Paresthesia Treatment Market: Overview
Paresthesia is a neurological disorder. It is characterized by an abnormal and spontaneous sensation, wherein people feel a painless sensation of tingling, numbness, burning, itching, or prickling. It can also be described as a skin-crawling sensation or pins-and-needles. Paresthesia often occurs in the fingers, toes, hands, and feet; however, it can also affect other parts of the body. Paresthesia can be caused by nerve irritation, neurological disorders, hyperventilation, dehydration, neuropathy migraines, and heavy metal poisoning. Major causes of the disorder are hyperventilation syndrome, vitamin deficiency, and use of anesthesia. The various types of paresthesia are transient ischemic attack (TIA), hyperventilation syndrome, obdormition, whiplash, panic attack, and seizures. It can occur due to various reasons such as sitting crossed legs for a long time and sleeping for a long time with arm twisted under the hands. In worst cases, the symptoms can last for a lifetime and become chronic. Moreover, diseases such as cancer, arthritis, and diabetes increase the risk of paresthesia.
Paresthesia Treatment Market: Key Trends
The global paresthesia treatment market is driven by increase in incidence of diseases such as cancer, diabetes, arthritis, and other chronic diseases, surge in geriatric population, changing lifestyle, poor diet, and rise in prevalence of paresthesia. Additionally, lack of proper diet & exercise, favorable support from government for research & development, and excess smoking and alcohol consumption are projected to fuel the growth of the global paresthesia treatment market during forecast period. However, longer period required for drug approval and stringent regulatory rules are anticipated to act as restraints of the market.
Paresthesia Treatment Market: Segmentation
The global paresthesia treatment market can be segmented based on disease type, treatment type, and distribution channel. In terms of disease type, the market can be bifurcated into acute paresthesia and chronic paresthesia. Based on treatment type, the global paresthesia treatment market can be categorized into anticonvulsants, immunosuppressant, antivirals, topical creams, and others. Immunosuppressants include intravenous gamma globulin, prednisone, and others. Topical creams comprise prilocaine, lidocaine, and others. In terms of distribution channel, the market can be classified into hospitals, clinics, and diagnostic centers.
Paresthesia Treatment Market: Regional Analysis
In terms of region, the global paresthesia treatment market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is projected to lead the global paresthesia treatment market during the forecast period. The region’s dominance is attributed to large population with cancer and neurological disorders such as dementia, Alzheimer’s disease, and metabolic diseases. According to the Centers for Disease Control and Prevention (CDC), in 2015, more than 30 million people in the U.S. had diabetes and about 1.5 million new cases were diagnosed among adults aged 18 years or older. Furthermore, high health care expenditure and favorable government support for research & development contribute to the growth of the market in North America. Europe is anticipated to be the second largest market, followed by Asia Pacific. Asia Pacific is the fastest growing market for paresthesia treatment, as companies focus on exploiting the opportunities presented by the region and expanding presence.
Paresthesia Treatment Market: Competitive Landscape
Key players operating in the global paresthesia treatment market are Boston Scientific Corporation, EnteroMedics, Inc., Baxter, Bio-Medical Research Ltd., GlaxoSmithKline plc, St. Jude Medical, LLC, Nevro Corp., Cyberonics, Inc., Stimwave LLC, and Omron Healthcare, Inc. The market is highly fragmented, with the presence of large number of international players and local players. Local players are focusing on innovation and cost reduction and to ensure sustainability in the global paresthesia treatment market. Furthermore, some of the global players are adopting various strategies such as partnerships and collaborations with other companies to expand market share.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.