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Diabetic Neuropathy Treatment Market Trends, Size and Growth Analysis 2019 To 2023
Diabetic Neuropathy Treatment Market: Rising prevalence of Diabetic Neuropathy in Recent Years is Projected to Boost Market Growth at a Healthy CAGR of 5.1% During the Forecast Period of 2019 to 2025
The Global Diabetic Neuropathy Treatment Market is expected to cross USD 5.80 Billion by 2025 at a CAGR of 5.1%.
The number of diabetic neuropathy cases is increasing globally, fueling market growth. Diabetic neuropathy treatment is the second-highest contributor to global disability and an estimated 30% to 40% of people across the globe live with diabetic neuropathy.
Diabetic neuropathy is most common in low- and middle-income countries, and this disorder requires lifelong care to manage.
The rising prevalence of diabetic disorders and increasing reimbursement offered to patients by health insurance providers.
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- Growing global geriatric population.
- Change in lifestyle habits leading to bad posture, which is increasing the prevalence of diabetic neuropathy disorder.
- Increasing research and development of new drugs to treat diabetic neuropathy disorder.
- Rising prevalence of diabetic neuropathy. For example, the prevalence of diabetic neuropathy in the fiscal year 2000 to 2030 will reach up to 366 million people in the US.
- Rising awareness of advanced treatments for diabetic neuropathy.
- Launch of a new medication to manage the symptoms of chronic diabetic neuropathy.
- Peripheral Neuropathy: The largest segment of the market, peripheral neuropathy afflicts almost 1% of the entire global population and is three times as likely to afflict women than men.
- Autonomic Neuropathy: This disorder generally afflicts elderly people. As of 2018, about 23 million people in the US had autonomic neuropathy and over a quarter of those afflicted could not perform daily activities.
- Proximal Neuropathy: It is a rare type of nerve damage that occurs in hip, buttock, or thigh. It typically affects one side of the body and rarely spreads to the other side of the body. About 50% of patients suffering from diabetes have proximal neuropathy.
- Focal Neuropathy: This focal neuropathy disorder afflicts roughly 3 out of every ten individuals who have diabetes with over 100 million people affected globally.
- Drugs: The fastest-growing segment of the market, drugs are most widely used for the treatment of diabetic neuropathy. A rise in the number of FDA approvals for drugs to treat diabetic neuropathy is a key factor for the growth of the segment.
- Transcutaneous Electrical Nerve Stimulation (TENS): The largest segment, TENS is the preferred treatment for many diabetic neuropathies as they reduce inflammation and suppress immune system activity.
- Others: The other segment includes physiotherapy and electroacupuncture and various other treatment options for diabetic neuropathy.
- Hospitals and Clinics: The largest segment, hospitals, and clinics are usually the primary points for diagnosis, treatment, and rehabilitation of individuals afflicted with diabetic neuropathy. Growing awareness and increasing efficiency of diabetic neuropathy treatment are projected to drive the growth of this segment during the forecast period.
- Americas: The largest regional market. The prevalence of diabetic neuropathy is high in the Americas. The region also has a well-established healthcare industry. Out of the entire population, around 72.2% people in the US were suffering from diabetic neuropathy in 2017.
- Europe: An increasing geriatric population is leading to a rise in the number of diabetic neuropathy disorder cases.
- Middle East & Africa: The smallest market due to limited healthcare infrastructure and a very young population.
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