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Technavio has announced its latest market research report titled Global Peripheral Neuropathy Treatment Market 2020-2024 (Graphic: Business Wire)
Scope of the report
This report provides a detailed analysis of the peripheral neuropathy treatment market by type (diabetic peripheral neuropathy, chemotherapy-induced peripheral neuropathy, and others) and geography (North America, Europe, Asia, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Daiichi Sankyo Co. Ltd., Eli Lilly and Co., Grunenthal GmbH, Hikma Pharmaceuticals Plc, Johnson & Johnson, Mylan NV, Novartis AG, Pfizer Inc., Teva Pharmaceutical Industries Ltd., and UCB SA. Recent drug approvals for peripheral neuropathy is a key trend in the global peripheral neuropathy treatment market which will lead to significant market growth. The market has witnessed a rise in the number of approvals of novel drugs over the years. For instance, in October 2018, the US FDA approved Tegsedi (inotersen), an antisense oligonucleotide that inhibits the production of the protein transthyretin for the treatment of polyneuropathy. Such drug approvals are leading to a positive outlook for the peripheral neuropathy treatment market.
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Peripheral Neuropathy Treatment Market: Segmentation by Geography
The market is segmented into four regions encompassing Asia, Europe, North America, and ROW. Asia was the largest market for peripheral neuropathy treatment in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. Over 36% of the market’s growth will originate from Asia during the forecast period. The rising number of diabetes cases have led to an increase in the prevalence of peripheral neuropathy in the region. Also, the price-sensitive nature of consumers in the region is encouraging vendors to enter the market by offering generic versions of popular drugs. All these factors are contributing to the growth of the market in Asia. Japan and China are the key markets for peripheral neuropathy treatment in Asia.
Peripheral Neuropathy Treatment Market: Segmentation by Type
The peripheral neuropathy treatment market is segmented into three segments based on type comprising of diabetic peripheral neuropathy, chemotherapy-induced peripheral neuropathy, and others. Diabetic peripheral neuropathy emerged as the leading product segment during 2019. It is the result of the nerve damage caused by diabetes. The therapeutics that are currently available for this condition are not very effective and associated with certain side effects. This is creating a need for effective therapeutics for the disease, which is driving pharmaceutical companies to focus on developing an effective solution. These factors are creating significant growth potential in the segment.
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Peripheral Neuropathy Treatment Market: Growth Drivers
Rising awareness of peripheral neuropathy will drive market growth. Peripheral neuropathy is often misdiagnosed due to a lack of awareness as the condition is usually painless and patients look for medical help only when the pain appears. However, many government and non-government organizations across the world are focusing on creating awareness about the disease and the available treatment options among patients. For instance, the Neuropathy Association conducts awareness programs such as Neuropathy Awareness Week, which is held in May every year to educate patients with the necessary resources, information, and tools to deal with the disease. Such awareness programs are encouraging patients to avail treatment for the condition, which is driving the growth of the market.
Peripheral Neuropathy Treatment Market: Market Overview
The peripheral neuropathy treatment market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Daiichi Sankyo Co. Ltd., Eli Lilly and Co., and Grunenthal GmbH are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the side effects of the medications used for peripheral neuropathy will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Market Sizing Methodology
Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)
Peripheral Neuropathy Treatment Market: Parent Market Overview
Technavio categorizes the peripheral neuropathy treatment market as a part of the pharmaceutical market within the overall healthcare industry. The parent market, the pharmaceuticals market, covers products and companies engaged in R&D or production of generic drugs, non-generic drugs, and veterinary drugs. The global healthcare market was valued at $1.72 trillion in 2019 and is expected to grow at a moderate pace. Technavio calculates the global healthcare market size based on the combined revenue generated by manufacturers/providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services.
Growth in the healthcare market will be driven by the increasing life expectancy of individuals worldwide, increasing access to healthcare in emerging economies, and the rising prevalence of chronic conditions.
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