Peripheral Neuritis Treatment Market Trends

Growth Drivers

• Increase in Diabetes Cases Across the World - The rising cases of diabetes around the world have led to an increase in peripheral neuritis in people. The prevalence of type 1 and type 2 diabetes is one of the major causes of diabetic neuropathy, which is further anticipated to boost the peripheral neuritis treatment market. As per the International Diabetes Federation, approximately 537 million adults (20–79 years) are living with diabetes in the world, which is further projected to rise to 643 million by 2030 and 738 million by 2045.
• Growing Geriatric Population – As per a report released by the United Nations, there were 703 million people aged 65 years or above in the world in 2019. The number is projected to be doubled by 1.5 billion old people in 2050.
• Prevalence of HIV/AIDS Cases – According to the World Health Organization, approximately 37 million people were diagnosed with the HIV virus and 680,000 people died because of HIV-related diseases in 2020.
• Growing Healthcare Expenditure – As per the World Bank Organization, global healthcare expenditure in 2019 was estimated to be 9.83% of total GDP. Furthermore, according to the Centers for Medicare & Medicaid Services, healthcare spending in the United States will increase 9.7 percent in 2020, reaching USD 4.1 trillion, or USD 12,530 per person.

Challenges

• Concern Associated with Peripheral Neuropathy – as it can sometimes cause other medical problems, as nerve deterioration from peripheral neuropathy weakens the connected muscles. Complications include foot ulcers and heart rhythm changes, blood circulation problems, muscle weakness, and paralysis.
• High Cost of Peripheral Neuritis Treatment
• Availability of Alternative Treatment Procedures