Peripheral nervous system connects the nerves from the brain to rest of the body of a living organism. Organs connected with brain through peripheral nerves include hands, feet, arms, internal organs, legs, mouth and face. Peripheral neuropathy can be defined as malfunctioning or disorder in the peripheral nerves due to damage or destroy of the nerves. Etiology for peripheral neuropathy includes diabetes, dietary deficiencies, drinking alcohol, chronic kidney disease, hereditary disease and geriatric population. Possible symptom for peripheral neuropathy includes burning pain, muscle weakness, changes in blood pressure, onset of numbness and heart intolerance. Peripheral neuropathy can be diagnosed with computed tomography, magnetic resonance imaging, electromyography and blood test. Over-the-counter pain medications like acetaminophen and nonsteroidal anti-inflammatory drugs can be very helpful in controlling peripheral neuropathy.
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Geriatric and obese population is growing at a rapid pace across the world and these people are at high risk for developing peripheral neuropathy. Centers for Disease Control and Prevention stated, that people who are diagnosed with diabetes mostly obese. Thus, with rising geriatric population and growing prevalence of diabetes propels the global market demand of peripheral neuropathy treatment. The U.S. Census Bureau stated that, the fastest growing segment of the U.S. population is geriatric group. According to World Health Organization (WHO) estimates, the global geriatric population would increase from 524 million in 2010 to around 2 billion by 2050. Moreover, the global geriatric population would grow at the fastest rate in developed countries such as the U.S., the U.K. and Japan. World Health Organization (WHO) stated in 2012 that, more than 40 million children under the age of 5 were overweight or obese. Moreover, it has also estimated that 10% of the world adult population was obese in the year 2012.
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Thus, geriatric and obese population primarily propels the global market demand of peripheral neuropathy treatment. In addition, rising awareness among people about peripheral neuropathy supports the growth for the global market growth of peripheral neuropathy treatment. Technological complexity and high cost associated with diagnosis procedure of peripheral neuropathy might hinder the global market demand.
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North America dominates the global market for peripheral neuropathy treatment due to presence of large obese population and growing demand of peripheral neuropathy treatment in this region. Moreover, increasing awareness among people and initiatives taken by the federal government also accounted for the market growth in North American region. Europe represents the second position in the global peripheral neuropathy treatment market due to the presence of large geriatric population base in European region. Asia-Pacific is considered as an untapped market due to lack of proper healthcare facilities in some Asian countries. Asian market growth will be fuelled by the presence of untapped opportunities due to extensive increase in healthcare infrastructure (healthcare cost, healthcare facility and healthcare budget). Similarly, Asia-Pacific is considered as an emerging market due to growing market penetration in this region. Rest of the World (RoW) holds fourth position in the global peripheral neuropathy treatment market due to poor economic and health condition in most of the African countries.
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Some of the market players operating in the global peripheral neuropathy market include GlaxoSmithKline, Abbott Laboratories, Cipla Laboratories, Novartis AG, Merck and Co., Bristol Meyer Squibb, Reddy’s Lab, Pfizer and Elli Lilly and Company.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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