Diabetic Neuropathy Market to Hit USD 7.12 Billion and Rise at 8.9% CAGR; Severity of the Diseases Has Encouraged More Companies, says Fortune Business Insights™
Fortune Business Insights
7 min read
Key Prominent Players Covered in the Diabetic Neuropathy Market Research Report Are Abbott, Eli Lilly and Company, Pfizer.Inc, F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc., Janssen Pharmaceuticals, Inc., Lupin Pharmaceuticals, Inc., Astellas Pharma US, Inc. and other key market players.
Pune, India, Nov. 23, 2020 (GLOBE NEWSWIRE) -- The global diabetic neuropathy market size is projected to reach USD 7.12 billion by the end of 2026. The highest prevalence of diabetes will bode well for the market in the coming years. According to a report published by Fortune Business Insights. The market was worth USD 3.61 billion and will exhibit a CAGR of 8.9% during the forecast period, 2019-2026. The market in North America is likely to emerge dominant in the coming years. The high prevalence of diabetic in several countries across this region will aid the growth of the market.
KEY INDUSTRY DEVELOPMENTS:
April 2019 –Daiichi Sankyo launched Tarlige tablets whose generic name being microgabalin bestilate drug to treat patients suffering with peripheral diabetic neuropathy pain in Japan.
October 2018 – Ionis Pharmaceuticals and Akcea Therapeutics together have launched phase III clinical trial AKCEA-TTR-L to treat polyneuropathy in patients with hereditary TTR (hATTR) amyloidosis.
Diabetic neuropathy is a severe disorder that mostly occurs in diabetic patients. It leads to nerve damage in legs and feet of the human body. As feet and legs are sensitive parts of the body, there is a huge focus on early detection and precaution of the disease. Besides nerve damages, the disorder has the potential to affect the digestive system and also have adverse effects on the urinary tract and heart.
Accounting to the severity of the disease, regulatory authorities are compelled to approve more products and therapeutic procedures associated with the disease. The high prevalence of diabetic neuropathy, mostly in diabetic patients, will create several growth opportunities for the companies operating in this market.
According to the World Health Organization, the total number of diabetic patients is likely to research an estimated 430 million by the end of 2030. Additionally, the effect of diabetic neuropathy on sensitive parts of the human body will attract more companies as well as researchers.
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Increasing Number of Regulatory Approvals Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product approvals by regulatory authorities across the world has made the highest impact.
In July 2019, Averitas Pharma announced that it received approval from the US Food and Drug Administration for a new product associated with the treatment of neuropathic pain associated with therapeutic procedures.
The company received approval for ‘Quentaza’, a drug used to minimize pain in peripheral diabetic neuropathy. Averitas’ latest product will bode well for the market in the foreseeable future.
North America to Emerge Dominant; Increasing Number of Diabetic Patients Will Provide Impetus to Market Growth
The report analyses the ongoing diabetic neuropathy market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in North America is likely to emerge dominant in the coming years.
The high prevalence of diabetic in several countries across this region will aid the growth of the market. As of 2018, the market in North America was worth USD 2.19 billion and this value is likely to increase further in the coming years. The market in Asia Pacific will exhibit the highest CAGR in the coming years, driven by the increasing R&D activities in several countries across this region.
List of Companies Profiled in the Diabetic Neuropathy Market Report:
Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
Industry journals and paid databases
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