The global diabetic neuropathy market is predicted to grow at a CAGR of over 6% during the forecast period. The factors driving the global diabetic neuropathy market include the rising prevalence of diabetes along with the neurological disorders among the peoples. Diabetic neuropathy is a common disorder for both types of diabetes patients that is type 1 as well as type 2. The main four disorder includes, autonomic neuropathy, affects the heart rate, digestion blood pressure along with other body functions.
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The second one is peripheral neuropathy, which affects the nerves of the feet and legs, and causes loss of sensations in legs and hands. The third is proximal neuropathy, which directly affects thighs, legs, buttocks, and hips. Whereas, focal neuropathy affects the wrist, foot, thigh along with pain in the chest, back, and other body parts.
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Rising geriatric population is also one of the key factors encouraging the growth of the global diabetic neuropathy market, as the older peoples are more prone to such diseases. According to WHO, the geriatric population is going to be double in 2050 as compared to 2000. In 2000, the global level proportion of the population over 65 years was 11% which is expected to be 22% by 2050. The geriatric population is expected to reach 2 billion by 2050 as compared to 605 million in 2010. Similarly, the number of geriatric populations over 80 years or older will be almost quadrupled to 395 million from 2000 to 2050.The rise in the geriatric population may also encourage the market during the forecast period.
Growing healthcare expenditures is another motivating factor for the growth of the global diabetic neuropathy industry. For instance, in the economies of Asia-Pacific, the healthcare systems are facing challenges such as the burden of increasing and aging population, delivery of adequate healthcare facilities to the masses, and low per capita income. The healthcare expenditure in these countries is growing significantly with the increasing interest from both the private and public sectors. Economies of the Asia-Pacific region (China and India) are amongst the fastest developing countries in the adoption and implementation of new technologies across the globe.
Further, the key players’ contribution to the global diabetic neuropathy market growth is anticipated to be one of the major driving factors of the market. Abbott Laboratories, GlaxoSmithKline Plc, Lupin Ltd., Bioness Inc., and others are some of the key players operating the global diabetic neuropathy market. These key players are indulged in the rapid R&D activities regarding the development of novel and innovative treatment types of diabetic neuropathy during the forecast time frame.
Current Market Trends Covered in the Market Report:
- Increased investments by the government along with the private organizations concerning the early diagnosis and treatment of this severe disease is likely to positively affect the diabetic neuropathy market growth during the forecast period
- Peripheral neuropathy segment will account for significant growth in the diabetic neuropathy industry
- Novel product launches, rapid innovations along with the geographical expansion will be the key growth strategy adopted by the key players to sustain in the market.
Global Diabetic Neuropathy Market – Segmentation
By Treatment Type
- Medications
- Radiotherapy
- Physiotherapy
- Others
By Disorder Type
- Autonomic Neuropathy
- Peripheral Neuropathy
- Proximal Neuropathy
- Focal Neuropathy
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