Rising Prevalence of Cancer Drives Chemotherapy-Induced Peripheral Neuropathy Market Growth

According to our new research study on "Chemotherapy-Induced Peripheral Neuropathy Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Drug Class and Distribution Channel," the market is expected to grow from US$ 813.48 million in 2021 to US$ 1,174.26 million by 2028; it is estimated to grow at a CAGR of 5.4% during 2021-2028. The growth of the chemotherapy-induced peripheral neuropathy market is mainly driven by an increase in the prevalence of cancer and a rising preference for chemotherapy. Additionally, the growing number of clinical trials for chemotherapeutic drugs is likely to emerge as a significant trend in the market during the forecast period. However, the lack of consolidated guidelines for chemotherapy hampers the chemotherapy-induced peripheral neuropathy market growth.

Chemotherapy-induced peripheral neuropathy is one of the most frequent side effects caused by antineoplastic agents. Clinically, it is a mostly sensory neuropathy that may be accompanied by motor and autonomic changes of varying intensity and duration. Due to its high prevalence among cancer patients, chemotherapy-induced peripheral neuropathy constitutes a major problem for both cancer patients and survivors as well as for their health care providers, especially because, at the moment, there is no single effective method of preventing it; moreover, the possibilities of treating this syndrome are limited.

Cancer is a leading cause of death worldwide. According to the World Health Organization (WHO), cancer was reported as the first leading cause of death in the people of age below 70 years in 183 countries and the fourth leading cause of death among the population of all ages in 123 countries worldwide in 2019. In addition, as per the data published by the WHO in March 2021, different cancer types caused ~10 million deaths in 2020.

The increasing prevalence of cancer has created a burden on healthcare systems across the world, along with bolstering the demand for chemotherapy. Chemotherapy-induced peripheral neuropathy is a common adverse effect of neurotoxic anticancer drugs, such as platinum-derivative drugs (cisplatin and oxaliplatin), spindle poisons [taxanes (paclitaxel and docetaxel), vinca alkaloids, vincristine, epothilones, and eribulin], bortezomib, and thalidomide. The high prevalence of chemotherapy-induced peripheral neuropathy raises concerns about cancer patients and survivors, and their healthcare providers, especially because there is no single effective way to prevent this condition.

In a study conducted by "The Journal of the International Association for the Study of Pain," chemotherapy-induced peripheral neuropathy prevalence was reported at 68.1% (57.7-78.4 when measured in the first month after chemotherapy, 60.0% (36.4-81.6) in the third month, and 30.0% (6.4-53.5) in the sixth month or later. Thus, the growing incidence of chemotherapy-induced peripheral neuropathy with the increasing prevalence of cancer boosts the growth of the chemotherapy-induced peripheral neuropathy market.

Spending on anticancer drugs is one of the most important factors incurring excess costs in healthcare. Both, chemotherapy and targeted therapy significantly improve the chances of survival among cancer patients, along with improving their quality of life. These therapies may result in the complete remission of a tumor. Owing to these benefits, the demand for chemotherapy has surged globally with the rising burden of cancer. A study published recently in Lancet Oncology states that the number of patients requiring chemotherapy will increase by 53% from 980,000 to 15 million in the world from 2018 to 2040. However, the growing exposure to chemotherapy may result in a greater number of CIPN cases, which can be associated with the progress in the chemotherapy-induced peripheral neuropathy market.

Regenacy Pharmaceuticals, Inc.; Asahi Kasei Pharma Corporation; Novaremed; Makscientific, Llc; Wex Pharmaceuticals Inc.; Sova Pharmaceuticals, Inc.; Kineta, Inc.; Aptinyx Inc.; Apexian Pharmaceuticals, Inc.; and Winsantor, Inc. are among the leading companies operating in the chemotherapy induced peripheral neuropathy market. Product launches, product approvals, mergers and acquisitions, and market initiatives are a few strategies adopted by the major market player. For instance, in December 2020, Regenacy Pharmceutical, Inc. announced a joint venture with 3E Bioventures for the development of ricolinostat in China, which will be followed by a US-based phase 2 study in patients with painful diabetic peripheral neuropathy and other peripheral neuropathies. BC Regenacy's lead program will evaluate the efficacy and safety of ricolinostat in patients with chemotherapy-induced peripheral neuropathy in China.

The chemotherapy-induced peripheral neuropathy market is segmented on the basis of drug class, distribution channel, and geography. The market, by drug class, is segmented into steroids, antidepressants, anti-seizures, and narcotics. The chemotherapy-induced peripheral neuropathy market, based on distribution channel, is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. By geography, the chemotherapy-induced peripheral neuropathy market is segmented into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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