The size of the diabetic neuropathy market in North America is projected to expand at a CAGR of 8.6% from 2023 to 2028 and value USD 2.55 billion by 2028 from USD 1.69 billion in 2023.
The growing diabetic population across North America primarily drives the North American diabetic neuropathy market. The Centers for Disease Control and Prevention says approximately 11.3% of the U.S. population had diabetes in 2019, which was also 37.3 million people. It has been observed that nearly 50% of the diabetic population may develop diabetic neuropathy at some point in their lifetime, which can lead to various complications such as pain, foot ulcers and amputation. Diabetic neuropathy is more prevalent in type 2 diabetes patients. Uncontrolled diabetes levels may give rise to several other health complications, including heart disease, stroke, blindness and kidney failure.
The growing adoption of lifestyle changes and the increasing geriatric population across North America further contribute to the growth of the North American diabetic neuropathy market. An increase in the consumption of sugary and oily foods has contributed to a rise in diabetes among the population. Additionally, factors such as increased alcohol consumption, smoking, genetic predisposition, and hormonal imbalances have also led to a surge in diabetic issues.
The rapid adoption of technological advancements in the manufacturing processes of diabetic neuropathy devices and drugs fuels the growth rate of the North American market. Leading manufacturers and key players in the industry are prioritizing the development of drugs in various forms, including oral, injection, and tonic. Additionally, there is a growing focus on researching and identifying new therapies that can help alleviate the pain caused by diabetic neuropathy, thereby fueling market growth.
In addition, the growing number of investments by governmental and non-governmental organizations for the manufacturing of diabetic neuropathy drugs to make them more widely available in both online and offline pharmacies and growing awareness about diabetic neuropathy among the North American population and available treatment options favors the regional market growth.
On the other hand, high costs associated with the treatment procedures of diabetic neuropathy is one of the major factors hampering the market growth. In addition, lack of awareness of the treatment and drugs, strict regulatory approvals, shortage of drugs in rural areas, and long-time approval further hinder the market growth.
This research report on the North American diabetic neuropathy market has been segmented and sub-segmented into the following categories.
By Disorder:
By Treatment:
By Distribution Channel:
By Country:
The North American region had the largest share of the worldwide market in 2022 and is anticipated to grow at a prominent CAGR during the forecast period owing to the increasing availability of advanced therapies and product approvals by the governments of North America. The United States accounted for the leading share of the North American market in 2022 and is anticipated to continue playing the dominating role in the North American market throughout the forecast period. With nearly 28% of diabetic adults suffering from diabetic neuropathy in the U.S., the U.S. diabetic neuropathy market is estimated to grow significantly during the forecast period. The growing number of pharmaceutical companies investing in the development of diabetic neuropathy drugs further fueling the U.S. market growth. The growing awareness campaigns regarding diabetic neuropathy in both rural and urban areas support the growth of the U.S. market growth. Such campaigns provide valuable information on diabetes and its management, helping to prevent other chronic conditions like diabetic neuropathy and diabetic foot ulcers.
Canada is another lucrative regional market for diabetic neuropathy in North America and is estimated to hold a notable share of the North American market during the forecast period. In Canada, the diabetic neuropathy market is being driven by an increasing number of clinical centers and government support. With 3 million diabetic individuals, the Canadian government has taken measures to reduce the rate of diabetes-related complications and deaths. Additionally, increasing pre-checkups among diabetic patients has helped prevent diabetic neuropathy, while the rise in examination centers has facilitated the early detection and treatment of the condition.
KEY MARKET PLAYERS:
Companies playing a pivotal role in the North American diabetic neuropathy market profiled in this report are 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.
Frequently Asked Questions
The North America diabetic neuropathy market was worth USD 1.56 billion in 2022.
Factors such as the increasing prevalence of diabetes, the growing elderly population, and the increasing adoption of technologically advanced therapies and treatments are driving the growth of the North America Diabetic Neuropathy Market.
Some of the key players in the North America Diabetic Neuropathy Market include Pfizer Inc., Eli Lilly and Company, Johnson & Johnson, GlaxoSmithKline, and Boehringer Ingelheim.
Challenges facing the North America Diabetic Neuropathy Market include the high cost of treatment and the lack of effective treatments for certain types of diabetic neuropathy.
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