Diabetic Neuropathy Market

Global Diabetic Neuropathy Market Size (2024 to 2029)

The global diabetic neuropathy market is predicted to be worth USD 5.47 billion in 2024 and USD 8.49 billion by 2029, growing at a CAGR of 9.20% during the forecast period.

Diabetic neuropathy is a nervous disorder associated with diabetes mellitus. Neuropathy is a common complication of type 1 and type 2 diabetes. In addition, patients with long-standing diabetes are prone to nerve damage throughout the body because symptoms of diabetic neuropathies cannot be diagnosed early. Although there is no cure for diabetic neuropathy, it can be suppressed or prevented by various treatment modalities, including drugs, radiation therapy, physiotherapy, and chronic pain control devices.

Global Diabetic Neuropathy Market Drivers:

The growing prevalence of diabetes is majorly propelling the growth of the global diabetic neuropathy market. Peripheral Neuropathy, Autonomic Neuropathy, Proximal Neuropathy, and Focal Neuropathy are the major disorders of diabetic neuropathy. Diabetic autonomic neuropathy affects bodily functions such as heart rate, blood pressure, sweating, and digestion. Proximal diabetic neuropathy affects the thighs, hips, buttocks, and legs. Diabetic neuropathy often makes day-to-day activities difficult due to constant pain. According to the study published in the journal Diabetes Research and Clinical Practice 2019, an estimated 477 million people will have diabetes in 2019 worldwide, which is expected to reach 600 million by 2030 and 720 million by 2050. In 2019, about one-tenth of the world's population suffered from diabetes. Between 62% and 72% of people with diabetes develop some neuropathy. The highest rates of neuropathy have been seen in people with the disease for over 25 years. As a result, there has been an increase in the treatment of diabetes, with large pharmaceutical companies investing heavily in emerging diabetes drugs.

In addition, dedicated research activities have established the association of neuropathy with diabetes and concluded that most people with clinically diagnosed diabetic diseases are at significant risk of developing neuropathy. In addition, an American study published in the Journal of Neurology estimates that 50% of diabetic patients will be diagnosed with peripheral neuropathy in their lifetime. This has driven the diabetic neuropathy market for monitoring and treatment devices and drugs to regulate and stabilize high blood sugar levels. Furthermore, growing awareness about diabetes and its long-term complications is expected to drive market growth in the forecast period.

Furthermore, factors such as the increased demand for the development of better neuropathy drugs are expected to present numerous market growth opportunities soon. In addition, many local governments and NGOs in various countries raise awareness about preventing diabetic neuropathy—for instance, the National Institute of Neurological Disorders and Stroke funds research for neuropathy and related complications.

Global Diabetic Neuropathy Market Restraints:

However, the diabetic neuropathy market is constrained by high clinical trial failure rates and strict government regulations for product approval. On the other hand, drugs administered to treat neuropathic pain have had limited success in pain relief. This, together with the wrong diagnosis or selection of treatment and side effects and the increasing cost of drugs for the treatment of diabetic neuropathy, is a barrier to the diabetic neuropathy market.

Impact of COVID-19 on the global diabetic neuropathy market:

The recent COVID-19 pandemic is not expected to limit the production of new drugs or the supply of insulin to hospitals or pharmacies, which is attributed to the increased functional capacity of significant players in worldwide manufacturing plants. However, delays in processing orders and supply to the market are slowed due to lockdowns and travel bans. The COVID-19 pandemic impacts the diabetic neuropathy market. It is expected that the diabetic neuropathy market will have steady and healthy growth in the post-COVID-19 phase.

REPORT COVERAGE:

This research report on the global diabetic neuropathy market has been segmented and sub-segmented based on disorder, treatment, distribution channel and region.

Global Diabetic Neuropathy Market – By Disorder:

• Peripheral Neuropathy
• Autonomic Neuropathy
• Proximal Neuropathy
• Focal Neuropathy

Based on the disorder, the peripheral neuropathy segment is anticipated to account for a significant market share in the global diabetic neuropathy market during the forecast period. The proliferation of chronic diseases such as diabetes significantly contributes to segment growth. Diabetic peripheral neuropathy is more common in chronic individuals who have suffered nerve loss. In adults, the prevalence of peripheral diabetic neuropathy ranges from 6% to 51%, depending on various variables such as age, type of diabetes, glucose management, and diabetes duration.

