Peripheral neuropathy is a condition that causes damage to the nerves outside of the brain and spinal cord (peripheral nerves). When peripheral nerves are damaged or destroyed, this can lead to numbness, pain, and weakness depending on the nerves affected. Some common causes of peripheral neuropathy include diabetes, autoimmune disorders, genetic abnormalities, infections, toxins (including from chemotherapy), and physical injuries that damage nerves. Diabetes is one of the most common causes, and it is estimated that up to 50% of people with diabetes develop some form of peripheral neuropathy. The global Peripheral Neuropathy Treatment market involves medications and therapies to help manage neuropathy symptoms and slow progression of nerve damage. Treatment options aim to relieve pain and numbness by calming irritated nerves or increasing blood flow to affected areas. Nerve damage takes time to develop and can be progressive, thus early treatment is important to help preserve nerve function.

The global Peripheral Neuropathy Treatment Market is estimated to be valued at US$ 2.5 billion in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

There has been an increase in research and clinical trials for new treatment options to help manage neuropathy symptoms and slow progression. Major pharmaceutical companies are developing novel drug formulations and delivery methods that target underlying mechanisms of neuropathy with the goal of slowing or reversing nerve damage, such as regenerative therapies and stem cell therapies. Pain management also continues to be a focus, with development of new topical formulations, patches, and implantable devices. Nutraceutical supplements containing vitamins, minerals, herbs and plant extracts that show promise based on preliminary studies are also gaining popularity as an adjunct therapy for mild to moderate cases of neuropathy.

Porter’s Analysis

Threat of new entrants: New entrants face high costs for R&D and compliance with regulations which makes the threat low.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative treatment options.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials.
Threat of new substitutes: Threat of new substitutes is moderate as novel drugs can be substitute for existing treatment options.
Competitive rivalry: Competition is high among existing players to gain higher market share.

Key Takeaways

The global Peripheral Neuropathy Treatment Market Growth is expected to witness high growth.

Regional analysis:

North America is currently dominating the market due to high awareness and diagnostic rates. However, Asia Pacific is expected to grow at the fastest pace due to rising healthcare expenditure and expanding patient pool.

Key players:

Key players operating in the Peripheral Neuropathy Treatment market are Pfizer Inc., Depomed Inc., Eli Lilly and Company, GlaxoSmithKline, Bristol-Myers Squibb and Company. Pfizer has a strong product portfolio and leads the market currently.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it