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.
Growth Drivers
Challenges
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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 1.8 Billion |
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Forecast Year Market Size (2033) |
~ USD 2.6 Billion |
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Regional Scope |
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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:
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By Drug Class |
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By Application |
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By Distribution Channel |
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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.
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
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