The global paresthesia treatment market revenue was US$ 5.6 billion in 2022. The global market revenue is estimated to reach US$ 7.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 3.4% during the forecast period from 2023 to 2031.
Paresthesia is a neurological condition. It is characterized by an aberrant and irrational sensation, which causes people to experience tingling, numbness, burning, itching, or prickling without any associated pain. This diagnosis is made on the basis of identifying the underlying illness generating the paresthetic feeling. Medication, such as over-the-counter medications used as painkillers, can be used to alleviate temporary paresthesia. Antidepressant drugs like amitriptyline are superior at treating chronic paresthesia. These drugs affect how the patient feels pain, which is how they function.
Market Driving Factors
The need for the paresthesia treatment market is growing due to the rising frequency of neurological conditions such as multiple sclerosis, diabetic neuropathy, and carpal tunnel syndrome. Carpal tunnel syndrome, which is brought on by the median nerve being crushed or pinched, is the most typical cause of paresthesia. The aging population, which is more prone to paresthesia and other neurological problems, is anticipated to dominate the market during the forecast period.
The primary market growth restraint is the high cost of the drugs and medical equipment needed to treat paresthesia.
Medical gadget developments like TENS units and ultrasound are propelling the paresthesia market's expansion by offering the best results. Governments globally are investing in healthcare infrastructure and promoting awareness campaigns, along with the growing awareness of paresthesia and the availability of efficient treatment choices, which allows the market to grow further throughout the anticipated time. Adults with foot, hip, and back discomfort limit their daily activities, according to the 45.6 Mn figures for the US in 2019.
Market Segmentation Overview
By Disease Type Overview
The chronic paresthesia segment is likely to develop at the fastest rate during the forecast period. This growth is due to the availability of numerous targeted therapies and the rising prevalence of persistent paresthesia disease. Targeted pharmacological therapies are required to treat paresthesia owing to recent improvements in medical technology that have increased understanding of available treatments.
By Overview Treatment
Due to a growth in the number of patients suffering from paresthesia, the topical creams segment held the largest contributor to revenue in 2022 and is predicted to maintain this trend during the forecast period. For instance, the Cleveland Clinic estimates that 2.4% of individuals worldwide suffer from some kind of peripheral neuropathy. This proportion increases to between 5% and 7% for those over the age of 45. In addition, the emergence of governmental programs and the acceptance of unhealthy lifestyles both support market expansion.
Geographical Breakdown
During the forecast period, North America is anticipated to dominate the global market for paresthesia therapy. The prevalence of cancer and neurological conditions like dementia, Alzheimer's disease, and metabolic diseases in the area is thought to be a contributing factor to its domination. The Centers for Disease Control and Prevention (CDC) estimates that 37.3 million Americans (11.3% of the population) are diabetic.
The market in North America is also expanding owing to favorable government funding for R&D and high healthcare spending. For instance, the Centers for Medicare & Medicaid Services report that U.S. healthcare spending increased 2.7 percent in 2021, reaching $4.3 trillion, or $12,914 per person. Spending on healthcare accounted for 18.3 percent of the country's GDP.
List of Prominent Players
Segmentation Outline
The global paresthesia treatment market segmentation focuses on Disease Type, Treatment, Distribution Channel, and Region.
By Disease Type
By Treatment
By Distribution Channel
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL PARESTHESIA TREATMENT MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: PARESTHESIA TREATMENT MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL PARESTHESIA TREATMENT MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL PARESTHESIA TREATMENT MARKET, BY DISEASE TYPE
5.1 OVERVIEW
5.2 ACUTE PARESTHESIA
5.2.1 AGE GROUP
5.2.1.1 ADULT
5.2.1.2 GERIATRIC
5.3 CHRONIC PARESTHESIA
5.3.1 AGE GROUP
5.3.1.1 ADULT
5.3.1.2 GERIATRIC
6 GLOBAL PARESTHESIA TREATMENT MARKET, BY TREATMENT
6.1 OVERVIEW
6.2 IMMUNOSUPPRESSANT
6.3 ANTICONVULSANTS
6.4 TOPICAL CREAMS
6.5 ANTIVIRALS
6.6 OTHERS
7 GLOBAL PARESTHESIA TREATMENT MARKET, BY DISTRIBUTION CHANNEL
7.1 OVERVIEW
7.2 ONLINE PHARMACY
7.3 HOSPITAL PHARMACY
7.4 RETAIL PHARMACY
8 GLOBAL PARESTHESIA TREATMENT MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL PARESTHESIA TREATMENT MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 GLENMARK
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 NEVRO CORP.
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 ENTEROMEDICS INC.
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 BOSTON SCIENTIFIC CORPORATION
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 BIO-MEDICAL RESEARCH LTD.
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 STRYKER CORP.
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 CIPLA LTD.
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 GLAXOSMITHKLINE PLC.
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 ABBVIE INC.
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 MEDTRONIC
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 OMRON HEALTHCARE, INC.
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 ABBOTT LABORATORIES
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 MERCK
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 STIMWAVE LLC
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 CYBERONICS, INC.
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 PFIZER
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 BAXTER INTERNATIONAL INC.
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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