Diabetic neuropathy is nerve damage caused by diabetes. It can be very painful symptoms and disabling. Diabetic neuropathy develops slowly over time and it's most often a manifestation of long-term, poorly controlled blood glucose. It develops because high blood glucose levels in the body over time can injure nerve fibers throughout the body. This nerve damage disrupts the normal functioning of organs. Medications and treatments to manage glucose levels, relieve pain and improve nerve function are used to treat diabetic neuropathy.

The global Diabetic Neuropathy Market is estimated to be valued at US$ 3626.38 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

Increase in Diabetic Population

The prevalence of diabetes is rapidly increasing globally. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide and this number is projected to rise to 643 million by 2030 and 783 million by 2045. Diabetic neuropathy often develops in people who have had diabetes for several years. As diabetic population rises, the cases of diabetic neuropathy will simultaneously increase. Growing number of diabetic patients will drive the demand for drugs and treatment options to manage the symptoms of diabetic neuropathy. Hence, the increasing diabetic population worldwide presents a huge growth opportunity for diabetic neuropathy market.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as there are high costs involved in R&D of new drugs and therapies along with requirement of lengthy regulatory approvals.

Bargaining power of buyers: The bargaining power of buyers is moderate as the buyers have some options available from existing key players.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers in the market for active pharmaceutical ingredients and other components.

Threat of new substitutes: The threat of new substitutes is low as there are limited treatment options available for diabetic neuropathy currently.

Competitive rivalry: The competitive rivalry is high among the key players to gain more market share.

SWOT Analysis

Strength: The diabetic neuropathy market is driven by the growing prevalence of diabetes globally. Further, rising R&D investments by key players for development of novel and improved treatment therapies also boost the market growth.

Weakness: High treatment costs associated with diabetic neuropathy therapies limit their accessibility especially in low and middle-income countries. Further, lack of approval and reimbursement for some new therapies also hinders the market growth.

Opportunity: Favorable government support and increasing healthcare spending in emerging nations provide lucrative opportunities. Also, ongoing clinical trials evaluating new treatment targets will further expand the market reach during the forecast period.

Threats: stringent regulatory frameworks for approval of new drugs and long approval timelines are major challenges. Further, safety issues related to some therapies also threaten the steady growth of the market.

Key Takeaways

The global diabetic neuropathy market is expected to witness high growth at a CAGR of 6.9% during the forecast period of 2023 to 2030.

Regional analysis: North America is currently the dominant region for the diabetic neuropathy market and is estimated to retain its dominance during the forecast period. This is attributed to the presence of major manufacturers, increasing prevalence of diabetes, favorable reimbursement policies, and adept regulatory framework in the region. However, Asia Pacific region is expected to witness the fastest growth rate over the next few years led by growing diabetic population, improving healthcare infrastructure and increasing healthcare spending in many APAC countries.

Key players: Key players operating in the diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly and Company holds the leading market share with its products like pregabalin and duloxetine indicated for treatment of neuropathic pain associated with diabetic neuropathy.