Painful Diabetic Neuropathy Drugs Market Expected to Reach US$ 8,962.0 Mn by 2026
Added: (Wed Jun 06 2018)
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Global Painful Diabetic Neuropathy Drugs Market Expected to Reach US$ 8,962.0 Mn by 2026
The latest market report published by Credence Research, Inc. “Painful Diabetic Neuropathy Drugs Market: Growth, Future Prospects, and Competitive Analysis, 2018 -2026” the painful diabetic neuropathy drugs market was valued at US$ 4,811.8 Mn in 2017 and expected to reach US$ 8,962.0 Mn by 2026, expanding at a CAGR of 6.6 % from 2018 to 2026.
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Global painful diabetic neuropathy drugs (PDN) market accounted to a market value of US$ 4,811.8 Mn in 2017 and projected to attain value of US$ 8,962.0 Mn by 2026 at a CAGR of 6.6% during the forecast period. The growth of this market primarily driven by the ever-growing pool of geriatric population with diabetes. The rise in availability of suitable treatment options and the growing awareness on PDN catalyzes the demand for PDN drugs.
With only four drugs currently approved for the management of PDN (Lyrica, Cymbalta, Nucynta and Qutenza), there arises a huge opportunity for new and emerging market players with potential pipeline portfolio. Of the marketed products analyzed, Lyrica accounted for a maximum market share in 2017 and will continue similar trend through 2026. The recent approval of Lyrica’s control release formulation in October 2017 further augments its market growth.
The PDN drugs market observes a presence of strong pipeline portfolio, which would facilitate the overall growth during the forecast period from 2018 to 2026. ViroMed Co. Ltd.’s VM202 currently in phase III is the only gene therapy developed with disease modifying properties. However, the higher pricing of gene therapy could hamper the growth of VM202 in the near future.
With diabetes being a global concern, PDN drugs market comprises a worldwide outreach. In 2017, North America dominated the market and expected to maintain its position throughout the forecast period.
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Availability of approved drugs and the presence of extensive diabetic patient pool contributed to the overall market growth. Asia Pacific exhibited fastest CAGR during the forecast period due to the growing awareness of PDN and the rise in healthcare expenditure.
The PDN drugs market involves partnerships and licensing agreements that boosts the overall market growth. These partnerships enable the global expansion of PDN drugs. For instance, Cymbalta, a first line PDN therapy drug originally developed by Eli Lilly & Company in collaboration with Shionogi, Inc. marketed in Japan.
Other players with potential product portfolio includes Pfizer, Inc., Grunenthal GmbH, Daiichi-Sankyo Company Limited, ViroMed Co. Ltd., Collegium Pharmaceutical, Inc., Acorda Therapeutics, Inc., Zydus Pharmaceuticals USA, Inc., Mallinckrodt, Inc., and Macleods Pharmaceuticals Ltd.
Key Market Movements:
Globally painful diabetic neuropathy drugs market projects a steady growth with a CAGR of 6.6% during the forecast period from 2018 to 2026
Presence of strong product pipeline primarily contributed to the CAGR of this market
With only four product approved for PDN, there arises extensive opportunities for newer industrial players
Rising prevalence of diabetes across geographies increases the risk for PDN thus fuelling the overall market growth
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