mendel AI, a late clinical-stage company and Cairo University initiated phase 2/3 clinical trial study of the potential protective role of venlafaxine versus memantine in paclitaxel induced peripheral neuropathy. The study is estimated to be completed on October 1, 2021.

Global Peripheral Neuropathy Treatment Market– Impact of Coronavirus (COVID-19) Pandemic

Peripheral neuropathy is a disorder that affects the peripheral nerves. Peripheral neuropathy has a variety of systemic, metabolic, and toxic causes, for instance, diabetes in metabolic cause. The most common treatable causes include diabetes mellitus, hypothyroidism, and nutritional deficiencies. The diagnosis require careful clinical assessment, judicious laboratory testing, and electro diagnostic studies or nerve biopsy, if the diagnosis remains unclear. Moreover, many patients suffering from COVID-19 also suffer from acute neurological disturbances such as peripheral neuropathy and problems with pain management. Thus, for the treatment of these symptoms along with COVID-19, doctors prescribe medication such as NSAIDs (Non-steroidal anti-inflammatory drugs) and non-opioids and antidepressants, which has a positive impact on the global peripheral neuropathy treatment market during COVID-19.

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it as a public health emergency in January 2020. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in more than 117 million infected individuals worldwide as of March 9, 2021. COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as China, India, Saudi Arabia, U.A.E., Egypt, and others are facing problems with regards to the transportation of drugs and devices from one place to another. Furthermore, players operating in the global peripheral neuropathy treatment market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include supply of raw materials for manufacturing drug formulations due to irregularities in transportation facility. Moreover, distributors of products are experiencing irregular demand for products from the retailers due to increasing patient population suffering from COVID-19 and other life threatening disorders.

Global Peripheral Neuropathy Treatment Market: Restraint

The major factors that hinder growth of the global peripheral neuropathy treatment market include high cost of products and availability of alternative treatments and stringent regulatory compliance and device recalls. Some of the factors hampering the market growth are the increase in cost of the drugs used in the treatment of peripheral neuropathy and increasing availability of alternative therapies for the treatment of peripheral neuropathy. For instance, the availability of various other treatments such as radiotherapy and physiotherapy are considered more convenient and may lead to more better clinical outcomes for the patients.

Key Players

Key players in the global peripheral neuropathy treatment market include Abbott Laboratories*, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Dr. Reddy’s Laboratories Ltd, Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., and NeuroBo Pharmaceuticals, Inc.