Chemotherapy Induced Peripheral Neuropathy Treatment Market Projected Strong Growth to $2.25 Billion by 2028 Amid Advancements in Cancer Treatment
2024-03-07
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DUBLIN, March 6, 2024 /PRNewswire/ -- The "Chemotherapy Induced Peripheral Neuropathy Treatment Global Market Report 2024" has been added to
ResearchAndMarkets.com's offering.
The chemotherapy induced peripheral neuropathy treatment market size has grown strongly in recent years, from $1.54 billion in 2023 to $1.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historical period can be attributed to advancements in chemotherapy, expansion in cancer treatment options, limited alternatives for treatment, a rise in cancer incidences, and progress in neurological research.
The market size is expected to see strong growth in the next few years, reaching $2.25 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be ascribed to the development of targeted therapies, the emergence of neuroprotective agents, the implementation of integrated care pathways, adoption of patient-centered care models, and regulatory support. Key trends in the forecast period encompass innovations in drug formulations, the integration of non-pharmacological interventions, the introduction of neuroplasticity-based therapies, enhanced support for long-term survivorship, and the incorporation of cognitive behavioral therapies.
The growth trajectory of the chemotherapy-induced peripheral neuropathy treatment market is anticipated to be driven by the increasing prevalence of cancer. Cancer, characterized by the unregulated proliferation and dissemination of abnormal cells within the body, often necessitates chemotherapy treatment. However, one of the potential side effects of certain chemotherapy drugs is chemotherapy-induced peripheral neuropathy (CIPN).
The rising incidence of cancer cases globally is expected to contribute significantly to the expansion of the chemotherapy-induced peripheral neuropathy treatment market. For instance, a report by the American Cancer Society in January 2023 revealed an increase in newly diagnosed cases of liver cancer in females in the United States, rising from 12,660 cases in 2022 to 13,230 cases in 2023. This escalation in cancer cases acts as a catalyst propelling the growth of the chemotherapy-induced peripheral neuropathy treatment market.
The growth of the chemotherapy-induced peripheral neuropathy treatment market is being fueled by an upsurge in healthcare spending. Healthcare spending, denoting the total financial resources allocated to the healthcare sector within a specific region or country, plays a pivotal role in supporting treatments for chemotherapy-induced peripheral neuropathy (CIPN). This allocation aims to mitigate and manage the adverse neurological effects induced by certain cancer treatments, ensuring the well-being of patients undergoing and recovering from chemotherapy. For instance, data from the American Medical Association in March 2023 indicated a 2.7% increase in health spending in the United States in 2021, reaching $4.3 trillion or $12,914 per capita. This surge in healthcare expenditure serves as a driving force behind the growth of the chemotherapy-induced peripheral neuropathy treatment market moving forward.
Product innovation emerges as a prominent trend in the chemotherapy-induced peripheral neuropathy treatment market, with major market players prioritizing the development of novel products to enhance efficacy and consolidate their market position. Notably, in March 2023, AlgoTx, a clinical-stage company specializing in complex pain management, announced the FDA's approval of their Investigational New Drug Application (IND) for ATX01, a Phase 2 first-in-class candidate designed for individuals with erythromelalgia. The ATX01 for the Pain of Chemotherapy (ACT) study targeting chemotherapy-induced peripheral neuropathy (CIPN) has commenced randomized patient enrollment. Both programs have secured fast-track designation from the FDA, signifying their potential significance in addressing unmet medical needs.
Technological advancements, particularly the incorporation of quell technology, are a focal point for major companies in the chemotherapy-induced peripheral neuropathy treatment market as they endeavor to fortify their market standing.
The primary drug categories for CIPN treatment include nerve protective therapy, anti-inflammatory therapy, neurotransmitter-based therapy, antioxidants, and others. Nerve protective therapy aims to preserve nerve health and function, crucial in managing chemotherapy-induced peripheral neuropathy for symptom relief. Treatment modalities encompass medications, therapies, and other interventions, with both branded and generic drugs available. These CIPN treatment drugs are distributed through hospital pharmacies, retail outlets, online platforms, and other channels, catering to end-users such as hospitals, research institutes, and specialty clinics.
This report focuses on chemotherapy induced peripheral neuropathy treatment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
Markets Covered:
By Drug Class: Nerve Protective Therapy; Anti-Inflammatory Therapy; Neurotransmitter Based Therapy; Antioxidant; Other Drug Classes
By Treatment: Medication; Therapy; Other Treatments
By Drug Type: Branded; Generic
By Distribution Channel: Hospital Pharmacy; Retail Pharmacy; Online Pharmacies; Other Distribution Channels
By End-user: Hospitals; Research Institutes; Specialty Clinics
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled
Asahi Kasei Pharma Corporation
Laboratories Dr. Esteve S.A. (ESTEVE)
For more information about this report visit https://www.researchandmarkets.com/r/vmapl8
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