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HEALTHCARE & PHARMACEUTICAL

Peripheral Neuritis Treatment Market Analysis by Drug Class (Anti-Depressants, Tricyclic, Selective Serotonin/ Norepinephrine Reuptake Inhibitors, and Others); by Application (Diabetic, Chemotherapy-Induced, Idiopathic and Others); and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies and Drug Stores) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Abbot has 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 deliver treatments in peripheral neuropathy and neurological diseases such as amyotrophic lateral sclerosis (ALS) and multiple sclerosis.

Global Peripheral Neuritis Treatment Market Highlights Over 2023 – 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~4%

Base Year Market Size (2022)

 ~ USD 1800 Million

Forecast Year Market Size (2033)

~ USD 2600 Million

The global peripheral neuritis treatment market is estimated to garner a revenue of ~USD 2600 million by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023–2033. Furthermore, the market generated ~USD 1800 million in revenue in 2022.The growth of the market can primarily be attributed to the prevalence of deaths due to chronic diseases such as cancer and thyroid. 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.

Peripheral-Neuritis-Treatment-Market-Size

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An unhealthy lifestyle has resulted in many chronic diseases among the population. One of them is cancer, which is treated as a 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. According to the report by the World Health Organization, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths.

Market Definition

Peripheral neuritis, also known as peripheral neuropathy is a disorder that affects the peripheral nerves, which is responsible to transmit messages between the central nervous system, the brain, the spinal cord, and the rest of the body. Patients of peripheral neuritis suffer from various side effects such as impaired muscle movement, abnormal sensations, burning pain and even paralysis.

Global Peripheral Neuritis Treatment Market: 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, health-care spending in the United States will increase 9.7 percent in 2020, reaching USD 4.1 trillion, or USD 12,530 per person.

Challenges

  • Stringent government rules
  • High cost of peripheral neuritis treatment
  • Availability of alternative treatment procedures

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 2031 on the back of a rising diabetic population in the world. 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.  Further, the symptoms associated with diabetic neuropathy such as pain, foot ulcers, and lower limb amputation are anticipated to fuel the growth of the peripheral neuritis treatment market during the forecast period.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Peripheral Neuritis Treatment Market Regional Synopsis

Regionally, the global peripheral neuritis treatment market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America 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 the U.S. 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.

Peripheral-Neuritis-Treatment-Market

The global peripheral neuritis treatment market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

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

  • Diabetic
  • Chemotherapy-Induced
  • Idiopathic
  • Others

By Distribution Channel

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

Top Featured Companies Dominating the Global Peripheral Neuritis Treatment Market

  • 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

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