Kenneth Research, in its repository of market research reports, have recently added a report on the Global diabetic neuropathy Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Diabetic Neuropathy Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Diabetic Neuropathy Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global diabetic neuropathy market is valued approximately USD 3.8 billion in 2017 and is anticipated to grow with a healthy growth rate of more than 5.4 % over the forecast period 2018-2025. Key trends in the market is advent of new therapeutics for treatment of neuropathy and favorable reimbursement scenario which is expected to foster the growth of the diabetic neuropathy market. For instance: In 2016 as per the University of Cambridge, researchers have led to the development of a new approach to treatment of neuropathic pain. Further, the project focuses on a novel way of indirectly modulating the effect of the TRPV1, a significant initiator of the sensation of pain. Additionally, the team worked to show the effectiveness of using certain peptides to interface with the function of TRPV1 with an aim to eliminate neuropathic pain. As a result, healthcare institutions would be capable to deliver new therapeutics for treatment of neuropathy.
Key driving factors for the diabetic neuropathy market are rising prevalence of diabetes coupled with the changing lifestyles that results in to unhealthy dietary habits and patterns. According the Health Metrics – American Heart Association, in 2010 the prevalence of diabetes for adults was recorded to be 6.4% globally. This is expected to increase and reach up to 7.7% by the end of 2030, across the globe. Similarly, as per the MRC United Kingdom 2015, the estimated diabetes prevalence for adults between age group of 20-79 worldwide was around 387 million in 2014 which is estimated to reach around 592 million people by 2023. As a result, people suffering from diabetes are prone to nerve damages which are expected to boost the growth of the diabetic neuropathy market during 2018-2025. Furthermore, rise in demand for better neuropathy drugs offer lucrative growth prospects for the diabetic neuropathy market across the globe. However, high cost associated with diabetic neuropathy along with the side effects of the drugs are expected to hinder the growth of the market during the forecast period.
On the basis of segmentation, the diabetic neuropathy market is segmented into disorder type, treatment and distribution channel. The disorder type segment of global Diabetic neuropathy market is classified into autonomic Neuropathy, peripheral neuropathy, proximal neuropathy and focal neuropathy of which proximal neuropathy dominates the market as it is the most commonly found disorder in type 2 diabetes. On the basis of treatment segment, the market is classified into drugs, physiotherapy, radiotherapy and others. The distribution channel segment is classified into clinics, hospitals and pharmacy.
The regional analysis of diabetic neuropathy market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. North America holds the leading position in diabetic neuropathy market owing to the increase in prevalence of diabetes, improved healthcare infrastructure along with the rise in research and development activities. Whereas, Asia-Pacific is expected to emerge as the fastest growing region in terms of market share. The growth of Asia-Pacific is witnessed owing to increase R&D activities for drug discovery along with increasing aging population. Also, improving healthcare infrastructure and services in rural areas is also expected to supplement the growth of Asia-Pacific over the forecast period.
The leading market players include-
Janssen Pharmaceuticals, Inc.
Eli Lilly and Company
MEDA Pharma GmbH & Co. KG
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Disorder Type
By Distribution Channel:
Middle East & Africa
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
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Target Audience of the Global Diabetic neuropathy Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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