Peripheral Neuropathy Global Market Report 2024

Peripheral neuropathy is a condition where the peripheral nerves, responsible for transmitting signals between the central nervous system (brain and spinal cord) and the rest of the body, suffer damage or dysfunction. Symptoms typically manifest as numbness, tingling, weakness, and pain, commonly affecting the hands and feet.

The primary types of peripheral neuropathy include chemotherapy-induced, diabetic, HIV/AIDS-associated, and idiopathic. Chemotherapy-induced neuropathy refers to complications resulting from chemotherapy treatment. Diagnosis involves blood tests, biopsies, imaging, and other methods, while treatment options encompass medications, antidepressants, anti-seizure drugs, pain relievers, topical treatments, therapies, nerve stimulation, plasma exchange, physical therapy, and more. End users of these treatments include hospitals, clinics, and ambulatory centers.

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

The peripheral neuropathy market size has grown rapidly in recent years. It will grow from $3.62 billion in 2023 to $4.09 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth observed in the historic period can be attributed to several factors, the increased prevalence of chronic diseases such as diabetes, heightened awareness regarding the management of neuropathic pain, a growing global geriatric population, expansion of healthcare infrastructure, the establishment of specialized treatment centers, governmental initiatives aimed at enhancing neurological healthcare services, and the rising adoption of innovative treatment options.

The peripheral neuropathy market size is expected to see rapid growth in the next few years. It will grow to $6.66 billion in 2028 at a compound annual growth rate (CAGR) of 13%. Looking forward to the forecast period, growth is expected to continue due to ongoing increases in chronic disease prevalence, notably diabetes and cancer, advancements in pharmacological therapies targeting neuropathic pain pathways, augmented investment in research and development for novel treatment approaches, integration of digital health solutions enabling remote monitoring and personalized management of neuropathic symptoms, a stronger emphasis on patient-centered care models, and improved accessibility to comprehensive healthcare services. Key trends anticipated in the forecast period include the expanding adoption of personalized treatments, the widespread use of wearable devices for real-time monitoring of neuropathic symptoms and treatment responses, the broader availability of telemedicine services for remote consultations and follow-ups, advancements in targeted therapies addressing specific neuropathic pain mechanisms, progress in regenerative medicine techniques, integration of digital therapeutic platforms offering cognitive behavioral therapy and mindfulness-based interventions, and technological advancements in diagnostic tools facilitating early detection and ongoing monitoring of peripheral neuropathy.

The increasing prevalence of diabetes is anticipated to drive the growth of the peripheral neuropathy market in the coming years. Diabetes is a chronic condition characterized by elevated blood glucose levels due to insulin production or usage inefficiencies. The rising prevalence of diabetes is attributed to factors such as rising obesity rates, sedentary lifestyles, and aging populations. Prolonged high blood sugar levels associated with diabetes can lead to peripheral neuropathy, a condition where nerve damage causes symptoms such as pain, tingling, and numbness in the extremities. Effective management of blood sugar levels is critical in preventing or slowing the progression of this complication. For instance, a report from the International Diabetes Federation projected that the number of people living with diabetes could reach 783 million by 2045, up from 643 million in 2030. Thus, the increasing prevalence of diabetes is a key driver of the peripheral neuropathy market.

Leading companies in the peripheral neuropathy market are focusing on developing advanced solutions, including point-of-care devices, to enhance the diagnosis and management of the condition. Point-of-care peripheral neuropathy quantitative screening tests are diagnostic tools used to quickly detect nerve damage, particularly in individuals with diabetes. For example, NeuroMetrix Inc., a US-based medical device manufacturer, introduced the DPNCheck 2 in January 2023. This point-of-care device uses nerve conduction technology to assess peripheral nerve function quantitatively, offering rapid screening for conditions such as diabetic peripheral neuropathy (DPN). It represents a significant advancement over traditional methods such as monofilament and tuning fork tests, providing more efficient and accurate diagnostic capabilities.

Withings, a French connected health technology company, completed the acquisition of Impeto Medical in January 2022, although financial terms were not disclosed. The acquisition encompasses Impeto's proprietary SUDOSCAN technology, renowned for its ability to measure sweat gland responses in the palms and soles. This technology aids in detecting potential nerve damage and monitoring peripheral neuropathies. Impeto Medical, based in France, specializes in manufacturing devices for health status detection, enhancing Withings' portfolio in the health technology sector.

Major companies operating in the peripheral neuropathy market are Pfizer Inc., Merck and Co. Inc., Novartis AG, Bristol Myers Squibb Co, AstraZeneca Plc, Abbott Laboratories, Eli Lilly and Co., Asahi Kasei Corporation, Daiichi Sankyo Co. Ltd., Sun Pharmaceutical Industries Ltd, Aurobindo Pharma, Cadila Pharmaceuticals Ltd., Dr. Reddy's Laboratories, Cipla Ltd., Apotex Inc, Hikma Pharmaceuticals PLC, Lupin Limited, Grunenthal GmbH, ACI Limited, Lexicon Pharmaceuticals, Solasia Pharma KK, Helixmith Co. Ltd., PledPharma AB.

North America was the largest region in the peripheral neuropathy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the peripheral neuropathy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the peripheral neuropathy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The peripheral neuropathy market consists of revenues earned by entities by providing services such as neurological evaluation, pain management, physical therapy, occupational therapy, podiatry services, orthopedic support, nutritional counseling, psychological support, and medication management. The market value includes the value of related goods sold by the service provider or included within the service offering. The peripheral neuropathy market also includes sales of pain relief creams, orthopedic shoes, compression socks, tens devices, foot care kits, braces and supports, nutritional supplements, mobility aids, and assistive devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

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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