By End User, The Peripheral Neuropathy Disorder Is Expected To Witness 5.9% CAGR, Owing To Surge In Usage Of Diabetic Neuropathy Formulations In This Segment
Fact.MR – A Market Research and Competitive Intelligence Provider: The global diabetic neuropathy market is expected to witness a CAGR of 5.9% during the forecast period (2020-2025)
Diabetes is the most common chronic conditions, affecting millions of patients globally. Imbalanced diets and changing lifestyle are the major factors responsible for increased incidence of diabetes.
The approval of novel drugs for the treatment of various diabetic problems such as diabetic neuropathic pain has pushed the growth of the diabetic neuropathy market. For instance, In 2015, the Food Drug and Administration (FDA) had approved Nucynta ER for the treatment of neuropathic pain caused by diabetes.
In addition to this, the peripheral neuropathy disorder segment is expected to boost the growth of the market. Moreover, the peripheral neuropathy disorder is used in various application areas. Also, increased usage of diabetic neuropathy has been witnessed in the last few years. In addition to this, the scope of peripheral neuropathy drugs is expected to expand, as the treatment is currently confined on managing pain.
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Besides this, an increase in the patients suffering from proximal neuropathy is expected to drive the growth of diabetic neuropathy market. Along with this, growing government investments in research for new drugs and therapies are anticipated to boost the market growth prospects. For instance, the National Institute of Neurological Disorders (NIND) and Stroke funded research on neuropathy.
Moreover, high percentage of patients getting diagnosed with diabetic neuropathy is contributing to the share of the market. In addition to this, inadequate healthcare infrastructure and lack of good dietary habits are motivating companies to invest in research and develop new pipeline drugs.
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The market is highly consolidated in nature. Key players in the market are Pfizer Inc., Arbor Pharmaceuticals., Janssen Global Services, LLC, Eli Lilly, Deposed, Inc., NeuroMatrix, Inc.
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