Diabetic neuropathy refers to the nerve damage caused due to diabetes. Diabetic neuropathy most often damages nerves in the legs and feet. However, it can injure nerve fibers throughout the body. It is a common complication of both type 1 and type 2 diabetes. Of late, the tremendous growth in the diabetic population and growing awareness among people about diabetes and related complications are some of the major driving factors in the growth of the diabetic neuropathy market, For instance, according to the Centers for Disease Control and Prevention (CDC), approximately 34.2 million people of all ages or 10.5% of the United States populations had diabetes alone. Moreover, nearly 20 million people are affected by diabetic neuropathy in the United States Owing to the increasing incidence of diabetes and associated disorders and consequently, there has been a surge in diabetic treatment, with key pharmaceutical companies investing huge amounts in the development of anti-diabetic formulations. On the other hand, the increasing number of geriatric population, surged point-of-care and growing healthcare expenditure is positively influencing the market. For instance, according to the Population Reference Bureau report titled "Aging in the United States”, the number of people in the U.S., aged 65 years and over were projected to increase from around 46 million in 2016 to over 98 million by 2060. This, in turn, the rise of research and development activities for the launch of new novel drugs for the treatment of neuropathic disorder. For example, Novartis AG has launched an anticonvulsant medication named tegerton (carbamazepine) for the treatment of neuropathic pain in patients suffering from diabetes by reducing the nerve impulses that cause pain.
Market Dynamics
Drivers
- Increasing Diabetic Neuropathy incidence due to Growing Aging Population
- Increasing Prevalence and Diagnosis of Diabetes
- Approval of novel therapies in the Pipeline
Restraints
- Side Effect of Diabetic Neuropathy Treatment
Increasing Prevalence and Diagnosis of Diabetes
Diabetes mellitus, generally referred to as diabetes, is a metabolic disease-producing high blood sugar rates. The hormone insulin shifts sugar from the blood into the cells for storage. Diabetes means the body either doesn't produce enough insulin or can't use the insulin it produces efficiently. Hyperglycaemia, or increased blood sugar, is a raised blood sugar, resulting in severe damage to many of the body's systems, particularly the nerves as well as blood vessels. It is a kind of harm to the nerves that may arise if anyone has diabetes. Fast blood sugar will affect the nerves all over your body.
In 2017, 8.9 percent of people aged 18 and over had diabetes, according to the World Health Organization. Diabetes was the primary cause of 1.6 million deaths in 2016, and elevated blood pressure triggered a further 2.2 million deaths in 2012. Between 2000 and 2017, premature diabetes mortality rose by 5 percent. In high-income countries, the incidence of diabetes-related premature mortality dropped from 2000 to 2010 but then rose in 2010-2017. For low and middle income countries the incidence of diabetes-related premature mortality rose during both eras. By comparison, between the ages of 30 and 70, the risk of dying from each of the four main non-communicable disorders (cardiovascular diseases, obesity, chronic respiratory conditions, or diabetes) increased by 18 percent worldwide between 2000 and 2017. In another case, according to the National Center for biotechnology, the prevalence of diagnosed type 1 diabetes in 2017 was 0.55%, reflecting 1.3 million adults in the United States; the prevalence of diagnosed type 2 diabetes was 8.6%, reflecting 21.0 million adults in the United States.
Thus, increasing prevalence and diagnosis of diabetes will affect the growth of the market in the future.
Geographical Analysis
The North America market for diabetic neuropathy market is valued at USD 1256.26 Mn in 2019 and is estimated to grow at a CAGR of 6.9% over the forecast period to reach a USD *** Mn by 2027.
The U.S. holds 67.9% of market share in 2019, and is expected to increase by 70.1% by 2027, for the North America diabetic neuropathy market.
The increasing prevalence for diabetes in the U.S is driving the North America diabetic neuropathy market. For instance, According to the Centers for Disease Control and Prevention (CDC), in 2015, 30.3 million Americans, which is 9.4 percent of the U.S. population have diabetes. More than 100 million U.S. adults are living with diabetes or prediabetes in 2017.
According to Centers for Disease Control and Prevention (CDC), in 2015, an estimated 1.5 million new cases of diabetes were diagnosed among people ages 18 and older. An estimated 20 million people in the United States have some form of peripheral neuropathy in 2017.
With increasing clinical trials for the treatment of diabetic neuropathy is also expected to grow the market further over the forecast period. For instance, on August 28th 2019, NevroNevro completed patient enrollment in a clinical trial of its Senza HF10 therapy for patients with painful diabetic neuropathy. The Redwood City, Calif.-based company said the prospective, multicenter, randomized controlled trial compares its HF10 therapy plus conventional medical management to conventional treatment alone in 216 patients at 18 centers in the U.S. The primary endpoint of the study is the difference in the proportion of treatment responders at 3-month follow-up.
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