Paresthesia Treatment Market – Growth, Trends, and Forecast (2023-2029)

The Global Paresthesia Treatment Market size was valued at USD 5.1 Bn in 2022 and is expected to reach USD 6.53 Bn by 2029, at a CAGR of 3.6%
Paresthesia Treatment Market Overview:
Paresthesia is a medical condition characterized by a burning, tingling, numbness, or prickling sensation in different parts of the body, such as the hands, feet, arms, or legs. This condition is often caused by damage or compression of the nerves that transmit signals or inconsistent Blood flow to and from the brain. Paresthesia can be a symptom of various underlying medical conditions, including type 1 or 2 diabetes, vitamin deficiencies, neurological conditions, and carpal tunnel syndrome. The paresthesia treatment market is expected to grow with a CAGR of 3.6% in the forecasted period, driven by the rising neurological disorders, growing population, and increasing awareness about the condition. The market is also expected to benefit from the development of new treatments and technological advancements in medical devices, and other factors. Paresthesia can be caused by Obesity, pregnancy, Thyroid, and overuse. North America is expected to dominate the market due to the high prevalence of neurological disorders and the availability of advanced medical facilities. Asia Pacific is expected to show the fastest growth in the forecasted period, driven by the rising incidence of paresthesia and the growing population in countries.To know about the Research Methodology :- Request Free Sample Report
Paresthesia Treatment Market Scope and Methodology:
The Paresthesia Treatment report is based on primary and secondary research methodologies to obtain qualitative and quantitative data. The primary research involved collecting data from key industry leaders, subject matter experts, and market players. The secondary research involved studying company reports, investor presentations, annual reports, and regulatory filings. The report uses facts, figures, illustrations, and presentations to provide key data analysis for the historical period from 2021 to 2029. It also investigates the market's drivers, limitations, prospects, and barriers, also include the company overview, financial overview, global presence, capacity portfolio, business strategy, and recent developments. The report offers insights into market participants' data and covers regions such as North America, Asia Pacific, Europe, Middle East & Africa, and South America.

The report covers segments such as Disease type, Causes, Treatment by medication and medical devices, and Distribution Channel. The goal of this research is to provide insights into the current state and prospects of the transplantation market and to inform strategic decision-making by industry stakeholders, investors, and policymakers.
Paresthesia Treatment Market Dynamics:
Market Drivers:

The increasing prevalence of neurological disorders such as multiple sclerosis, diabetic neuropathy, and carpal tunnel syndrome is driving the demand for the paresthesia treatment industry. The most common cause of paresthesia is carpal tunnel syndrome caused by the compressed or pinched median nerve. The aging population is more susceptible to developing paresthesia, as well as other neurological disorders, and is predicted to drive the market in the forecasted period. The development in medical devices such as TENS devices and Ultrasound is driving the growth of the paresthesia market by providing optimum results. The growing awareness about paresthesia and the availability of effective treatment options as well as the governments across the globe are investing in healthcare infrastructure and promoting awareness campaigns, which helps the market to grow further in the forecasted period. The US in 2019 reported 45.6 Mn. Adults with pain in the back, hip, and foot, limit their daily

Restraints:
The high cost of medications and medical devices used for paresthesia treatments is the major growth-limiting factor in the market. TENS units can cost tens of thousands of dollars, which can be a significant barrier to access for patients. The side effects like nausea and dizziness are limiting their uses and the limited access to advanced healthcare facilities and medical professionals are predicated to hinder the growth of the paresthesia treatment market.

Challenges:
There is a lack of standardization in the diagnosis and treatment of paresthesia and the COVID-19 pandemic had a negative impact on the paresthesia treatment market by disrupting healthcare services and the supply chain. The lack of proper management can lead to infection, hardware failure, and less imperfection of results, as well as the accurate calculation of the pain is difficult and can result in less inefficient treatment.

Opportunities:
The development of advanced treatment options such as gene therapy and stem cell therapy is predicted to present new opportunities for the growth of the paresthesia treatment industry. After the COVID-19 pandemic home care settings for paresthesia treatment number tends to increase as patients are in fear to go out in public places for treatment which is creating opportunities in the Paresthesia Treatment market. The treatment is still a relatively new but vast growing market on a global level, as awareness of these treatments grows, there is significant potential in the market for growth and emerging opportunities.
Paresthesia Treatment Market Segment Analysis:
By Treatment Type: The paresthesia treatment market is segmented based on treatment type, which includes medication and medical devices. Medications such as anticonvulsants, antidepressants, and pain relievers are commonly used to treat the symptoms and pain of paresthesia. Medical devices such as TENS units, Ultrasound, Vibrating massagers, Acupuncture needles, and Orthotic devices are used to diagnose and treat paresthesia.

By Distribution Channel: The paresthesia treatment market is segmented based on Distribution Channels such as hospitals, clinics, home care, and others. Hospitals and clinics are the primary Distribution Channels of medical devices and medications for paresthesia treatment also hospitals and clinics segment was the major revenue holder in 2021 and is predicted to continue the trend during the forecast period. However, home care treatments are becoming increasingly important after the pandemic and also will contribute to the market growth.

By Regional: The paresthesia treatment market is segmented based on regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the market due to the high number of neurological disorders and the availability of advanced medical facilities in 2021 and is anticipated to maintain the same dominance in the forecasted time. Asia Pacific is expected to witness the fastest growth within the forecasted period, majorly to the rising incidence of paresthesia and the growing population.

