Diabetic neuropathy is a nerve damage caused by diabetes. Symptoms include weakness, numbness and pain which usually starts in the feet and lower legs. It is caused by high blood glucose levels damaging the tiny blood vessels (microvasculature) that nourish the nerves. This causes decreased sensation or pain in the affected areas. The growing prevalence of diabetes and increasing geriatric population suffering from chronic conditions like diabetes is driving the growth of the global diabetic neuropathy market. The global diabetic neuropathy market is estimated to be valued at US$ 3626.38 million in 2024 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:
The increasing geriatric population suffering from diabetes presents a major market opportunity for growth of diabetic neuropathy market. As per estimates, by 2050 around 16% of the world's population will be over the age of 65. The risk of developing diabetes and diabetic neuropathy significantly increases with age. Older population require specialized treatment and management of diabetes and its complications like diabetic neuropathy. This provides an opportunity for product manufacturers to develop and market effective therapeutics targeting the specific needs of elderly diabetic patients suffering from neuropathy. Manufacturers can also collaborate with nursing homes and old age care centers to boost awareness and access to diabetic neuropathy treatment options for aged population.
Porter's Analysis
Threat of new entrants: Low capital requirements and government regulations pose high threat for new players to enter the market.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternative treatment options and demand for low-cost drugs.
Bargaining power of suppliers: Established vendors and suppliers have moderate bargaining power due to availability of substitutes and dependence on buyers for sales.
Threat of new substitutes: Substitutes like alternate medicines pose moderate threat due to stringent regulations around new drug development.
Competitive rivalry: Intense due to presence of global market leaders investing in R&D to develop novel therapies.
SWOT Analysis
Strength: Strong product pipeline and focus on R&D by major players. Growing geriatric population drives demand.
Weakness: Complex pathology and lack of effective treatment options. High costs associated with drug development and clinical trials.
Opportunity: Rising diabetic population worldwide presents scope for market expansion. Untapped potential in developing nations.
Threats: Patent expiry of blockbuster drugs. Stringent regulations delay market approval and increase costs.
Key Takeaways
The global Diabetic Neuropathy market is expected to witness high growth during the forecast period of 2023 to 2030.
Regional Analysis: North America is the dominant region currently due to supportive reimbursement policies and healthcare infrastructure. However, Asia Pacific is poised to emerge as the fastest growing market led by increasing healthcare expenditure and large diabetic population in India and China.
Key players operating in the Diabetic Neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, Johnson & Johnson and Janssen Pharmaceuticals. Eli Lilly holds a significant share owing to its blockbuster drug Cymbalta for treating neuropathic pain. Market players are focusing on developing advanced therapies such as stem cell therapy and gene therapy to overcome limitations of existing treatment options.
