Global Diabetic Neuropathy Market to Grow at a CAGR of 6.99% During 2024-2032, Driven by the Innovations in Drugs Discovery

High prevalence of sugar intake among people leads to increase in diabetes.  The rising diabetic population globally, linked with growing awareness among people for healthcare, is aiding the market. Rise in research and development activities in drug discovery and development has contributed to growth opportunities. Increasing ageing population and rise in healthcare expenditure for diabetes is driving the market of diabetic neuropathy. Furthermore, increasing use of diabetic neuropathy in hospitals, pharmacy, clinics, and other industries is aiding the market growth.

The COVID-19 virus has led to a direct impact on diabetic patients, leading to rise in diabetic neuropathy. Growing awareness about diabetes and related nerve disorders is leading to rise in healthcare expenditure, which is driving the market growth. Additionally, rapid product launches and rising collaborations within the companies is aiding the market for diabetic neuropathy. Advancement of new drugs to assist with treating the issues of diabetic neuropathy is probably going to help improvement of the market throughout the hour of projection.

Government approval for funding and increasing research in diabetic neuropathy is driving the market growth. Government is taking initiatives for innovations in drugs discovery, offering growth opportunities. In January 2022, NeuroMetrix, Inc (NASDAQ: NURO), one of the leading companies in the market, received FDA breakthrough device designation for treatment of chronic Chemotherapy Induced Peripheral Neuropathy (CIPN), which will help in reducing moderate to severe symptoms with its wearable neurostimulation technology.

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Market Analysis by Type, Treatment Methods, and Region:

• The market, on the basis of type, can be divided into peripheral neuropathy, autonomic neuropathy, proximal neuropathy, and focal neuropathy.

• Based on treatment methods, the industry can be divided into antidepressants, anti-seizure medications, anticonvulsants, electrical nerve stimulation, topical medications, among others.

• The regional markets for diabetic neuropathy include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Discovery and new innovations in drug industry is leading the growth of the market for diabetic neuropathy.

• Advancement in technology is driving the market growth potential.

• Increasing disposable income and increasing investment by the key players is aiding the market growth.

• Rise in government expenditure for healthcare offers growth opportunity for diabetic neuropathy market.

Key Offerings of the Report:

• The EMR report gives an overview of the global diabetic neuropathy market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the type, treatment methods, and regions of diabetic neuropathy.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the diabetic neuropathy industry include NeuroMetrix, Inc, Allergan PLC, Pfizer Inc, Eli Lilly and Company, and Novartis AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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