Diabetic Neuropathy Market size is anticipated to surpass USD 9 Billion by the end of 2033, growing at a CAGR of 8% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of diabetic neuropathy was USD 5 Billion. The growth of the market can be attributed to the surge in diabetes cases globally, which is one of the major factors anticipated to drive the growth of the market during the forecast period. For instance, according to the Centers for Disease Control and Prevention, about 1 in 10 Americans have diabetes as of 2022. Moreover, an upsurge in the prevalence of unhealthy lifestyles, such as the consumption of sugary food, a lack of exercise, smoking, and a poor sleep schedule, among others, are anticipated to boost the market growth. Moreover, diabetes will also lead to the occurrence of many other disorders, including hypertension, and heart disease. Genetics, obesity, or overweight, also play a huge role in the incidence of diabetes, and it is anticipated to boost the growth of the global market.
The increasing obesity issue across the world is one of the major factors fueling the growth of the diabetic neuropathy market during the forecast period. About 38.2 million children across the world as suffering from obesity or overweight who are less than 5 years of age according to data from the World Health Organization, 2019. Obesity is when your body gets more amount of glucose that is converted into fat, which is used for energy expenditure in the future. On the other hand, over-fat storage leads to cholesterol deposits, which are referred to as an obesity condition. Obesity also causes blockage of blood vessels and arteries, causing a heart attack. The overweight also causes a burden on the joints of the legs, as they cannot bare the excess pressure put on them, leading to an arthritis condition.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
8% |
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Base Year Market Size (2022) |
USD 5 Billion |
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Forecast Year Market Size (2033) |
USD 9 Billion |
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Regional Scope |
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Disorder (Peripheral, Autonomic, Proximal, Focal Neuropathy)
The global diabetic neuropathy market is segmented and analyzed for demand and supply by disorder into peripheral, autonomic, proximal, and focal neuropathy. Out of which, the peripheral neuropathy segment is anticipated to hold the largest diabetic neuropathy market size by the end of 2033 on account of rising cases of nerve pain or traumatic injuries, infections, and metabolic problems causing nerve damage that leads to peripheral neuropathy. More than 62,000 traumatic brain injury-related deaths occurred in the U.S. in 2020, accounting for about 170 deaths per day. Nerve damage can be caused by various incidents that occur in daily life, such as road accidents, increasing stress, anxiety, depression, surgery, cancer, infections, alcohol consumption, genetic neurological conditions, diabetes, and falling during sports or in any situation. People should look for symptoms such as numbness, loss of coordination, muscle fatigue, unable to stand or walk properly, muscle spasms, pain, and a buzzing sensation such as electrical shock.
Treatment (Drugs, Transcutaneous Electrical Nerve Stimulation (TENS))
The global diabetic neuropathy market is also segmented and analyzed for demand and supply by treatment into drugs, transcutaneous electrical nerve stimulation (TENS), and others. Amongst these three segments, the drugs segment is expected to garner a significant share. Patients suffering from mild to severe pain or inflammation use various kinds of drugs, and non-steroidal drugs (NSAIDs) are one of the most common drugs. The increasing use of these drugs across the globe impacts the growth of the diabetic neuropathy market segment as per the analysis during the forecast period. NSAIDs are used to prevent the release of certain chemicals in the body that cause pain. These are mainly used in arthritis pain caused owing to bone deterioration mostly in old age people. These are also prescribed to decrease migraines, tooth pain, and high fevers such as the flu where body pains are common symptoms. It belongs to the class of painkillers and is used as an analgesic and antipyretic. During COVID-19 in 2019, NSAIDs are used by about 20% of patients to reduce mild fever and body pains which are believed to provide a survival benefit to patients in China.
Our in-depth analysis of the global diabetic neuropathy market includes the following segments:
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By Disorder |
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By Treatment |
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By End-User |
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North American Market Forecast
The North America diabetic neuropathy market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the rising prevalence of diabetes, the increasing geriatric population, and the growing healthcare expenditure on diabetes. As per the estimations of the American Diabetes Association in 2018, the total cost of diagnosed diabetes was USD 327 billion of which USD 237 billion was spent on direct medical costs and USD 90 billion on reduced productivity in the U.S. The aged population in the region and the rising concern of people and the government on their health increases the healthcare expenditure in the region. The government also initiated several camps to provide proper awareness and health care to the public. The rising disposable income and increasing penetration of the internet increased the early diagnosis visits in the region is projected to have a positive impact on the diabetic neuropathy market growth during the forecast period. Digitalization and improvement in the infrastructure of hospitals to provide good patient care increases healthcare expenditure and reduces the risk of disease prevalence. All these factors is projected to rise the growth of the global diabetic neuropathy market in the region.
DyAnsys, Inc. received US Food and Drug Administration (FDA) for first relief, a PENS (Percutaneous Electrical Neurostimulation) that can be used to treat the pain of diabetic neuropathy.
Medtronic plc declared its FDA approval for Intellis, a rechargeable neurostimulator, and Vanta, a recharge-free neurostimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy.
Author Credits: Radhika Gupta, Shivam Bhutani
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