SWOT Analysis
Strength: The peripheral neuropathy treatment market benefits from growing research and development activities toward developing novel treatment options. Manufacturers are expanding clinical trials for peripheral neuropathy drugs which widens scope for new product approvals. Government support toward neuropathy research also drives the market.
Weakness: High costs related to neuropathy drug development and lack of effective treatments especially for chemotherapy induced peripheral neuropathy are major restraints. Lack of approved medications in severe cases of neuropathy limits the market potential.
Opportunity: High prevalence of diabetes worldwide presents lucrative opportunities. Developing novel therapies through neuropathy biomarkers is anticipated to open up new avenues. Wider insurance coverage and patient assistance programs could expand the patient pool.
Threats: Patent expiries of blockbuster drugs leads to availability of generics which impacts sales of innovator companies. Unfavorable reimbursement policies especially in poor regions curtails market growth.
Key Takeaways
The Global Peripheral Neuropathy Treatment Market Size is expected to witness high growth. The global peripheral neuropathy treatment market is estimated to be valued at US$ 1863.31 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023-2030.
North America is currently the largest market owing to high neuropathic pain cases and favorable reimbursement scenario. The availability of advanced healthcare facilities and significant research funding further consolidates the leadership of North America in the global market. Europe is the second largest regional market driven by increasing prevalence of diabetes and favorable regulations pertaining to specialty drugs approval.
Key players operating in the peripheral neuropathy treatment market are Abbott Laboratories, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Dr. Reddy's Laboratories Ltd, Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., and NeuroBo Pharmaceuticals, Inc. Capnography devices help in monitoring patient physiological parameters in real time and aid in timely intervention. Manufacturers are investing in R&D to develop user friendly and compact capnography devices suitable for various clinical settings. Technological advancements focus on integration of multiple parameters and wireless connectivity.
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