Diabetic Neuropathy is a complication of diabetes that affects the nervous system, causing pain and numbness in the extremities. The market for diabetic neuropathy treatments is driven by the growing prevalence of diabetes worldwide, with an estimated 463 million people living with the disease in 2019. The rising aging population and lifestyle factors such as obesity also contribute to the growing incidence of diabetes and diabetic neuropathy. The market is further driven by increasing R&D activities and the introduction of novel therapies, such as gene therapies and stem cell treatments. However, the high cost of treatment and lack of awareness about the condition can be barriers to market growth. The COVID-19 pandemic has also had an impact on the market, with disruptions in supply chains and delays in clinical trials.
Prominent Companies in the Diabetic neuropathy Industry:
1. Eli Lilly and Company
Eli Lilly and Company is a pharmaceutical company founded in 1876 and headquartered in Indianapolis, Indiana. The company operates in over 125 countries and specializes in research, development, and production of medications in several therapeutic areas, including neuroscience, endocrinology, and oncology.
2. GlaxoSmithKline (GSK)
GlaxoSmithKline (GSK) was formed in 2000 through the merger of Glaxo Wellcome and SmithKline Beecham. The company is headquartered in London, UK and operates in over 150 countries. GSK is focused on the development of pharmaceuticals, vaccines, and consumer healthcare products. In March, 2023 GSK plc and SCYNEXIS, Inc. announced they have entered into an exclusive licence agreement for Brexafemme (ibrexafungerp tablets), a US FDA approved, first-in-class antifungal for the treatment of vulvovaginal candidiasis (VVC) and for reduction in the incidence of recurrent VVC (RVVC).
3. Pfizer
Pfizer was founded in 1849 and is headquartered in New York, New York. The company operates in over 125 countries and is known for developing innovative treatments in areas such as oncology, cardiology, and infectious diseases. In January, 2023 Gero announced that it has entered into a research collaboration with Pfizer to apply Gero’s machine learning technology platform to discover potential therapeutic targets for fibrotic diseases using large-scale human-based data.
4. Johnson & Johnson (J&J)
Johnson & Johnson (J&J) was founded in 1886 and is headquartered in New Brunswick, New Jersey. The company operates in over 175 countries and offers a diverse range of healthcare products, including pharmaceuticals, medical devices, and consumer healthcare products. In October 2022, The U.S. Food and Drug Administration (FDA) has approved Johnson & Johnson's therapy for treating a type of multiple myeloma, the company said on Tuesday, giving another treatment option to patients with the incurable blood cancer.
5. Janssen Pharmaceuticals
Janssen Pharmaceuticals is a subsidiary of J&J and was founded in 1953. The company is headquartered in Beerse, Belgium, and operates in over 175 countries. Janssen is focused on developing innovative treatments for conditions such as cancer, infectious diseases, and neurological disorders.
*Definition- Diabetic neuropathy is a type of nerve damage caused by diabetes. It can cause pain and numbness in the extremities, as well as digestive issues and problems with the urinary tract and sex organs.
