Diabetic Neuropathy Global Market Report 2024

The diabetic neuropathy market size has grown strongly in recent years. It will grow from $5.4 billion in 2023 to $5.85 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed in the historic period can be attributed to several factors, including the increasing global prevalence of diabetes, heightened awareness and diagnosis of the condition, advancements in diabetic care, a rise in healthcare expenditure, investments in research and development, and initiatives focused on patient education.

The diabetic neuropathy market size is expected to see strong growth in the next few years. It will grow to $8.42 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period can be attributed to advancements in neuroimaging, the adoption of patient-centric care approaches, the expansion of clinical trials, the continued rise in diabetes cases, the implementation of precision medicine approaches, the growth of regenerative medicine, and the presence of patient advocacy and support programs. Major trends expected in the forecast period include collaborative efforts in medical research, the integration of digital health solutions, advancements in diagnostic technologies, the development of neuroprotective therapies, the implementation of personalized treatment strategies, and the integration of artificial intelligence into diabetes management.S215.

The projected increase in diabetes prevalence is anticipated to drive substantial growth within the diabetic neuropathy market. Diabetes, a persistent condition characterized by the body's inability to adequately use and store glucose, leads to various forms of nerve damage known as diabetic neuropathy. As highlighted in the IDF Diabetes Atlas report released by the International Diabetes Federation in August 2022, the global toll from diabetes-related deaths amounted to 6.7 million in 2021, equating to one fatality every five seconds. Presently, there are approximately 537 million adults (aged 20-79) living with diabetes worldwide, a figure predicted to surge to 643 million by 2030 and 783 million by 2045. This escalating diabetes prevalence significantly contributes to the burgeoning diabetic neuropathy market.

The expanding proportion of the elderly population is poised to fuel the growth of the diabetic neuropathy market. As individuals age, the likelihood of developing diabetes and associated complications, including neuropathy, increases. Diabetic neuropathy encompasses nerve damage common in diabetic individuals, leading to symptoms such as numbness, tingling, and pain in affected areas. As per projections by the World Health Organization in October 2022, by 2030, one out of every six individuals globally will be aged 60 years or older, with the population of those aged 60 years and above set to surge from 1 billion in 2020 to 1.4 billion. By 2050, the worldwide population of individuals aged 60 years and older is expected to double, reaching 2.1 billion, with the number of individuals aged 80 years or older tripling to 426 million. This aging demographic is expected to drive demand for diabetic neuropathy treatments.

Key players in the diabetic neuropathy market prioritize innovative solutions to fortify their market standing. For example, in July 2021, Nevro Corporation, a US-based medical device company, developed Senza (also known as 'HFX'), a high spinal cord stimulation technology targeting painful diabetic neuropathy (PDN). PDN affects up to one-third of individuals with diabetes in the United States, causing sensations of loss and pain in the lower limbs. The Senza HFX iQ system, the latest-generation technology leveraging artificial intelligence, tailors pain relief based on each patient's response. It adapts to diverse pain experiences, aiding patients in achieving and sustaining long-term pain relief and an enhanced quality of life. This cutting-edge technology, Senza HFX iQ, represents a breakthrough by introducing algorithms specifically designed for treating chronic back and leg pain, including severe diabetic neuropathy and non-surgical back pain. The comprehensive system includes the HFX iQ Implantable Pulse Generator (IPG), HFX Trial Stimulator, Charger, and HFX App, promising significant advancements in treatment methodologies.

Prominent companies within the diabetic neuropathy market are actively pursuing strategic partnerships and alliances to foster innovation and fortify their market positions. These alliances, formal agreements between multiple businesses, aim to leverage shared resources, knowledge, or expertise to achieve mutual objectives. For instance, in July 2022, Teva Pharmaceutical Industries Ltd., an Israel-based clinical-stage biopharmaceutical company, joined forces with NeuroFront Therapeutics Limited, a Hong Kong-based biotech firm, in an exclusive alliance and commercialization pact for Novaremed's pioneering non-opioid investigational drug, NRD.E1. This drug is specifically designed to treat diabetes-associated neuropathic pain and other related indications. This strategic collaboration enables the development and commercialization of an innovative therapy for neuropathic pain management.

In January 2022, Withings SA, a France-based consumer electronics company specializing in clinically validated smart health devices and associated apps, completed the acquisition of Impeto Medical SAS for an undisclosed sum. This strategic acquisition empowers Withings to integrate Impeto's cutting-edge technologies, including nerve tracking activity, into its product portfolio and services. Impeto Medical SAS, a France-based medical device company, manufactures tools for monitoring peripheral neuropathies to detect small fiber neuropathies in various diseases and conditions. This acquisition strengthens Withings' capabilities by incorporating advanced nerve tracking technologies, enhancing their offerings for neuropathy monitoring and management within their health devices and services lineup.

Major companies operating in the diabetic neuropathy market report are Pfizer Inc., Eli Lilly and Company, GlaxoSmithKline PLC, Daiichi Sankyo Company Limited, Johnson & Johnson, Glenmark Pharmaceuticals Limited, Depomed Inc., Astellas Pharma Inc., F. Hoffmann-La Roche AG, NeuroMetrix Inc, Abbott Laboratories, Lupin Limited, Novartis AG, Boehringer Ingelheim, Janssen Pharmaceuticals Inc., Regenacy Pharmaceuticals Inc., Ionis Pharmaceuticals, Merck & Co. Inc., Sanofi S.A., Teva Pharmaceutical Industries Ltd., AstraZeneca plc, Bayer AG, Bristol-Myers Squibb Company, Merck KGaA, Novo Nordisk A/S, Takeda Pharmaceutical Company Limited, Union Chimique Belge, Zydus Cadila, Amgen Inc., Biogen Inc., Genentech Inc..

North America was the largest region in the diabetic neuropathy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the diabetic neuropathy market during the forecast period. The regions covered in the diabetic neuropathy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the diabetic neuropathy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of diabetic neuropathy include peripheral neuropathy, autonomic neuropathy, proximal neuropathy, and focal neuropathy. Peripheral neuropathy occurs when the peripheral nerves, responsible for transmitting information between the brain, spinal cord, and the rest of the body, are damaged. Treatment for diabetic neuropathy involves various classes of drugs, such as analgesics, anti-depressants, anti-convulsant, and others, along with approaches such as drug treatment, radiotherapy, physiotherapy, and more. These treatments are made available through different distribution channels, including online and offline channels, and are utilized in settings such as hospitals, specialty clinics, and others.

The diabetic neuropathy market research report is one of a series of new reports that provides diabetic neuropathy market statistics, including diabetic neuropathy industry global market size, regional shares, competitors with a diabetic neuropathy market share, detailed diabetic neuropathy market segments, market trends and opportunities, and any further data you may need to thrive in the diabetic neuropathy industry. This diabetic neuropathy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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