Global Peripheral Neuropathy Treatment Market, by Indication (Diabetic Peripheral Neuropathy, Chemotherapy-induced Peripheral Neuropathy, Idiopathic Peripheral Neuropathy, and others), by Treatment (Pharmacological Therapies(Pain Relievers, Anti-seizure Medications, Antidepressants) and Non-pharmacological Therapies (Transcutaneous Electrical Nerve Stimulation, Plasma Exchange, and Others), by End User (Hospital, Ambulatory Centers, and Others), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,795.10 Mn in 2022 and is expected to exhibit a CAGR of 3.8% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Key trends in the market include key players operating in the market focusing on adopting organic growth strategies such as strategic funding in order to expand their offerings in the market which is expected to drive the growth over the forecast period. For instance, in January 2021, Novaremed AG, a clinical-stage Swiss biopharmaceutical company, announced that it raised US$ 50 Mn from GEM Global Yield LLC SCS, a financial firm in France. The fund raised from the GEM Global Yield LLC SCS will be used by Novaremed AG for the clinical development of Novaremed’s lead product, NRD135S.E1, an investigational non-opioid small molecule drug for the treatment of painful diabetic peripheral neuropathy (PDPN).
Global Peripheral Neuropathy Treatment Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic caused major disruptions to clinical trial execution in the U.S., impacting key stakeholders across the industry. Investigative site capabilities experienced upheaval, driven by staff furloughs, social-distancing protocols, financial losses, and concerns over patient safety. Sponsors, CROs, and other organizations that support drug development shifted to remote working environments. An estimated 80% of non-COVID-19 trials were stopped or interrupted as a result of the COVID-19 pandemic. An April 2020 study for The Impact of COVID-19 on Clinical Trial Sites conducted by Medidata is a life sciences software provider that supports clinical trials with a primary focus on evidence generation, suggests that investigative sites demonstrated flexibility and ingenuity in adopting new approaches in order to cope with challenges presented by the pandemic, with over half of investigative sites transitioning to virtual approaches to interact with patients. More recently, follow-up studies performed in August 2020 have identified persistent impact of COVID-19 pandemic, with over 60% reporting an average or greater level of impact on ongoing trials and initiation of new trials. Respondents specifically highlighted challenges in patient enrollment and recruitment. Recently, the U.S. FDA guidance (March 2020 and updated July 2020) acknowledged that the impact of COVID-19 may require companies conducting clinical trials to consider virtual patient visits or put new processes in place of current protocols. Therefore, there are now more opportunities for using remote healthcare including conducting virtual or decentralized trials, site-less clinical trials, and use of other non-traditional approaches that do not involve in-person visits.
Browse 62 Market Data Tables and 32 Figures spread through 212 Pages and in-depth TOC on “Global Peripheral Neuropathy Treatment Market”- Forecast to 2030, Global Peripheral Neuropathy Treatment Market, by Indication (Diabetic Peripheral Neuropathy, Chemotherapy-induced Peripheral Neuropathy, Idiopathic Peripheral Neuropathy and othes), by Treatment (Pharmacological Therapies (Pain Relievers, Anti-seizure Medications, Antidepressants) and Non-pharmacological Therapies (Transcutaneous Electrical Nerve Stimulation, Plasma Exchange, and Others), by End User (Hospital, Ambulatory Centers and Others), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the global peripheral neuropathy treatment market, click the link below:
https://www.coherentmarketinsights.com/market-insight/peripheral-neuropathy-treatment-market-4363
Moreover, researchers are continuously focusing on novel treatment options for peripheral neuropathy treatment, which is providing robust opportunity for major players to further develop and introduce novel treatments in the market. 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 U.S.-based Phase II clinical study of the novel drug candidate, NRD135S.E1, for the treatment of painful diabetic peripheral neuropathy (PDPN).
Key Takeaways of the Global Peripheral Neuropathy Treatment Market:
- The global peripheral neuropathy treatment market is expected to exhibit a CAGR of 3.8% during the forecast period due to rising incidence of chronic diseases which is expected to drive the growth of the market. For instance, according to the International Diabetes Federation Report published in 2019, approximately 463 million adults (20-79 years) were living with diabetes in 2019 and by 2045, this will rise to 700 million globally. Moreover, according to the same source, 79% of adults with diabetes were living in low- and middle-income countries and around 374 million people are at increased risk of developing type 2 diabetes globally.
- In terms of Treatment, pharmacological therapies segment is estimated to hold largest market share in the global peripheral neuropathy treatment market over the forecast period owing to increasing approvals and launches of drugs for the treatment of peripheral neuropathy treatment. For instance, in July 2019, InvaGen Pharmaceuticals, a subsidiary of Cipla, received approval for Pregabalin Capsules, indicated for management of neuropathic pain associated with certain illnesses, from the U.S. Food & Drug Administration (U.S. FDA). The drug is generic therapeutic equivalent version of Pfizer's Lyrica.
- Among End User, hospitals estimated to exhibit highest CAGR in the global peripheral neuropathy treatment market over the forecast period owing to rise in the prevalence of cancer which will lead to increasing hospitalizations of individuals suffering from cancers, which in turn is expected to drive the demand for peripheral neuropathy treatment, as various cancer treatments performed in hospitals such as chemotherapy lead to peripheral neuropathy in patients. For instance, according to the American Cancer Society, in 2019, there was an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
- Major players operating 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.
