Diabetic neuropathy market has expanded considerably over the past decade due to the rise in number of people suffering from diabetes especially in adults both in developed as well as developing countries. Diabetes, one of the most common chronic conditions, is largely caused due to sedentary lifestyle and imbalanced diet habits, which has affected millions of lives across the globe. The rise of obese population due to metabolic disorder is also a key factor that increases the risk for diabetes.

As per the data released by the World Health Organization (WHO), the aggregate number of diabetic patients is estimated to reach around 430 million by the end of 2030. An additional report shows that nearly one tenth of the world’s population is currently suffering from this chronic disease. Meanwhile, several major pharmaceutical companies have developed various advanced treatments for diabetes and conducted extensive researches to develop innovative drugs or anti-diabetic solutions.Considering the dire consequences of the disease, several regulatory authorities across countries have approved many products and therapeutic procedures associated with the disease over the recent years.

Diabetic neuropathy refers to a severe health disorders and conditions due to the nerve damage that mostly occurs in diabetic patients. Although diabetic neuropathy can lead to affect the nerves of the whole body or every organ, it mostly attacks first on the nerves of the legs and feet. In addition to this, the disorder can further affect the digestive system and also expand its impact on the other organs such as urinary tract and heart of a patient.The disorder is widely seen as common complication of both type1 and type2 diabetes while the majority of people with diabetes are generally affected by type2 diabetes.

Rising Number of Diabetic Patients

Rising number of diabetic patients across the globe presents a major factor for growing health conditions of diabetic neuropathy, which are expected to boost the exiting market growth in the near future.

Globally, the total population suffering from diabetes was above 250 million in 2014 as compared to nearly 108 million in 1980s. Over the years, the number of adults suffering from diabetes increased tremendously, rising from 4.7% to 8.5% in the adult population from 1980 till today mostly because of improper diet habits and gaining excessive weight.

Meanwhile, diabetes has taken more than 1.5 million till 2012 and additional 2.2 million died because of the problems related to high blood glucose. Over the past decade, diabetes prevalencehas expanded wider in low and middle income economies as compared to the developed countries.At present, the health disorder has extensively impacted on children too apart from adult population.

Moreover, growing number of aging population, growing awareness about diabetes and related nerve complications, and rise in R&D activities in drug discovery and development by manufacturers provide key opportunities for the market growth for diabetic neuropathy. However, expensive healthcare expenditure for diabetes, high failure rate in clinical trials, and red tape in regulatory agencies’ approval for drugs are some key factors that can hinder the growth. Above that, the ongoing COVID-19 and its impact on the global market and other industries are major challenges since the pandemic had forced to shut business operation across the globe for many months.

Diabetic Neuropathy Market Performance

As per a detailed report published by DataIntelo, the global diabetic neuropathy market is expected to grow at a substantial CAGR during the forecast period, 2020–2026.

On the basis of product type, the peripheral neuropathy disorder segment is currently dominating the global market since it has largely dealt with managing pain rather than regeneration of nerves. With the current industrial trend, the segment is expected to witness a CARG of 5.9% during the forecast period. Meanwhile, proximal neuropathy disorders are anticipated to find substantial applications of diabetic neuropathy formulations and are anticipated to expand at a CAGR of 5.6% through 2025.

Among the regions, North America is currently leading the global market share contribution and is expected to remain dominating for next few years. With the extensive investment in R&D activities with the increasing percentage of patients getting diagnosed and receiving treatment for diabetic neuropathy, the market size in North America was worth USD 2.19 billion in 2018. For instance, the National Institute of Neurological Disorders and Stroke has widely funded research on neuropathy in the region.

The diabetic neuropathy markets in Asia are expected to witness a significant growth in the coming years mainly due to several reasons including rising R&D activities for drug discovery and development, increasing government supports in the form of funding, growing awareness about diabetic neuropathy, and developing healthcare infrastructure in the region. Moreover, the growing demographics and economies in the developing countries such as India, China, and Japan in the region are major factors that can drive the diabetic neuropathy market growth in Asia.

Key Players and Competitive Landscape

Major market players operating in the global diabetic neuropathy market include Arbor Pharmaceuticals LLC, Pfizer Inc., Janssen Global Services LLC, NeuroMatrix Inc., Depomed Inc., and Eli Lilly. Many of these companies primarily focus on launching new products and developing new drugs to enhance their market shares in the global competition.

Some of the key developments are as follows:

The US Food and Drug Administration (FDA) approved Janssen Pharmaceuticals Inc.’s drug, Nucynta ER in 2015, for the treatment of neuropathic pain associated with diabetes. Another development was the approval of Pfizer Inc.’s manufactured drug called Lyrica, which has been widely used for the neuropathic pain treatment and now approved in 130 countries.

In July 2019, Laurus Labs Ltd. announced about its launch of the newer version of its pain management capsules for patients suffering from diabetic neuropathy. In July 2019, AveritasPharma received approval from the FDA for a new product, ‘Quentaza’, a drug associated with the treatment of neuropathic pain associated with therapeutic procedures.

With these developments, the global market for diabetic neuropathy has been expanding significantly over the years and is expected to witness a robust growth during the forecast period.

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