Diabetes is common metabolic disorder that is found in 30 million people alone in the US.
Diabetes is common metabolic disorder that is found in 30 million people alone in the US. This means that nearly 9.4% of the US population are suffering from the diseases. Neuropathy is a common symptom in the diabetic patients.
A report by Transparency Market Research, forecasts the global diabetic neuropathy market to become worth US$5.718 bn by 2024 from US$ 3.6 bn in 2016 by rising at a steady CAGR of 5.4% between 2017 and 2025.
Diabetic neuropathies are a nerve disorders that can damage the nerves system within the body. Significant rise in the prevent in diabetic neuropathies due to the sedentary lifestyle and urbanization is a prominent factor expected to drive the global diabetic neuropathy market. Similarly, we have mentioned several other factors which are expected to boost he diabetic neuropathy market in the coming few years, have a look-
- Rising prevalence of the diseases is provoking manufacturers to invest in the treatments of diabetic neuropathic. This is a prominent factor likely to drive the global diabetic neuropathy market.
- In addition to this, change in eating habits is a prominent factor behind the increasing prevalence of obesity and rise in cardiovascular diseases. This is a strong factor behind the growth in the diabetic neuropathy market in the coming few years.
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- Further, favourable governmental regulation towards the development of the healthcare infrastructure is a strong factor behind the growth of the global diabetic neuropathy market. Presence of medical reimbursement plan helping patient to opt for advanced diabetic neuropathy treatment therapy. This is another factor expected to drive the global diabetic neuropathy market.
- In order to reduce these occurrence numerous health organizations and governments are taking initiatives which is expected to boost growth of the global diabetic neuropathy market.
- Several developing countries are aiding to increase awareness regarding diabetic treatment. For instance, India initiated a program called the National Diabetes Educator which aim to educate people in the country regarding diabetes. Such initiatives are expected to drive the growth of the diabetic neuropathy drugs market during the forecast period.
Asia Pacific to Witness Rapid Growth due to Rise in Aging Population
Europe and North America are likely to come up as a prominent regions in the global diabetic neuropathy market. Growth of the market in the North America region is mainly due to presence of large pool of patients affected with diabetes.
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On the other hand, Asia Pacific is likely to come up another highly promising region in the global diabetic neuropathy market. This growth of the region is ascribed to the better understanding of diabetic complications and considerable clinical developments. In the recent years, Asia Pacific has witnessed a rise in the number of patients suffering from diabetic neuropathy. Rise in incidences of diabetic neuropathy is mainly due to bad posture induced by change in lifestyle, genetic predisposition, and aging. These factors are driving the diabetic neuropathy market in Asia Pacific.
Johnson & Johnson Services, Inc., Glenmark Pharmaceuticals Ltd, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Arbor Pharmaceuticals, LLC, and Lupin Limited are some of the prominent players profiled in the report on the global diabetic neuropathy market.
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