Peripheral Neuritis Treatment Market Size & Share, by Drug Class (Anti-Depressants, Tricyclic, Selective Serotonin/ Norepinephrine Reuptake Inhibitors); Application (Diabetic, Chemotherapy-Induced, Idiopathic); Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Drug Stores) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4378
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Peripheral Neuritis Treatment Market size is anticipated to reach USD 2.6 Billion by the end of 2033, growing at a CAGR of 4% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of peripheral neuritis treatment was around USD 1.8 Billion.The growth of the market can primarily be attributed to the prevalence of deaths due to chronic diseases such as cancer and thyroid as well as other chronic diseases worldwide. According to the American Cancer Society, approximately 2,230 people died from thyroid cancer in the United States in 2022, and 43,800 people were diagnosed with thyroid cancer.

An unhealthy lifestyle has resulted in many chronic diseases among the population. One of them is cancer, which is treated as the main cause of peripheral neuritis due to chemotherapy in cancer patients. Thus, the large number of cancer deaths worldwide is expected to create massive revenue generation opportunities for the key players operating.


Peripheral Neuritis Treatment Market
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Peripheral Neuritis Treatment Sector: Growth Drivers and Challenges

Growth Drivers

  • Increase in Diabetes Cases Across the World - The rising cases of diabetes around the world have led to an increase in peripheral neuritis in people. The prevalence of type 1 and type 2 diabetes is one of the major causes of diabetic neuropathy, which is further anticipated to boost the peripheral neuritis treatment market. As per the International Diabetes Federation, approximately 537 million adults (20–79 years) are living with diabetes in the world, which is further projected to rise to 643 million by 2030 and 738 million by 2045.
  • Growing Geriatric Population – As per a report released by the United Nations, there were 703 million people aged 65 years or above in the world in 2019. The number is projected to be doubled by 1.5 billion old people in 2050.
  • Prevalence of HIV/AIDS Cases – According to the World Health Organization, approximately 37 million people were diagnosed with the HIV virus and 680,000 people died because of HIV-related diseases in 2020.
  • Growing Healthcare Expenditure – As per the World Bank Organization, global healthcare expenditure in 2019 was estimated to be 9.83% of total GDP. Furthermore, according to the Centers for Medicare & Medicaid Services, healthcare spending in the United States will increase 9.7 percent in 2020, reaching USD 4.1 trillion, or USD 12,530 per person.

Challenges

  • Concern Associated with Peripheral Neuropathy – as it can sometimes cause other medical problems, as nerve deterioration from peripheral neuropathy weakens the connected muscles. Complications include foot ulcers and heart rhythm changes, blood circulation problems, muscle weakness, and paralysis.
  • High Cost of Peripheral Neuritis Treatment
  • Availability of Alternative Treatment Procedures

Peripheral Neuritis Treatment Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~4%

Base Year Market Size (2022)

~ USD 1.8 Billion

Forecast Year Market Size (2033)

~ USD 2.6 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Peripheral Neuritis Treatment Segmentation

Application (Diabetic, Chemotherapy-Induced, Idiopathic)

The peripheral neuritis treatment market is segmented and analyzed for demand and supply by application into diabetic, chemotherapy-induced, idiopathic, and others. Among these, the diabetic segment is anticipated to garner the largest revenue by 2033 on the back of a rising diabetic population in the world as well as a rising number of people opting for peripheral neuritis treatment. For instance, a report published in 2019 stated that diabetic peripheral neuropathy is estimated to affect around 50% of adults with diabetes during their lifetime.

Our in-depth analysis of the global peripheral neuritis treatment market includes the following segments:

     By Drug Class

  • Anti-Depressants
  • Tricyclic
  • Selective Serotonin/ Norepinephrine Reuptake Inhibitors
  • Serotonin Reuptake Inhibitors
  • Anticonvulsants
  • Local Anesthesia
  • Analgesics
  • NSAID
  • Opioid
  • Steroids
  • Others

     By Application

  • Anti-Depressants
  • Tricyclic
  • Selective Serotonin/ Norepinephrine Reuptake Inhibitors
  • Serotonin Reuptake Inhibitors
  • Anticonvulsants
  • Local Anesthesia
  • Analgesics
  • NSAID
  • Opioid
  • Steroids
  • Others

     By Distribution Channel

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
  • Drug Stores

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Peripheral Neuritis Treatment Industry - Regional Synopsis

The North America peripheral neuritis treatment market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, backed by the presence of a large pool of diabetic patients and a burgeoning aging population in the region. As per the Centers for Disease Control and Prevention, 37.3% of people were diagnosed with diabetes in the U.S. in 2019. Additionally, as per estimations, approximately 28% of adults living with diabetes have peripheral neuritis in United States. Furthermore, another factor for the growth of the peripheral neuritis treatment market in North America is the high number of road accidents, as peripheral neuritis is caused by physical trauma and injuries. The National Highway Traffic Safety Administration (NHTSA) projects that an estimated 42,915 people died in motor vehicle traffic crashes last year, a 10.5% increase from the 38,824 fatalities in 2020 in the U.S.

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Companies Dominating the Peripheral Neuritis Treatment Market

top-features-companies
    • Eli Lilly and Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Abbott
    • Bristol Myers Squibb Company
    • Novartis AG
    • Pfizer Inc.
    •  GSK Group of Companies
    • Merck & Co., Inc.
    • F. Hoffmann-La Roche Ltd
    • RxFunction, Inc.
    • Cipla Limited 

In the News

  • Abbot - launched Proclaim DRG Neurostimulation System, a DRG stimulation therapy. It will involve surgically placing a stimulator that will target the dorsal root ganglion and relieve lower limb pain caused by CRPS.

  • Eli Lilly and Company - is acquiring Disarm Therapeutics, a biotechnology company. Disarm Therapeutics has developed SARM1 inhibitors to deliver treatments for peripheral neuropathy and neurological diseases such as amyotrophic lateral sclerosis (ALS) and multiple sclerosis.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 4378
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The rising chronic diseases globally, and the large aging population are some of the major factors anticipated to drive the growth of the market.

The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2023-2033.

The high cost of peripheral neuritis treatment, stringent government rules and the availability of other diagnosis procedures are some of the factors estimated to hamper the market growth.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Eli Lilly and Company, Abbott, Bristol Myers Squibb Company, Novartis AG, Pfizer Inc., GSK Group of Companies, Merck & Co., Inc., F. Hoffmann-La Roche Ltd, RxFunction, Inc., Cipla Limited., and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by drug class, application, distribution channel, and by region.

The diabetic segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Peripheral Neuritis Treatment Market Report Scope
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