U.S. Diabetic Neuropathy Market, by Drug (Tricyclic Antidepressants (Amitriptyline, Nortyptyline, Imipramine, Desipramine), SSRI (Paroxetine, Citalopram), Anticonvulsants (Gabapentin, Pregabalin, Carbamazepine), Opioids (Tramadol, Tapentadol, Oksikodon), SNRIs (Duloxetine), Other Drugs (Capsaicin, Lidocaine, Botilinum Toxin)) by Type (Peripheral Neuropathy, Proximal Neuropathy, Autonomic Neuropathy, Focal Neuropathy), by Route of Administration (Oral, Topical, Injection (Intramuscular)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) is estimated to be valued at US$ 1,759.4 Million in 2022 and is expected to exhibit a CAGR of 5.2% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Ongoing research and development for novel drugs by key market players is expected to drive the U.S. diabetic neuropathy market growth over the forecast period. For instance, in September 2021, Biogen, a biotechnology company, announced that they had received a topline positive result for its phase 2 CONVEY study of vixotrigine. CONVEY study was a phase 2 placebo-controlled, double-blind, enriched enrollment, randomized withdrawal study for the evaluation of efficacy and safety of vixotrigine, which is a non-opioid investigational oral pain drug for the treatment of diabetes mellitus-associated small fiber neuropathy (SFN).
U.S. Diabetic Neuropathy Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a positive impact on the U.S. diabetic neuropathy market, owing to the increasing research and development of diabetic neuropathy. For instance, in 2022, according to the data published by U.S. Neuropathy Centers, COVID-19 patients have worsened symptoms of diabetic neuropathy. Diabetes, autoimmune diseases, cancer, and other infections are all causes of neuropathy and all reasons are to be extra vigilant with COVID-19 spreading, because immune system is compromised and patient may get higher risk of virus, which may increase the demand for diabetic neuropathy drugs for the treatment.
U.S. Diabetic Neuropathy Market: Key Developments
In January 2022, an awareness campaign was organized by the GBS|CIDP Foundation International in Pennsylvania for focal neuropathy awareness. The aim of this campaign was to raise awareness and research funds for focal neuropathy. Focal neuropathy is a rare disorder in which multiple motor nerves are attacked by own immune system which results in asymmetrical weakness of a patient’s limbs.
Browse 12 Market Data Tables and 26 Figures spread through 160 Pages and in-depth TOC on “U.S. Diabetic Neuropathy Market”- Forecast to 2030, U.S. Diabetic Neuropathy Market, by Drug (Tricyclic Antidepressants (Amitriptyline, Nortyptyline, Imipramine, Desipramine), SSRI (Paroxetine, Citalopram), Anticonvulsants (Gabapentin, Pregabalin, Carbamazepine), Opioids (Tramadol, Tapentadol, Oksikodon), SNRIs (Duloxetine), Other Drugs (Capsaicin, Lidocaine, Botilinum Toxin)) by Type (Peripheral Neuropathy, Proximal Neuropathy, Autonomic Neuropathy, Focal Neuropathy), by Route of Administration (Oral, Topical, Injection (Intramuscular)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/us-diabetic-neuropathy-market-5356
Moreover, increasing adoption of inorganic strategies such as product approval by key market players is expected to drive the U.S. diabetic neuropathy market over the forecast period. For instance, in December 2020, Lexicon Pharmaceuticals, Inc., a biopharmaceutical company, announced that they had received an approval from the U.S. Food and Drug Administration for the development of LX9211 in diabetic peripheral neuropathic pain. LX9211 is a potent, orally delivered, selective small molecule inhibitor of adapter-associated kinase 1 (AAK1) for the treatment of diabetic peripheral neuropathic pain.
Key Takeaways of the U.S. Diabetic Neuropathy Market:
- The U.S. diabetic neuropathy market is expected to exhibit a CAGR of 5.2% during the forecast period due to the increasing educational program by the key market players. For instance, in May 2022, Averitas Pharma, Inc., a pharmaceutical company, organized the ‘Speak for Your Feet’ contest for patients with diabetic nerve pain, caregivers and healthcare professionals (HCPs) in New Jersey. The goal of this educational program is to increase awareness about the potential symptoms of diabetic nerve pain and to create a common language between patients and healthcare professionals.
- Among type, peripheral neuropathy segment is estimated to hold a dominant position in the U.S. diabetic neuropathy market due to adoption of inorganic strategies such as product approval by regulatory authorities such as the U.S. Food and Drug Administration. For instance, in July 2019, Pfizer, Inc., a pharmaceutical company, announced that they had received an approval from U.S Food and Drug Administration for Lyrica drug, for the for the management of neuropathic pain associated with diabetic peripheral neuropathy
- Major players operating in the U.S. diabetic neuropathy market include Eli Lilly and Company, Johnson & Johnson Services, Inc., Novartis AG, Pfizer, Inc., GSK plc., Glenmark Pharmaceuticals Ltd., Lupin, Regenacy Pharmaceuticals, Inc., Alembic Pharmaceuticals Limited, Abbott, Ionis Pharmaceuticals, NeuroMetrix, Inc., Tissue Tech, Inc., and Averitas Pharma, Inc.
