Diabetic neuropathy is a type of nerve damage caused by high blood sugar levels in people with diabetes. It often affects the nerves in the legs and feet, with symptoms including pain, tingling, numbness and weakness. The condition can also affect the digestive system, heart and other areas of the body, depending on the nerves affected. Effective management of blood sugar levels and early intervention are key to slowing the progression. Treatment focuses on reducing symptoms and preventing further complications.
The global diabetic neuropathy market is projected to grow lucratively, reaching USD 3,775.4 million in 2022 and up to USD 6,298.1 million by 2031. The diabetic neuropathy market is expected to exhibit a CAGR of 6.7% during the forecast period (2024-2031). Market Dynamics
:
Increasing prevalence of diabetes is fueling the growth of the global diabetic neuropathy market.
According to a 2021 report by the International Diabetes Federation, approximately 537 million adults (aged 20-79 years) have diabetes, and this number is projected to increase to 643 million by 2030 and 783 million by 2045. Alarmingly, nearly 75% of adult diabetes patients
reside in low- and middle-income countries, and roughly half of all adult patients remain undiagnosed, accounting for over 240 million. In 2021 alone, diabetes will cause more than 6.7 million deaths and account for at least US$966 billion in health care spending, 9% of total spending for adults worldwide.
Market Segmentation:
By Type: Peripheral Neuropathy, Autonomic Neuropathy, Proximal Neuropathy, Focal Neuropathy.By
Drug Class: Antidepressants, Anticonvulsants, Opioids, NSAIDs, Others.By
Distribution Channel: Hospital & Clinic Pharmacies, Retail Pharmacies & Stores, Online Pharmacies.
Key players:
Depomed pharma, Eli Lilly, Daiichi Sankyo, Teva Pharmaceutical Industries Ltd, Xenoport, Grünenthal, Johnson and Johnson, Pfizer, GlaxoSmithKline, Boehringer Ingelheim.
Key Developments:
In July 2022, Teva Pharmaceutical Industries Ltd. and NeuroFront Therapeutics (Hong Kong) Limited entered into an exclusive partnership and commercialization agreement for Novaremed's innovative non-opioid investigational drug, NRD.E1. The drug is being developed for the treatment of diabetes-associated neuropathic pain and other neuropathic pain conditions, representing a major step forward in addressing these challenging medical needs without reliance on opioids.