Peripheral Neuritis Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Peripheral Neuritis Treatment Market is expected to register a CAGR of 3.3% during the forecast period. With the growing burden of diseases associated with peripheral neuritis and increasing number of geriatric populations, it is expected to impact positively on the peripheral neuritis treatment market growth. Peripheral neuropathy is a side-effect to chemotherapy in cancer patients. According to the study published in American Neurological Association, in 2017, around 30%-40% patients that receive neurotoxic chemotherapy suffers from peripheral neuropathy condition. Thus, treatment for such conditions becomes mandatory.

Key Market Trends

Diabetes Segment is Expected to Hold a Major Share in the Peripheral Neuritis Treatment Market

• Diabetes is a disease that usually occurs when pancreas fail to produce enough amount of insulin or the body fails to use it effectively. Severity of the diabetes can lead to damage in the blood vessels, nerve damage (neuropathy), etc. According to International Diabetes Federation, in 2019, around 463 million people were diagnosed with diabetes.
• Diabetes neuropathy refers to loss of sensation in limbs, mostly legs and feet. It is considered as the most commonly occurring complication in diabetic people. Over the time it can lead to foot ulcers and lower limb amputation. For instance, around 50% of people diabetes are likely to be affected by neuropathy, according to the American Diabetes Association.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America expected to hold a major market share in the global peripheral neuritis treatment market due to increasing aging population and higher prevalence rate of diabetic people. Peripheral neuritis is very commonly found in geriatric population, majorly in case of diabetes. According to the Census Bureau of U.S., approximately 56,052 population living in U.S., in 2020, is 65 years and above. Furthermore, according to the National Safety Council, around 4.5 million people were injured in road accidents. Physical trauma is likely to cause single-nerve injury. Injuries through road accidents, medical procedures, etc. can damage the nerve leading to peripheral neuritis. Thus, these factors are expected to impact positively on peripheral neuritis treatment market growth in North America.

Competitive Landscape

The Peripheral Neuritis Treatment Market is fragmented and consists of several major players. Companies are constantly indulged in developing new treatments related to peripheral neuropathy. For instance, Biogen, is developing a new treatment type for neuropathic pain. It is a biologics - BIIB095, currently in it's first phase of clinical trial. It acts as a blocker for NaV channel which is the target pain in case of neuropathy. Some of the key players are Eli Lilly & Co., GlaxoSmithKline LLC, Takeda Pharmaceutical & Co. Ltd. (Shire Development LLC), Novartis Pharmaceutical Corporation, Mallinckrodt Pharmaceuticals (Specgx LLC), Cipher Pharmaceuticals Inc., Johnson & Johnson (Janssen Pharmaceutical Inc.) , Pfizer Inc., Amneal Pharmaceuticals LLC, Apotex Inc and Mylan Pharmaceuticals Inc.

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