Global diabetic neuropathy market was valued at USD 4.66 billion in 2021, and it is expected to reach a value of USD 8.47 billion by 2028, at a CAGR of 8.9% over the forecast period (2022–2028).
Westford, USA, Aug. 03, 2022 (GLOBE NEWSWIRE) -- According to the World Health Organization, diabetes affects 422 million people in 2021, with half of all cases occurring in low- and middle-income countries. Rates are projected to increase to 592 million by 2035, if current trends continue in the global diabetic neuropathy market. The global prevalence of diabetes is projected to double by 2035 due to the increasing population and obesity rates. However, significant progress has been made in recent years due to improved diagnosis and treatment options.
One of the main challenges faced in efforts to combat diabetes is that it often goes undiagnosed for a long time. In many cases, people with diabetes don't experience any symptoms until the disease has progressed quite far. This is especially true in developing countries where there is a lack of access to proper medical care. As a result, many people with diabetes in the global diabetic neuropathy market don't get the help they need until it. It is one of the major reasons behind the increasing prevalence of diabetic neuropathy. This is especially true in people with type II diabetes.
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As per recent study published by Center for Disease Control and Prevention, 50% people with diabetes are likely to develop neuropathy and the prevalence often ranges in between 37% to 80% as per location. As of 2021, more than 89 million people are living with diabetic neuropathy across the globe and the number is constantly increasing at an alarming rate. For instance, around 35 million people were reported to have diabetic neuropathy in 1990, which almost increased by 2.5X in just 30 years. Considering the rapidly changing lifestyle, increasing prevalence of diabetes and obesity, around 50% of the diabetic population is projected to suffer from diabetic neuropathy around the globe.
SkyQuest technology has identified potential consumers for diabetic neuropathy market as per age, gender, region, country, and ethnicity. This would help the participant in the diabetic neuropathy market to devices a growth plan as per target audiences. The report also covers in depth market analysis, competitive landscape, pricing analysis, value chain analysis and optimization, company profiles and their SWOT analysis.
Over 20 million People in US are Affected by Peripheral Neuropathy
Peripheral neuropathy is a condition that affects the nerves that supply the hands, feet, and lower legs. It can affect people of any age, but it is most common in older adults. Peripheral neuropathy can cause major impairment in daily activities such as walking, working, and assisting with personal care. It can also lead to reduced mobility and pain.
There are several treatments available to people with peripheral neuropathy. Some of these treatments include physical therapy, medication, and injections. Globally around 50% of the people are affected by peripheral neuropathy. However, the number often varies based on age, duration of diabetes, type of diabetes, and glucose level, among others.
In a recent report published by CDC, more than 10.5% of the US population or over 34.2 million people are having diabetes. As per SkyQuest report published on diabetic neuropathy market, more than 20 million people in the US alone are affected by some form of peripheral neuropathy. Wherein, around 8.9 million people with diabetes are suffering from the condition. In fact, the number is estimated to be higher as a huge number of people are living without any symptoms. The study also found that it is one of the most prevalence form of diabetic neuropathy among patients, and accounts for more than 60% of the global diabetic neuropathy market. It has been observed that patients with diabetes for more than 9 years are more likely to suffer from this condition.
This represents a huge demand for diabetic neuropathy medications in the country.
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Antidepressants are On High Demand for Reducing Pain Diabetic Neuropathy
In the last few years, SkyQuest observed that the antidepressant medications are increasingly being consumed by patients with diabetic neuropathy across the global diabetic neuropathy market. It has also been found that large number of physicians are recommending the medicine to their patients considering higher level of effectiveness of these medicines as compared to other available treatment options or drugs.
In a recent study, patients who took escitalopram, known as a SSRI antidepressant, experienced a 62% reduction in pain compared to patients who took a placebo. In addition to this, the global diabetic neuropathy market is witnessing a strong demand for duloxetine (Cymbalta) and venlafaxine (Effexor).
Another study was published in the journal PLOS One. “Our findings support the growing consensus that antidepressants can be very helpful in the treatment of circadian [pain] syndromes and neuropathic pain,” said study author Dr. Carlo Cicuttini from the University of Edinburgh in Scotland. The study included 169 patients with type 2 diabetes and chronic pain due to diabetic neuropathy. Patients were randomly assigned to receive either escitalopram or a placebo pill for 12 weeks. They were assessed at baseline, 2 weeks, 4 weeks, 8 weeks, and 12 weeks on a scale from 0 to 10 measuring their pain threshold and quality of life. Those taking Escitalopram showed significant reductions in both parameters at all time points compared to those taking the placebo. Interestingly, the effectiveness of escitalopram was not dependent on age, sex or ethnic background of the patients.
SkyQuest has performed demand analysis for diabetic neuropathy market and prepared a report. The report has covered numerous studies and surveys conducted to understand which medications are patients taking the most and what physicians are recommending to their patients to numb the pain. The report would help the market players understand which treatment options and medicines are on high demand and how consumers are reacting to other treatment options. The study also focuses on number of players available in the market, their products offerings and competition from generics drugs.
Key Players in Global Diabetic Neuropathy Market
Johnson & Johnson (US)
Boehringer Ingelheim GmbH (Germany)
NeuroMetrix, Inc (US)
Eli Lilly and Company (US)
GlaxoSmithKline plc (UK)
Lupin Limited (India)
Pfizer Inc (US)
Astellas Pharma Inc (Japan)
Glenmark Pharmaceuticals Ltd (India)
Arbor Pharmaceuticals, LLC (US)
Depomed, Inc (US)
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