Global Peripheral Neuropathy Treatment Market Report and Forecast 2024-2032

Global Peripheral Neuropathy Treatment Market Outlook

The global peripheral neuropathy treatment market reached a value of about USD 764.27 million in 2023 and is expected to grow at a CAGR of 3.7% during the forecast period of 2024-2032. With the rising prevalence of chronic diseases, which increase the risk of peripheral neuropathy in chronic disease patients, the market is expected to reach USD 1,059.88 million by 2032. 

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Peripheral Neuropathy Treatment Market Insights

Peripheral neuropathy is a catch-all term for nerve diseases that affect a specific part of the nervous system. Peripheral neuropathy occurs when the nerves are damaged or destroyed and no longer functioning properly. This interferes with the normal functioning of the nerves. They may send pain signals when there is nothing causing pain, or they may not send a pain signal even if something is causing the pain. This could be because of systemic illness, infection, injury, an inherited disorder hormonal imbalance, certain medications, or vitamin deficiency.

Anyone, regardless of age, gender, race or ethnicity, personal circumstances, medical history, or other factors, can develop peripheral neuropathy. However, some people are predisposed to certain types of peripheral neuropathy. Some age-related diseases are also associated with peripheral neuropathy. As a result, the risk of developing peripheral neuropathy rises with age.

In the body, there are three types of nerves. Doctors will diagnose the type of peripheral neuropathy based on the group of nerves that it affects. The three groups are as follows: 

• Motor: These nerves control muscle movements, such as walking, talking, or using the hands or arms.

• Sensory: These are in charge of sensory information, such as hot or cold, pain, or touch.

• Autonomic: These are in charge of non-visible body processes, such as breathing, heartbeat, and digestion.

Peripheral neuropathy is usually diagnosed using a combination of methods. Some of the examples are:

• Examinations of the blood (these can detect many problems, ranging from immune system problems to toxins and poisons, especially metals like mercury or lead)

• Electromyogram

• Ultrasound of the nerves

• Biopsy of a nerve

• Genetic analysis

• Magnetic resonance imaging (MRI)

According to the peripheral neuropathy treatment market research report, the market can be categorised into the following segments:

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Market Breakup by Type

• Diabetic Peripheral Neuropathy

• Chemotherapy-Induced Peripheral Neuropathy

• Idiopathic Peripheral Neuropathy

• HIV/AIDS Associated Peripheral Neuropathy

Market Breakup by Treatment Method

• Pharmacological Therapies
  • Pain Relievers
  • Anti-Seizure Medications
  • Anti-Depressants
• Non-Pharmacological Therapies
  • Transcutaneous Electrical Nerve Stimulation
  • Plasma Exchange
  • Others
• Others

Peripheral Neuropathy Treatment Market Breakup by End User

• Hospitals and Clinics

• Retail Pharmacy

• Online Pharmacy

Market Breakup by Treatment Channel

• Public

• Private

Market Breakup by Region

• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Italy
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • ASEAN
  • Australia
  • Others
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Others
• Middle East and Africa
  • Saudi Arabia
  • United Arab Emirates
  • Nigeria
  • South Africa
  • Others

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Peripheral Neuropathy Epidemiology

Peripheral neuropathy is common because it refers to so many different conditions. Peripheral neuropathy affects approximately 2.4% of the world's population. That percentage rises to between 5% and 7% among people aged 45 and above. Peripheral neuropathy affects approximately 2.4% of the population. In older populations, the prevalence rises to 8%. 

Peripheral neuropathy can be a symptom of a variety of pathologies that require further investigation and/or treatment. Furthermore, peripheral neuropathies must be treated before they cause complications, such as falls that result in hip fractures or pedal infections that necessitate amputation.

Global Peripheral Neuropathy Therapeutic Landscape

Peripheral neuropathy treatment can vary greatly depending on the cause. In general, the following methods of treatment are more commonly used for peripheral neuropathy:

Medications: Many medications are available to treat peripheral nervous system issues. Injections, pills taken by mouth, patches that stick to the skin, slow-release medication, and other options are available.

Surgery: Surgery can help reconnect severed nerves and alleviate pain caused by trapped nerves. It can also cut or remove damaged or malfunctioning nerves, preventing signals from reaching the brain and vice versa.

Physical Therapy: This can assist in recovering from injuries or medical procedures, as well as improving pain symptoms. It can also help adapt to changes in the nervous system, such as improving balance and preventing falls.

Wearable Devices and Equipment: These include medical devices such as braces, canes, and walkers, and prescribed footwear. These do not treat peripheral neuropathy directly, but they can help prevent complications. One example is special footwear for people with Type 2 diabetes who have peripheral neuropathy.

If standard medications do not relieve the pain from peripheral neuropathy or nerve injury, pain specialists may occasionally recommend alternative treatments, such as acupuncture, transcutaneous electrical nerve stimulation, injections, or surgery to implant a spinal cord stimulator.

Global Peripheral Neuropathy Market Drivers and Restraint

The rising prevalence of chronic diseases such as diabetes, cancer, and hypothyroidism, which increase the risk of peripheral neuropathy in chronic disease patients, and rising cancer prevalence is expected to drive the global peripheral neuropathy treatment market growth over the forecast period.

High product costs and the availability of alternative treatments, as well as stringent regulatory compliance and device recalls, are major factors impeding growth in the global market. The rising cost of drugs used in the treatment of peripheral neuropathy and the increasing availability of alternative therapies for the treatment of peripheral neuropathy, are some of the factors constraining the market growth.

Competitive Landscape

The report gives an in-depth analysis of the key players involved in the global peripheral neuropathy treatment market, sponsors manufacturing the therapies, and putting them through trials to get FDA approvals. The companies included in the market are as follows:  

• Abbott Laboratories

• Bristol Myers Squibb Co

• Novartis AG

• Eli Lilly and Company

• Pfizer Inc.

• GlaxoSmithKline Plc

• Merck and Co. Inc.

• F. Hoffmann-La Roche Ltd

• Cipla Ltd.

• Lupin Ltd

• Dr. Reddy’s Laboratories

• RxFunction, Inc.

Key Highlights of the Report

Peripheral Neuropathy Treatment Market Report Snapshots

Peripheral Neuropathy Treatment Market Size

Peripheral Neuropathy Treatment Market Growth

Peripheral Neuropathy Treatment Companies