Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Peripheral neuropathy can be caused by a variety of systemic diseases, toxic exposures, medications, infections, and hereditary disorders. The most common causes include diabetes, hypothyroidism, and nutritional de?ciencies. Peripheral neuropathy can either be inherited or developed due to injury or illness.
The global peripheral neuropathy treatment market is estimated to be valued at US$ 1,685.7 million in 2020 and is expected to exhibit a CAGR of 3.6% during the forecast period (2020-2027).
Figure 1. Global Peripheral Neuropathy Treatment Market Share (%), by Region, 2020
Drug approvals by the major players is expected to propel growth of the global peripheral neuropathy treatment market.
Major players are focusing on developing drugs for the treatment of peripheral neuropathy, which is expected to boost the market growth during the forecast period. For instance, in June 2020, Novaremed AG a clinical-stage Switzerland-based biopharmaceutical company, received the U.S. Food and Drug Administration (FDA) clearance on an investigational new drug (IND) application to initiate its US-based Phase II clinical study of the novel drug candidate, NRD135S.E1, for the treatment of painful diabetic peripheral neuropathy (PDPN).
Peripheral Neuropathy Treatment Market Report Coverage
||Market Size in 2020:
||US$ 1,685.7 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 2,155.0 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC Countries, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Type: Diabetic Peripheral Neuropathy, Chemotherapy-induced Peripheral Neuropathy, Idiopathic Peripheral Neuropathy, Others.
- By Treatment:
- Pharmacological Therapies: Pain Relievers, Anti-seizure Medications, Antidepressants.
- Non-pharmacological Therapies: Transcutaneous Electrical Nerve Stimulation, Plasma Exchange and Intravenous Immune Globulin, Others.
- By Distribution Channel: Hospitals and Clinics, Ambulatory Centers, Others.
Abbott, Bristol Myers Squibb, Cipla Limited, Eli Lilly and Company, GlaxoSmithKline plc., Lupin Limited, Merck and Co. Inc., Novartis AG, Pfizer Inc., Dr. Reddy's Laboratories, Mylan NV, Johnson & Johnson Services Inc., and Teva Pharmaceutical Industries Ltd.
- Increasing geriatric population
- Rising cases of diabetics and cancer cases
- Novel drug approvals and launches
|Restraints & Challenges:
Figure 2. Global Peripheral Neuropathy Treatment Market Share (%), by Type, 2020
Rising diabetic and cancer cases in North America are expected to boost the market growth
North America is expected to hold dominant position in the global peripheral neuropathy treatment market, owing to increasing prevalence of diabetes and cancer in the region. For instance, according to the American Diabetes Association, in 2018, around 34.2 million people in the U.S. (representing 10.5% of the total U.S. population) suffered from diabetes. Moreover, according to the National Cancer Institute, 2016, around 16.8 million new cases of cancer were diagnosed in the U.S., with around 595,690 deaths from the disease. The same source also states that, the number of people with cancer is expected to rise to 19 million by 2024 in the U.S.
Global Peripheral Neuropathy Treatment Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) pandemic and resulting lockdowns in various countries across the globe have impacted the financial status of businesses in all sectors. The private healthcare is one such sector, which has been impacted significantly by the COVID-19 pandemic.
The lockdown in various countries due to the pandemic has placed an economic burden on the healthcare sector. Moreover, the pandemic has hampered the development, production, and supply of drugs and other healthcare products, and also affected growth of healthcare businesses across the globe.
As a result, the COVID-19 pandemic is expected to limit growth of the global peripheral neuropathy treatment market during the forecast period.
Major players operating in the global peripheral neuropathy treatment market include Abbott, Bristol Myers Squibb, Cipla Limited, Eli Lilly and Company, GlaxoSmithKline plc., Lupin Limited, Merck and Co. Inc., Novartis AG, Pfizer Inc., Dr. Reddy's Laboratories, Mylan NV, Johnson & Johnson Services Inc., and Teva Pharmaceutical Industries Ltd. among others.