By Disease Type: The paresthesia treatment market is segmented based on the disease type, including Acute Paresthesia and Chronic Paresthesia. Chronic paresthesia contributed the largest share in 2021 and is predicted to show the same impact within the forecasted period. The advanced treatment in the predicted paresthesia and the increasing number of chronic disorders are contributing to the growth of the segment.

The paresthesia treatment market Report is having a segment based on various factors such as treatment type, Region, Disease Type, Causes, and Distribution Channel. Further analysis of the segments is described in the report with accurate analysis, graphs, and examples. Understanding these segments is crucial for stakeholders to identify potential growth opportunities and formulate effective marketing strategies.
Paresthesia Treatment Market Regional Analysis:
The market is driven by factors and drivers such as chronic diseases, advancements in techniques, and the growing aging population. Regional analysis of the Paresthesia Treatment market reveals significant differences in market growth and trends across the regions.

North America is the largest market for paresthesia treatment, driven by the high number of chronic pain conditions and well-established healthcare infrastructure. In 2015 more than 25 Mn. People in the US had diabetes. In 2021 the majority of the market share in North America was due to its high healthcare spending, high patient awareness, and management options, and is anticipated to maintain its dominance over the forecast period. Europe is the second-largest market for paresthesia treatment, driven by increasing awareness and a well-established healthcare industry. Germany is the largest market in Europe providing great Opportunities in the region.The Asia-Pacific region is the fastest-growing market for paresthesia treatment, driven by the large patient population and increasing patient awareness. Countries like China, Japan, and India are expected to be key growth factors, as they have large populations and increasing healthcare spending. The market in Asia-Pacific is also highly fragmented, which presents challenges for companies seeking to enter the market.

The Paresthesia Treatment Market report consists of other dominating regions with their analysis and market size with impacting factors such as growth rate, market size, regional key players, etc.
Paresthesia Treatment Market Comparative Landscape:
Medtronic works on the paresthesia treatment market and offers medical devices such as spinal cord stimulators (SCS) and peripheral nerve stimulators (PNS) for the treatment of chronic pain and paresthesia. Medtronic served 72 Mn patients worldwide and also invested USD 2.5 Bn on R&D till 2021.

Abbott Laboratories is a major player in the paresthesia treatment market and offers a range of medical devices such as dorsal root ganglion (DRG) stimulators and SCS devices for the treatment of chronic pain and paresthesia. Abbott laboratories are working for more than 135 years, as well as providing over 400 branded generic pharmaceuticals in 80% of the therapies areas.

Boston Scientific Corporation is a leading player in the paresthesia treatment market and offers a range of medical devices such as SCS devices, peripheral nerve field stimulators (PNFS), and dorsal root ganglion (DRG) stimulators for the treatment of chronic pain and paresthesia.

Nevro Corp is a leading player in the paresthesia treatment market and offers a range of medical devices such as high-frequency spinal cord stimulators (HF-SCS) for the treatment of chronic pain and paresthesia. The Nevro Senza SCS System for 10 kHz Therapy received a CE mark in 2010, and FDA approval in 2015, and is commercially available in Europe, Australia, and the United States. Nevro Corp 2022 published a Worldwide Revenue of USD 113.8 Mn with a growth of 11%.

ElectroCore LLC Company works in the field of paresthesia treatment market and offers a range of non-invasive vagus nerve stimulation (nVNS) devices used in the treatment of migraine and headaches. ElectriCore LLC in 2022 has USD 8.6 Mn revenue with a growth of 58% over the full year 2021.

The paresthesia treatment market report by MMR includes mergers, acquisitions, and partnerships, developments showcase the continuous progress and expansion of the industry, with various companies striving to create innovative treatments and technologies that fulfill the patient’s needs. The market for Paresthesia Treatment continues to grow, it is expected that the competition among these companies will remain fierce. They are investing heavily in research and development to come up with advanced therapies that can meet the rising demand for such medical solutions.
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Paresthesia Treatment Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 5.1 Bn.


Forecast Period 2023 to 2029 CAGR:
3.6%
Market Size in 2029:
US $ 6.53 Bn.


 Segments Covered:
by Disease
1.Acute Paresthesia
2.Chronic Paresthesia


by Causes
1.Radiculopathy
2.Neuropathy


by Treatment Type
1.Medication
1.1.Immunosuppressant
1.2.Anticonvulsants
1.3.Tropical Creams
1.4.Antivirals
2.Medical devices
2.1.TENS unit
2.2.Ultrasound
2.3.Vibrating massagers
2.4.Acupuncture needles
2.5.Orthotic devices



by Distribution Channel
1.Clinics
2.Others



Paresthesia Treatment Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Paresthesia Treatment Key players:
1.Medtronic
2.Abbott Laboratories
3.Boston Scientific Corporation
4. Nevro Corp
5. ElectroCore LLC
6. Baxter International Inc.
7.Cipla Ltd
8. Pfizer
9. Stryker Corp
10. Stimwave LLC

Frequently Asked Questions

1. What is the market value of emerging regions?
A. Asia-Pacific is expected to grow at a higher CAGR.

2. What are the segments of the Paresthesia Treatment Market?
A. market can be segmented into parts such as the Disease, Causes, Treatment Type, Distribution Channel, and Region

3. CAGR of the paresthesia treatment market?
A. Paresthesia Treatment market is growing with a CAGR of 3.6%.

4. Major drivers for the paresthesia treatment market?
A. The paresthesia treatment market is mainly driven by the increasing prevalence of neurological disorders, the aging population, advancement into the technics, etc.

5. Position of the paresthesia treatment market till the end of the forecast period?
A. The paresthesia treatment market is analyzed thoroughly as parameters that have affected the market in the historical period. This will provide a complete market micro-level study and help users to build strategies accordingly to the reported study.