Diabetic Neuropathy Market Size, Share & Trends Analysis Report By Disorder Type (Peripheral Neuropathy, Autonomic Neuropathy, Proximal Neuropathy, Focal Neuropathy), By Treatment (Drugs, Physiotherapy, Pain Relieving, Managing Complications, Slow Progression of Diseases, Others), By End-User (Hospitals, Research Institutes, Specialty Clinics), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacies, Others), By Drug Class (Non-Steroidal Anti-Inflammatory Drugs, Opioid, Anti-Depressants, Anti-Seizure, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global diabetic neuropathy market was valued at USD 4.3 billion in 2021 and is projected to reach USD 8.74 billion by 2030 at a CAGR of 8.2% from 2022 to 2030. As per reports from the 2020 National Diabetes Statistics Report by the Centers for Disease Control and Prevention (CDC), it was found that 34.2 million U.S. individuals (10.5% of the U.S. population) were clinically diagnosed with diabetes in 2018. It was estimated that in Beijing, China, peripheral neuropathy had prevalence rates of 21.92% and 35.34% in patients with type 1 and type 2 diabetes, respectively.

Diabetic neuropathy is a type of nerve damage that can occur due to prolonged, uncontrolled high blood sugar levels, which most often resonate with clinical diabetic conditions. Scientifically, high blood sugar (glucose) can injure nerves throughout the body and often lead to clinical manifestations of several symptoms. Diabetic neuropathy most often damages nerves in the legs and feet. Depending on the affected nerves, diabetic neuropathy symptoms can range from pain and numbness in the legs and feet to problems with the digestive system, urinary tract, blood vessels, and heart. The diabetic neuropathy market consists of drugs, treatment regimes, monitoring devices, and medications that are aimed at addressing the symptomatic effects of the disease, like pain and numbness.

Market Dynamics

Global Diabetic Neuropathy Market Drivers

Rapidly Increasing Chronic Diabetic Patients Globally 

Diabetes is one of the predominant diseases with substantial adverse consequences for human health. These chronic lifestyle diseases are extensively spread across all regions and traced to individuals of all socioeconomic statuses. 

Further, researchers and scientists across the globe have shown scientific evidence that links diabetes with its associated neuropathy. For instance, as the Mayo Clinic reported, approximations suggest that symptoms and complications of diabetic neuropathy may be traced to as many as 50% of people who have diabetes. Further, as published in current diabetes reports, depending on factors such as age, duration of imbalanced blood sugar, and glucose regulation, among other factors, the prevalence of peripheral neuropathy in adults with diabetes is estimated to be between 6% and 51%. Therefore, attributed to the high risks and health issues associated with uncontrolled diabetes that lead to neuropathy, the market products are in demand.

Global Diabetic Neuropathy Market Opportunities

Growing Awareness among People and Increasing Dependence on Diabetes Control Measure to Bolster Market Growth

With the rising prevalence of chronic diabetes across all regions, there is a massive patient pool globally. Thus, gradually, people worldwide have gained awareness regarding the same, irrespective of whether someone they know has suffered from it or not. Further, numerous initiatives have been taken to make people aware of such diabetic complications, which is promoting the market as people seek treatment and care services. Also helping market development is the growing awareness about health care facilities and preventive treatments that are continually growing to accommodate more services.

Many government initiatives have been launched to address the motive of growing public awareness. For instance, the month of November is declared Diabetes Awareness Month. Further, November 14th is celebrated as World Diabetes Day, all of which are intended to help raise awareness for Type 1 and Type 2 diabetes and effective treatment and preventive measures. Additionally, several government organizations, like the National Institute of Neurological Disorders and Stroke (NINDS), under the U.S. National Institute of Health (NIH), the World Health Organization (WHO), and the Indian Medical Research Council (ICMR), among others, have conducted many types of research as well as awareness programs to spread awareness regarding such complications. For instance, NINDS conducts and supports research on diabetic neuropathy to increase understanding of the disorder and find newer ways to prevent and cure it.

Regional Analysis

North American Regional Market Dominates the Global Market in Terms of Revenue

The American regional market is growing at a CAGR of 8%. Market dominance can be attributed to the high prevalence of diabetes in the region. Due to the large pool of patients, wider acceptance of advanced technologies, and developed countries like the United States and Canada, the region held the major chunks of the market. For instance, according to reports published by the American Diabetes Association (ADA), in 2018, 34.2 million Americans, or 10.5% of the population, were estimated to have either type of diabetes.

Further, dedicated research activities have established the association of neuropathy with diabetes and concluded that the majority of people with clinically diagnosed diabetic conditions are at significant risk of suffering from neuropathy. Further, an American study published in the neurology journal estimates that 47% of patients with diabetes have or will be diagnosed with some peripheral neuropathy during their lifetime. This has fueled the diabetic neuropathy market for treatment and monitoring devices as well as medications to regulate and stabilize high blood sugar. 

