Paresthesia Treatment Market to Surpass US$ 7.3 Billion at a CAGR of 3.5% by 2033: Fact.MR Study

The increasing prevalence of neurological disorders and conditions associated with paresthesia is a main factor shaping the paresthesia treatment market

Rockville, Oct. 03, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global Paresthesia Treatment Market is anticipated to climb at a CAGR of 3.5% to reach US $7.3 Bn by late 2033. Paresthesia treatments are specialized interventions designed to help people experiencing abnormal sensations like tingling or numbness.

These sensations often result from conditions like nerve damage or neurological disorders. These treatments offer some advantages over alternative approaches. They focus directly on the underlying cause, minimizing side effects and providing long-term relief. They can be personalized to suit individual needs and preferences, reducing reliance on medications. The growth of the Paresthesia Treatment Market is primarily driven by the rising incidence of neurological disorders and associated conditions leading to paresthesia.

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Key Segments of Paresthesia Treatment Industry Research Report

This expanding patient base necessitates increased demand for effective treatments. Medical tech advancements and innovative interventions drive market growth, providing precise, personalized solutions for abnormal sensations.

The market for paresthesia treatment is riddled with significant challenges that hinder the development and accessibility of effective therapies. One of the primary obstacles is the limited understanding of the various underlying causes of paresthesia, making it challenging to devise targeted treatments. Additionally, the diversity in symptoms experienced by individuals adds complexity, necessitating a universal solution that can address the wide array of manifestations.

Key Takeaways:

• The Asia Pacific market is likely to rise at a CAGR of 4.9% through the forecast period (2023-2033)
• The United States is the key market for the paresthesia treatment market due to the prevalence of neurological conditions like diabetic neuropathy, carpal tunnel syndrome, and multiple sclerosis. These conditions frequently result in paresthesia, driving the need for effective treatment choices.
• The German market is expected to witness a healthy CAGR due to a well-established healthcare reimbursement system enhancing patients’ access to paresthesia treatment.
• Chronic paresthesia treatment is expected to account for the highest revenue generation during the forecast period.

The rising incidence of neurological disorders, technological advancements in medical interventions, and the growing demand for targeted and personalized treatments for abnormal sensations are factors that are driving the market growth – Says Fact.MR Expert

Research and clinical trials are currently underway in Germany to explore novel treatment approaches for paresthesia. These endeavors hold the potential to introduce innovative therapies into the market. Key regulatory bodies in Germany, such as the Federal Institute for Drugs and Medical Devices (BfArM), play a crucial role in ensuring the safety and effectiveness of medical devices and medications used in treating paresthesia.

Germany boasts a well-established healthcare reimbursement system, which may have a favorable impact on patients’ accessibility and affordability of specific paresthesia treatments. The increased awareness of neurological disorders, including paresthesia, within both the healthcare community and the general public, has led to enhanced rates of diagnosis and timely initiation of treatment.

Market Competition

In this fiercely competitive landscape, numerous companies offer a range of devices for paresthesia treatment, encompassing TENS machines, nerve stimulators, and implantable neurostimulation devices.

• During 2021, Medtronic played a significant role in the paresthesia treatment market, providing medical devices such as spinal cord stimulators and peripheral nerve stimulators tailored for addressing chronic pain and paresthesia.

Key Companies Profiled

• Boston Scientific Corporation
• Baxter International Inc.
• Glenmark
• Omron Healthcare, Inc.
• GlaxoSmithKline plc.
• Stimwave LLC
• Pfizer
• Stryker Corp.
• AbbVie Inc.

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Winning strategies

• Participating in clinical trials helps companies in the market lead in advancements and build trust with healthcare professionals and patients. It ensures their products meet high standards and provides objective evidence of effectiveness, establishing credibility and positive relationships.
• In the industry, offering a variety of treatments, like neurostimulation devices and complementary therapies, helps companies serve a broader range of patients with different needs and preferences. This approach ensures more individuals can find effective relief from their symptoms.
• Closely watching how products perform and quickly fixing any issues shows a commitment to patient safety and quality. This builds trust and loyalty with healthcare professionals and patients, ensuring effective and safe treatments. It’s a crucial part of providing top-notch care for those with paresthesia.

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