Diabetic Neuropathy Market- Development of Novel Drugs to Receive Uptick amid COVID-19 Pandemic
As of 2019, nearly 1/10th of the world's population suffered from diabetes. Consequently, a surge in diabetic treatment has followed, with key pharmaceutical companies investing heavily in developing anti-diabetic formulations.
The introduction of novel drugs such as Nucynta ER and Lyrica are anticipated to be major growth drivers for the global diabetic neuropathy market. The global diabetic neuropathy market is poised to expand at a CAGR of 5.6% across the forecast period (2020-2025).
Key Takeaways of Global Diabetic Neuropathy Market Study:
• By disorder type, the peripheral neuropathy segment is poised to register positive growth, capturing more than half of the global diabetic neuropathy market. Current limitations of diabetic neuropathy treatment and underdiagnoses of patients are anticipated to leverage the segment's growth.
• Proximal neuropathy shall also find substantial application in diabetic neuropathy formulations. This is attributed to an increasing patient pool suffering from type 2 diabetes. Projections indicate a market share of nearly a quarter of the global diabetic neuropathy market, growing at a CAGR of 5.6% during the forecast period.
• By treatment type, the drugs segment is poised to register maximum growth, expanding 1.4x and capturing more than four-fifths of the global diabetic neuropathy market. This is attributed to rising consumption of antidepressant and analgesic categories. Analgesics, particularly opioids, are effective painkillers, thus surging their popularity.
• By distribution channel, online pharmacies are set to surge in popularity, attributed to increase in digital sales and a flourishing e-commerce industry. Several governments are supporting the concept of e-pharmacy as it is very convenient for patients in terms of cost and delivery.
• By region, North America is projected to capture greater than two-fifth of the diabetic neuropathy market. Increasing percentage of patients getting diagnosed and receiving treatment for diabetic neuropathy and government efforts to fund research for new drugs and therapies shall drive growth. The region shall expand 1.4x during the forecast period.
• Asia-Pacific shows healthy growth prospects, owing to a large population base, poor dietary habits and limited healthcare infrastructure. The region is anticipated to expand 1.5x, capturing over one-fifth of the global diabetic neuropathy market during the forecast period.
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