Global Diabetic Neuropathy Market – By Treatment:

• Drugs
  • Analgesic
    • Topical
      • Capsaicin
      • Others
    • Opioid:
      • Morphine
      • Others
    • NSAIDs
      • Ibuprofen
      • Naproxen
      • Others
  • Antidepressants:
    • TCAs
      • Amitriptyline
      • Imipramine
      • Others
    • SNRIs
      • Duloxetine
      • Others
    • SSRIs
      • Citalopram
      • Paroxetine
      • Others
  • Anticonvulsant Drugs
    • Gabapentin
    • Pregabalin
    • Topiramate
    • Others
    • Other Drugs
• Radiotherapy
  • Transcutaneous Electrical Nerve Stimulation (TENS)
  • Others
  • Physiotherapy

Based on the treatment, the drugs segment led the worldwide market for diabetic neuropathy; moreover, the drug segment of the market is one of the fastest-growing sectors, increasing at a 7.21 percent CAGR. The segment growth is attributed to various factors, such as the new medication approvals resulting from large-scale product development, rising demand for prescription medicines for diabetes and its complications, and a robust drug pipeline among the leading competitors.

Global Diabetic Neuropathy Market – By Distribution Channel:

• Hospitals
• Clinics
• Retail Pharmacy
• Online Pharmacy

Based on the distribution channel, the hospital segment dominated the diabetic neuropathy market and accounted for the largest share of the market. This is because diabetic patients visiting hospitals for regular check-ups have significantly increased. Moreover, growing awareness about diabetics' health management, such as monitoring health conditions and supportive government policies to expand the healthcare infrastructure, contributes to the hospitals' growth.

Global Diabetic Neuropathy Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American diabetic neuropathy market dominated the global market in 2023, followed by Europe. The North American market was worth nearly USD 2.05 billion in 2023. This growth can be attributed to the increasing number of patients with diabetes, the increase in research and development activities on the treatment of diabetes or its associated complications, and the development of health infrastructure in the region.

The European diabetic neuropathy market accounted for the second-largest global market share in 2023. The market has been primarily driven by the increasing incidence of diabetic neuropathy and a growing group of older people, especially in Italy, Germany, France, and the United Kingdom. The increase in the geriatric population and the growing incidence of diabetes in the region is the primary factor driving the European diabetic neuropathy market.

The APAC diabetic neuropathy market is expected to have a high CAGR in the coming years. In addition, the growing number of diabetic patients in developing countries such as India, China, and Japan is expected to drive the growth of the APAC diabetic neuropathy market. Furthermore, the growing prevalence of diabetes and the increase in the geriatric population suffering from chronic disease are factors driving the diabetic neuropathy market in Asia. Of all the people with diabetes globally, more than 60% live in Asia, with almost half in China and India combined. Driven mainly by China, Asia Pacific is expected to experience a 7.7% CAGR due to the growing number of healthcare awareness programs, hospitals equipped with x-ray machines to treat diabetic neuropathy, and many patients.

The diabetic neuropathy market in the Middle East and Africa is predicted to be worth USD 420 million by 2029. 

In terms of growth rate, the Latin American diabetic neuropathy market is expected to slow. However, the region has almost 5 million people affected by diabetic neuropathy. The market in Brazil will dominate the Latin American diabetic neuropathy market in the projected period owing to the growing prevalence of diabetes and related disorders.

KEY MARKET PLAYERS:

Johnson & Johnson (Janssen Global Services, LLC), Boehringer Ingelheim GmbH, NeuroMetrix, Inc., Eli Lilly and Company, GlaxoSmithKline plc, Lupin Limited, Pfizer Inc., Astellas Pharma Inc., Glenmark Pharmaceuticals Ltd., Arbor Pharmaceuticals, LLC and Depomed, Inc. are a few of the promising players in the global diabetic neuropathy market.

RECENT MARKET DEVELOPMENTS:

• In 2012, the FDA approved Nucynta ER for treating neuropathic pain caused by diabetes.
• In October 2017, Pfizer Inc., based in the U.S., got approval from US FDA for an extended-release tablet containing pregabalin called Lyrica CR. This medicine could be used to treat neuropathic pain associated with diabetic neuropathy and the treatment of postherpetic neuralgia.
• In October 2020, Eli Lilly announced a definitive agreement to acquire Disarm Therapeutics. This private biotechnology company owns a potent SARM1 inhibitor. It is advancing them in preclinical development to provide treatment for patients suffering from peripheral neuropathy and other neurological diseases such as amyotrophic lateral sclerosis and multiple sclerosis.
• In March 2019, Innovus Pharmaceuticals launched Canada its product Diabasens, which works to relieve skin pain associated with diabetic neuropathy.
• In July 2020, Grünenthal, a company based in the United States, got US FDA approval for a medicinal capsaicin patch called Qutenza, containing 8% capsaicin and painful diabetic neuropathy.
• In December 2020, Nevro Corp. got approval from the US FDA for the Senza® System, which is used for chronic pain associated with treating diabetic neuropathy.