Market Trends of Peripheral Neuritis Treatment Industry
Diabetes Segment is Expected to Hold a Significant Share in the Peripheral Neuritis Treatment Market
The severity of diabetes can lead to damage in the blood vessels, nerve damage (neuropathy), etc. It affects the feet and legs first, followed by the hands and arms. Signs and symptoms of peripheral neuropathy often may include numbness or reduced ability to feel pain or temperature changes. The diabetes segment is expected to witness significant growth in the market due to the increase in peripheral neuropathy cases associated with diabetes, and the rise in product launches for diabetic neuropathy. For instance, according to the International Diabetes Federation 2021 report, 6.2 million people were living with diabetes in Germany in 2021 and the number is expected to increase to 6.5 million by 2030. As a result of the rising incidence of diabetes, which is a significant risk factor for the development of peripheral neuritis, it is expected that demand for peripheral neuritis treatment is anticipated to increase, and the market is likely to expand more rapidly during the forecast period.
Moreover, product launches, strategic collaborations, and acquisitions by the key players are expected to drive market growth over the forecast period. For instance, in September 2021, Biogen Inc. publicized positive topline results from its Phase 2 CONVEY study of vixotrigine (BIIB074), a non-opioid investigational oral pain drug being evaluated for the treatment of small fiber neuropathy (SFN). CONVEY was a Phase 2 placebo-controlled, double-blind, enriched enrollment, randomized withdrawal study that evaluated the efficacy and safety of vixotrigine in treating pain experienced by participants with confirmed idiopathic or diabetes mellitus-associated small fiber neuropathy. Similarly, in June 2022, Vertex Pharmaceuticals Incorporated revealed its plans to advance the selective NaV1.8 inhibitor VX-548 into Phase 3 clinical trials in the fourth quarter of 2022. Vertex also intended to initiate a Phase 2 dose-ranging study of VX-548 in diabetic neuropathic pain. In addition, the FDA granted VX-548 breakthrough therapy designation for the treatment of moderate-to-severe acute pain. Thus, an increase in clinical studies demonstrating the effectiveness of various peripheral neuritis treatments is expected to bolster market growth over the forecast period.
Hence, due to the increase in diabetic peripheral neuritis, and the rise in diabetic peripheral neuritis treatment product launches, the studied segment is expected to witness growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant share of the global peripheral neuritis treatment market due to the increasing aging population and higher prevalence rate of diabetic people. Peripheral neuritis is very commonly found in the geriatric population, majorly in the case of diabetes. For instance, according to the IDF 10th edition, in 2021, around 32.2 million people in the United States had diabetes, and projected to grow to 36.3 million by 2045. The rising number of diabetic cases in the nation is expected to increase the number of peripheral neuritis cases and contribute to market growth in the region.
Furthermore, physical trauma is likely to cause single-nerve injury. Injuries through road accidents, medical procedures, etc. can damage the nerve leading to peripheral neuritis. For instance, as per the US Bureau of Labor Statistics, 2,607,900 cases of nonfatal occupational injuries were reported in 2021 in the United States. Moreover, research funding for the development and studies related to peripheral neuritis in different chronic diseases is expected to drive market growth. For instance, in December 2022, researchers from the College of Medicine at the University of Saskatchewan (USask), were awarded USD 120,000 from the Canadian Institutes of Health Research Institute for Cancer Research and from the Cancer Research Foundation to find potential therapies for peripheral neuropathy in breast cancer. This painful complication affects 70-100% of patients undergoing Cisplatin treatment.
Hence, due to the increase in diabetic cases, and the rise in diabetic peripheral neuritis treatment product launches, North America is expected to witness growth over the forecast period.
