Peripheral Neuropathy Treatment Market Is Estimated To Witness High Growth Owing To Opportunity For
Author : Raj Dhote | Published On : 22 Jan 2024
Peripheral neuropathy treatment deals with damage or dysfunction of peripheral nerves that are responsible to carry messages between the central nervous system (brain and spinal cord) and the other parts of the body. Peripheral neuropathy mainly damages the sheaths of nerve fibers (myelin), causing numbness, weakness, and pain in affected areas. Key products used in peripheral neuropathy treatment include antidepressants, anticonvulsants, opioids, topical lidocaine, and alternative therapies such as acupuncture. The global need for pain relief from peripheral neuropathy and availability of advanced treatment options are major factors driving growth of this market. The global Peripheral Neuropathy Treatment Market is estimated to be valued at US$ 3.1 billion in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity: The increasing number of diagnosis and treatment rate for peripheral neuropathy presents a major market opportunity. As per estimates, around 20 million people in America are affected by peripheral neuropathy, out of which nearly half remain undiagnosed or untreated. Rising diagnosis through advanced techniques like nerve conduction testing and increasing awareness about treatment availability are anticipated to significantly boost the number of patients opting for neuropathy treatment. This wide diagnosis and treatment gap indicates high future potential for players in this market.
Porter's Analysis
Threat of new entrants: The peripheral neuropathy treatment market has moderate threat of new entrants due to high capital requirement for R&D and manufacturing of drugs for treating neuropathy.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established brands in the market for treatment of peripheral neuropathy providing a variety of options to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are many suppliers providing raw materials for peripheral neuropathy treatment with established supply chains.
Threat of new substitutes: Low threat of new substitutes existing in the market as treatment of peripheral neuropathy is based on symptoms and currently limited treatment options are available.
Competitive rivalry: High due to presence of many regional and global players offering drugs for peripheral neuropathy treatment.
SWOT Analysis
Strength: Established distribution channel and brands recognition for key players. Rising prevalence of diabetes and neurological disorders driving the market growth.
Weakness: Limited treatment options and high cost of R&D. Side effects associated with few drugs available in the market.
Opportunity: Increasing healthcare expenditure in emerging countries provides growth opportunity. New drug approvals and combination therapies in pipeline can expand the market.
Threats: Patent expiration of blockbuster drugs and economic slowdown can hamper the market growth. Strong regulations for drug approval.
Key Takeaways
The global Peripheral Neuropathy Treatment Market Growth is expected to witness high growth.
Regional analysis: North America dominates the peripheral neuropathy treatment market currently due to rising prevalence of diabetes and favorable reimbursement policies. Asia Pacific is fastest growing region due to improving healthcare infrastructure and economic growth.
Key players: Key players operating in the peripheral neuropathy treatment market are Pfizer Inc., Eli Lilly and Company, Actavis, GSK, Biogen etc. Pfizer holds a leading position with drugs like Lyrica and Aranesp for treatment of peripheral neuropathy.
For more insights, read- https://www.ukwebwire.com/peripheral-neuropathy-treatment-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism
