Market Size of Peripheral Neuritis Treatment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Peripheral Neuritis Treatment Market Analysis
The peripheral neuritis treatment market is expected to register a CAGR of 3.3% during the forecast period.
COVID-19 had a significant impact on the peripheral neuritis treatment market since COVID-19 patients were diagnosed with complications of peripheral neuritis during their recovery phase. For instance, as per the article published in April 2022 in the MDPI journal, various neurological manifestations were reported in a significant proportion of coronavirus disease patients. The researchers evaluated the prevalence and severity of peripheral nervous system (PNS) involvement in a large group of convalescent COVID-19 patients undergoing in-hospital multidisciplinary rehabilitation. The study demonstrated that the risk of neuropathy in the convalescent phase of COVID-19 was relevant. Thus, COVID-19 elevated the complications of peripheral neuritis, and the demand for treatment rose during the pandemic. Currently, as the pandemic restrictions eased and cases reduced, the peripheral neuritis treatment market is estimated to witness significant growth due to the rise in chronic diseases and the surge in key developments for peripheral neuritis treatments.
Factors such as the growing burden of diseases associated with peripheral neuritis and an increasing number of geriatric populations are expected to fuel the peripheral neuritis treatment market over the forecast period.
According to the International Diabetes Federation, in 2021, approximately 537 million adults (20-79 years) were living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Hence, the rise in diabetes cases is expected to cause peripheral neuritis and thereby increase the demand for treatment over the forecast period.
Furthermore, many key players are launching their new products for the treatment of peripheral neuritis, which is likely to increase the competitiveness of the products and thereby boost market growth. For instance, in January 2022, NeuroMetrix, Inc. received breakthrough designation from the FDA for its Quell technology for reducing moderate to severe symptoms of chemotherapy-induced peripheral neuropathy that have persisted for at least 6 months following the end of chemotherapy. Moreover, research studies demonstrating the advantages and effects of drugs that treat peripheral neuritis are expected to increase market growth. For instance, as per the article published in June 2022 in PubMed, for treating chemotherapy-induced peripheral neuropathy (CIPN) related discomfort duloxetine is widely used in most of cases. Several randomized clinical trials confirmed the analgesic effect of duloxetine on pain related to CIPN.
Thus, due to the increase in chronic diseases causing peripheral neuritis, and the rise in peripheral neuritis treatment product launches, the studied market is expected to witness growth over the forecast period. However, the stringent regulatory framework for the products for peripheral neuritis treatment is expected to restrain the market growth.
