Over the projected period, it is anticipated that the prevalence of chronic conditions such diabetes, cancer, and hypothyroidism would rise, increasing the likelihood that patients with these conditions may develop peripheral neuropathy. For instance, according to a report from the International Agency for Research on Cancer released in December 2020, there were approximately 19.3 billion new instances of cancer and 10 million cancer-related deaths in the world in 2020. Increasing cancer incidence is anticipated to fuel the expansion of the global market for treating peripheral neuropathy during the course of the forecast period.
The global Peripheral Neuropathy Treatment Market is estimated to be valued at US$ 1,795.1 million in 2022 and is expected to exhibit a CAGR of 3.8% during the forecast period (2022-2030).
Market Leaders in the Peripheral Neuropathy Treatment Industry:
1. Abbott Laboratories
Abbott is a global healthcare leader in medical products and devices manufacturing. It serves people in more than 160 countries. Abbott was established in 1888 and is based in North Chicago, Illinois. In February, 2023 Abbott and Cardiovascular Systems, Inc. (CSI), today announced a definitive agreement for Abbott to acquire CSI, a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease.
2. Teva Pharmaceutical Industries Ltd.
Teva Pharmaceutical Industries Limited, a pharmaceutical company, develops, manufactures, markets, and distributes generic medicines, specialty medicines, and biopharmaceutical products. The company was founded in 1901 and is headquartered in Tel Aviv-Yafo, Israel.
3. Eli Lilly and Company
Eli Lilly and Company discovers, develops, and markets human pharmaceuticals worldwide. Eli Lilly and Company was founded in 1876 and is headquartered in Indianapolis, Indiana.
4. Johnson & Johnson
Johnson & Johnson, together with its subsidiaries, researches and develops, manufactures, and sells various products in the healthcare field worldwide. The company was founded in 1886 and is based in New Brunswick, New Jersey. On 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. Dr. Reddy’s Laboratories Ltd.
Dr. Reddy’s Laboratories Ltd. is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines.
6. Pfizer Inc.
Pfizer Inc. discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. Pfizer Inc. was founded in 1849 and is headquartered in New York, New York. The company has collaboration agreements with Bristol-Myers Squibb Company; Astellas Pharma US, Inc.; Myovant Sciences Ltd.; Akcea Therapeutics, Inc; Merck KGaA; Valneva SE; BioNTech SE; and Arvinas, Inc. on December 2022, Pfizer Presents Updated Favorable Elranatamab Data from Pivotal Phase 2 MagnetisMM-3 Trial, early and deep responses, and a manageable safety profile for elranatamab in heavily pretreated patients with advanced multiple myeloma.
7. Cipla Limited
Cipla Limited, together with its subsidiaries, manufactures and sells pharmaceutical products in India, the United States, South Africa, and internationally. The company was incorporated in 1935 and is headquartered in Mumbai, India. Cipla Limited has a licensing agreement with Merck & Co., Inc. for the manufacturing and distribution of Molnupiravir, an investigational oral antiviral drug; a license agreement with Eli Lilly and Company for the manufacture and commercialization of the drug baricitinib for Covid-19 indication; and collaborations with Dr. Reddy's Laboratories Ltd, Sun Pharmaceutical Industries Limited, Emcure Pharmaceuticals Limited, and Torrent Pharmaceuticals Limited for the clinical trial of the investigational oral anti-viral drug Molnupiravir.
8. Lupin
Lupin Limited was founded in 1968 and is headquartered in Mumbai, India. Lupin Limited, a pharmaceutical company, develops, produces, markets, and sells a range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs). The company is operational in more than 100 countries.
More than 100 countries. Lupin Limited (Lupin) in the month of December, 2022 announced the launch of authorized generic version of PENNSAID® (Diclofenac Sodium Topical Solution), 2% w/w of Horizon Pharma Therapeutics in the United States.
9. Averitas Pharma, Inc.
Formed in 2018, as the US commercial subsidiary of The Grünenthal Group. Grünenthal is a multinational pharmaceutical company headquartered in Germany, with a presence in more than 30 countries across Europe, Latin America, and the USA.
10. NeuroBo Pharmaceuticals, Inc.
NeuroBo Pharmaceuticals, Inc., a clinical-stage biotechnology company that develops and commercializes multimodal disease-modifying therapies for viral, neuropathic, and neurodegenerative diseases. NeuroBo Pharmaceuticals, Inc. is headquartered in Boston, Massachusetts. In September, 2022 NeuroBo Pharmaceuticals, Inc and Dong-A ST Co., Ltd. announced that they have entered into a conditional exclusive license agreement for NeuroBo to develop and commercialize DA-1241 and DA-1726, which are currently being evaluated for the treatment of nonalcoholic steatohepatitis , obesity and type 2 diabetes.
*Definition- Weakness, numbness, and pain are common symptoms of peripheral neuropathy, which develops when the peripheral nerves, which are located outside of the brain and spinal cord, are damaged. These symptoms typically affect the hands and feet.