Further, huge capital investments in the region have significantly boosted the market. For instance, according to the ADA, 1 in every 4 healthcare dollars was spent on treating people with diabetes in 2017, and the direct medical costs and indirect expenditures attributable to diabetes in the United States were an estimated USD 327 billion.

APAC Regional Market Has Shown Market Potential and Is Expected to Witness the fastest Rate

Asia-Pacific is the fastest-growing market, with an 8.10% CAGR. Asia-Pacific has substantial market potential for the diabetic neuropathy market due to the significant prevalence rate in the region. For instance, a study by Pan et al. This can be attributed to the growing diabetic population as well as the rising geriatric population in the region. According to the International Diabetes Federation, around 60% of diabetic patients live in Asia. Further, China and India combined have the highest number of patients, owing to the large population in the two countries and the proportion of individuals in the geriatric segment.

With fast economic growth and growing policy measures in Asia-Pacific, the biggest market players are entering the region's untapped market. Also, in Asia-Pacific, the demand for the market is expected to gain substantial momentum due to partnerships between endocrinologists, credentialed diabetes educators, and diabetes prevention stakeholder organizations and market leaders. For instance, in August 2020, Sonnet Biotherapeutics signed a Letter of Intent for the licensing of a neuropathies asset to Life Therapeutics. The letter of intent has been executed to negotiate an agreement to license the company’s SON-081 and SON-080 assets, both of which are low-dose Interleukin-6 formulations, for diabetic peripheral neuropathy to New Life Therapeutics of Singapore.

Segmental Analysis

Peripheral Neuropathy Dominates the Global Market in Terms of Revenue by Disorder Type

The peripheral neuropathy segment dominates the global market and is expected to grow at a CAGR of 7.9%. The high rate of incidence of peripheral neuropathy is expected to further boost the sub-segmental products. For instance, according to the National Institute of Neurological Disorders and Strokes, there are more than 20 million people in the United States who have been estimated to have developed some form of peripheral neuropathy. Thus, the naturally peripheral diabetic neuropathy segment dominates the market. While there are no permanent treatments that have been developed that could reverse the diseased condition, medications and therapy-based means are available that are intended to keep the blood glucose levels in range to prevent the progression of peripheral neuropathy. For instance, the two FDA-approved medications for the symptomatic effects of diabetic peripheral neuropathy are Cymbalta (Elli Lilly and Company) and Lyrica (Pfizer Inc.).

The drug segment is the Largest Contributor in Terms of revenue by Treatment Type

The drug segment by treatment dominates the global market. Further, the drug segment of the market is one of the fastest-growing segments of the market, growing at a CAGR of 8% owing to multiple factors. New drug approvals due to large-scale product development, growing demand for prescription therapeutics for diabetes and associated complications, and a strong drug pipeline within the key players are a few such factors that are fueling the segmental growth.

Additionally, with the rising prevalence of diabetic neuropathy, owing to the increasing diabetic population across the globe, several market players have channeled capital, focusing on the development of therapeutic drugs to treat the disease.  The growing segment of biosimilar industries due to the patent expiry of several generic drugs has further boosted the segment as more and more market players develop drugs to try and fulfill the unmet demands.

Impact of covid-19

Various vendors in the market have used the pandemic situation to offer their solutions to the healthcare industry users to expand their positions in the market. For instance, in October 2020, Medialogix started working with the Royal Preston Hospital to reduce patient contact while still delivering media imagery across all departments. The company's focus is to be the leader in offering DAM solutions in law enforcement and healthcare.

Similarly, in October 2020, FotoWare's DAM software was used to increase the impact of infection control measures without compromising patient care and safety at Royal Preston Hospital. Such trends were observed worldwide, where DAM solutions were used to tackle the pandemic effectively.

During the pandemic, the closing of businesses induced by the lockdown had led to a significant slump in the market; however, digital consumption businesses are shifting to digital-first strategies, owing to which the demand for DAM solutions is expected to have a positive outlook.

Recent Developments

• On October 15, 2020, Eli Lilly announced a definitive agreement to acquire Disarm Therapeutics, a privately held biotechnology company that is a potent SARM1 inhibitor and is advancing them in preclinical development, intending to deliver breakthrough treatments to patients with peripheral neuropathy and other neurological diseases such as amyotrophic lateral sclerosis (ALS) and multiple sclerosis.
• On March 6, 2019, Innovus Pharmaceuticals launched its Diabasens product in Canada, which functions to relieve cutaneous pain associated with diabetic neuropathy.