Neuropathy Screening Devices Market Size, Share, Growth, Trends, And Industry Analysis By Type (Thermal, Sensory, Sudomotor, Others) By Application (Hospitals, Clinics, Diagnostic Centers, Drug Stores), Regional Insights, and Forecast To 2032

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Neuropathy Screening Devices Market Report Overview

The global neuropathy screening devices market size was USD 0.08 billion in 2023 and market is projected to touch USD 0.13 billion by 2032, at a CAGR of 5.7% during the forecast period.

Weakness, numbness, and pain are common symptoms of peripheral neuropathy, which develops when the peripheral nerves, which are located outside of the brain and spinal cord, are damaged. These symptoms typically affect the hands and feet. Additionally, it may have an impact on many bodily processes like digestion, urine, and circulation.

One of the main risk factors for peripheral nerve neuropathy, diabetes can cause mild to severe kinds of damage to the sensory, motor, and autonomic nerves, resulting in symptoms including numb, tingling, or burning feet, one-sided bands or discomfort, and numbness and weakening on the trunk or pelvis. Due to the increased likelihood of peripheral nerve neuropathy in diabetic patients, this may suggest that the expanding diabetic population would increase the need for peripheral nerve repair devices, propelling the growth of the peripheral nerve repair devices market over the forecast period.

COVID-19 Impact: COVID 19 Pandemic Positively Affected The Market Growth

A condition known as peripheral neuropathy affects the peripheral nerves. Numerous systemic, metabolic, and toxic factors can contribute to peripheral neuropathy. One such one is diabetes, which is a metabolic factor. The most frequent curable reasons are hypothyroidism, diabetes mellitus, and dietary deficits. Careful clinical examination, prudent laboratory evaluation, and, if necessary, nerve biopsy or electrodiagnostic investigations are required for the diagnosis. Additionally, a large number of COVID-19 patients also experience acute neurological abnormalities include peripheral neuropathy and issues with pain control. As a result, doctors prescribe pharmaceuticals including NSAIDs (Non-steroidal anti-inflammatory drugs), non-opioids, and antidepressants to treat these symptoms along with COVID-19, which has a favourable effect on the market for peripheral neuropathy treatments globally during COVID-19.

Latest Trends

"Primary Industrial Trend Of The Neuropathy Screening Devices Market Has Been An Increase In Research And Development Investment On Product Creation"

To take advantage of the enormous untapped market prospects in the developing world, the market's top companies are concentrating on creating products that are both affordable and of excellent quality. The rising expenditure on research and development as well as the rising number of new product approvals are evidence of this.

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Neuropathy Screening Devices Market Segmentation

• By Type Analysis

According to type, the market can be segmented into Thermal, Sensory, Sudomotor, Others. Thermal is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Hospitals, Clinics, Diagnostic Centers, and Drug Stores. Hospitals will be the dominating segment.

Driving Factors

"Increasing Prevalence Of Chronic Diseases Is Anticipated To Fuel Market Expansion Over The Predicted Period"

Over the projected period, it is anticipated that the prevalence of chronic diseases such as diabetes, cancer, and hypothyroidism would rise, increasing the likelihood that people with these conditions may develop peripheral neuropathy. For instance, according to a report from the International Agency for Research on Cancer released in December 2020, there were approximately 19.3 million new cases of cancer and 10 million cancer-related deaths in the world in 2020.

"Increasing number of peripheral neuropathy therapy items in development is anticipated to fuel market expansion over the course of the forecast period."

Increasing cancer incidence is anticipated to fuel the expansion of the global market for treating peripheral neuropathy during the anticipated time frame. For example, Cairo University and Mendel AI, a late-stage startup, started a phase 2/3 clinical trial study evaluating the potential protective function of venlafaxine against memantine in paclitaxel-induced peripheral neuropathy in February 2021. The investigation should be finished on October 1st, 2021.

Restraining Factors

"High Cost And Availability Of Alternatives Restricting The Market Growth"

The high cost of products, the availability of alternative treatments, strict regulatory compliance, and device recalls are the main factors restraining the growth of the global market for peripheral neuropathy treatments. The rising expense of the medications used to treat peripheral neuropathy and the growing accessibility of alternative remedies for the condition are some of the factors impeding the market's expansion. For instance, having access to different therapies like radiotherapy and physical therapy is seen to be more accessible and may benefit patients' clinical outcomes.

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Neuropathy Screening Devices Market Regional Insights

"Peripheral Nerve Repair Devices Market As A Whole Is Predicted To Be North American-Dominated"

Of all the geographical areas, North America is anticipated to hold the greatest market share for peripheral nerve repair devices. The North American Peripheral Nerve Repair Devices Market is anticipated to grow favourably as a result of significant growth factors including the rising prevalence of peripheral nerve injuries caused by the rising prevalence of diabetes, hypertension, obesity, the ageing population, the rising prevalence of various types of cancers, and the rising government initiatives regarding disease treatment awareness. Furthermore, the market growth in this region was fueled by high disposable income, an advanced healthcare system, the approval of new products, and increasing awareness.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP Neuropathy Screening Devices COMPANIES

• Phi Med Europe (Spain)
• Prosenex (India)
• Medical Monofilament Manufacturing, llc (U.S.)
• Trigocare International Gmbh (U.S.)
• Impeto Medical (France)
• Mediracer Ltd (Finland)
• Beijing Oerhuatai Technology (Beijing)
• Owen Mumford (U.K.)
• NeuroMetrix (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.