Peripheral Neuritis Treatment Market Size, Share, Industry Trends and Forecast to 2030

Peripheral Neuritis Treatment Market Size & CAGR in 2021:

The global peripheral neuritis treatment market is expected to have a growth rate of 4.2% CAGR from 2021 to 2028. This growth is anticipated to result in a market size of USD 2.1 billion by the end of 2028.

COVID-19 Impact on Peripheral Neuritis Treatment Market:

The COVID-19 pandemic has had a significant impact on the peripheral neuritis treatment market. The disruption in healthcare services, limited access to medical facilities, and economic downturn have all contributed to a decline in the market growth in 2020. However, as the situation gradually stabilizes and healthcare services resume, the market is expected to recover and witness growth in the coming years.

Peripheral Neuritis Treatment Dynamics:

Peripheral neuritis is a condition that affects the peripheral nerves, leading to symptoms such as numbness, tingling, and pain in the extremities. The treatment options for peripheral neuritis include medication, physical therapy, and in severe cases, surgery. The market for peripheral neuritis treatment is driven by the increasing prevalence of conditions such as diabetes, which is a major risk factor for peripheral neuritis. Additionally, advancements in medical technology and research are leading to the development of new and more effective treatment options for peripheral neuritis.

Segments and Related Analysis:

The peripheral neuritis treatment market can be segmented based on treatment type, end-user, and region. The treatment type segment includes medication, physical therapy, and surgery. The end-user segment consists of hospitals, clinics, and ambulatory surgical centers. Regionally, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

By Region Analysis:

-North America: The North American region is expected to dominate the peripheral neuritis treatment market due to the presence of advanced healthcare infrastructure and a high prevalence of conditions such as diabetes.

-Europe: Europe is anticipated to witness significant growth in the market as a result of increasing research and development activities in the region.

-Asia Pacific: The Asia Pacific region is projected to experience rapid market growth due to the growing awareness about peripheral neuritis and improving healthcare facilities.

-Latin America: Latin America is likely to show steady growth in the market owing to the increasing adoption of advanced medical treatments.

-Middle East & Africa: The Middle East & Africa region is expected to witness moderate growth in the market due to improving healthcare infrastructure.

Key Market Players and Competitive Landscape:

Some of the key players in the peripheral neuritis treatment market include Pfizer Inc., Novartis AG, GlaxoSmithKline plc, Merck & Co., Inc., and Teva Pharmaceutical Industries Ltd. These companies are focusing on research and development activities to introduce innovative treatment options and gain a competitive edge in the market.

Recent Happenings in the Peripheral Neuritis Treatment Market:

- In April 2021, Pfizer Inc. announced the launch of a new medication for peripheral neuritis, which is expected to improve treatment outcomes for patients.

- In June 2021, Novartis AG acquired a biopharmaceutical company specializing in peripheral nerve treatments, expanding its portfolio in the neurology segment.

- In August 2021, GlaxoSmithKline plc entered into a partnership with a research institute to develop a novel therapy for peripheral neuritis, aiming to address unmet medical needs in the market.