Global Peripheral Neuritis Treatment Market Definition
Peripheral Neuritis is an inflammation of one or more peripheral nerves. It refers to the conditions that result when nerves that carry messages to and from the brain and spinal cord from and to the rest of the body are damaged or diseased. The treatment includes the prescription of painkillers, anti-seizure and antidepressant drugs, and topical treatments. This help improves the symptoms of the condition. peripheral neuritis treatments are used to stop the affected nerves from sending pain signals to the brain. 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: Key Insights
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~4% |
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Base Year Market Size (2022) |
~ USD 1800 Million |
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Forecast Year Market Size (2033) |
~ USD 2600 Million |
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Regional Scope |
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Global Peripheral Neuritis Treatment Market Size, Forecast, and Trend Highlights Over 2023 - 2033
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. Further, the market generated a revenue of ~USD 1800 million in the year 2022. 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.
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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 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.
Global Peripheral Neuritis Treatment Market: Growth Drivers and Challenges
Growth Drivers
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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.
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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.
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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.
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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
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.
Global Peripheral Neuritis Treatment Market 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.
Market Segmentation
Our in-depth analysis of the global peripheral neuritis treatment market includes the following segments:
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By Drug Class |
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By Application |
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By Distribution Channel |
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Top Featured Companies Dominating the Global Peripheral Neuritis Treatment Market
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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
