USD 5.1 billion
Report ID:
SQMIG35A2802 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
93
|Figures:
66
Global Paresthesia Treatment Market size was valued at USD 5.1 billion in 2022 and is poised to grow from USD 5.28 billion in 2023 to USD 7.01 billion by 2031, growing at a CAGR of 3.6% in the forecast period (2024-2031).
Paresthesia is a medical condition marked by sensations such as burning, tingling, numbness, or prickling, predominantly affecting diverse body parts such as the hands, feet, arms, or legs. The condition commonly arises due to nerve damage or compression, disrupting the normal transmission of signals, or from inconsistent blood flow to and from the brain. Paresthesia serves as a symptom indicative of various underlying medical conditions, encompassing both type 1 and type 2 diabetes, deficiencies in essential vitamins, neurological disorders, and conditions like carpal tunnel syndrome.
Global Market Size
USD 5.1 billion
Largest Segment
Acute
Fastest Growth
Growth Rate
3.6% CAGR
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The paresthesia treatment market is segmented based on treatment type, which includes medication and medical devices, immunosuppressant, anticonvulsants, topical creams, antivirals and others. The paresthesia treatment market is segmented based on distribution channels such as hospitals, clinics, home care, and others. The paresthesia treatment market is segmented based on the disease type, including acute paresthesia and chronic paresthesia. The paresthesia treatment market is segmented based on regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Analysis by Disease
The chronic affective segment is expected to command a significant share of the market during the forecast period, driven by the increasing prevalence of chronic affective disorders and a wide range of targeted therapies. The demand for targeted pharmacological therapies in the treatment of cognitive disorders has been encouraged.
The acute emotional distress segment plays an important role in the growth of the global paresthesia treatment market. Although more attention is often paid to chronic emotions, the acute emotional component is equally important in dealing with nausea, vomiting, burning sensation or immediate emotional stress. This section is especially important in cases where patients experience a sudden onset of numbness due to factors such as nerve strain, trauma, or certain medical conditions related to the procedure.
Analysis by Treatment
The antiviral segment is expected to exhibit the fastest market growth, projected at 4.5% during the forecast period by 2022. This rapid growth can be attributed to several key factors. Increased attention to studying the use of antioxidants in the treatment of allergic disease has stimulated research programs, shedding light on potential benefits in sensory dysfunction preventing efficiency.
Topical cream segment emerged as the primary revenue contributor in the global paresthesia treatment market, this trend is expected to last over forecast period. This dominance can be attributed to the increasing number of patients undergoing anesthesia, for whom topical creams provide convenience and are aimed at alleviating symptoms .
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North America stands as the largest global paresthesia treatment market, with numerous chronic pain conditions prevalent in the region and well-established healthcare infrastructure, characteristically, with advanced medical facilities and skilled healthcare professionals, positions it at the forefront of the paresthesia treatment landscape.
Asia-Pacific is emerging as the fastest growing global paresthesia treatment market, with patient volume combined with increasing awareness among patients driving the Region’s rapid growth and sheer increase in patient volume of Asia-Pacific has contributed significantly to the expansion of the market in the region.
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Drivers
Increasing Incidences of Chronic Illnesses
Restraints
Possible Adverse Effects Associated with any Particular Treatment
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The competitive environment of the global Paresthesia Treatment market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. The biggest barrier to accessing the market is the high cost associated with pharmaceuticals and medical devices, especially high costs such as transcutaneous electrical nerve stimulation (TENS), which can run into thousands of dollars. The prevalence of side effects further restricts their widespread use.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 5.1 billion |
Market size value in 2031 | USD 7.01 billion |
Growth Rate | 3.6% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Paresthesia Treatment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Paresthesia Treatment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Paresthesia Treatment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Paresthesia Treatment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2802
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