The chemotherapy-induced peripheral neuropathy 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% from 2021 to 2028.

The report highlights trends prevailing in the market and factors driving the chemotherapy-induced peripheral neuropathy market growth. The market growth is attributed to a rise in demand for cancer drugs and the use of chemotherapy in earlier stages. However, a lack of awareness regarding the symptoms of chemotherapy-induced peripheral neuropathy limits the market growth.

Peripheral neuropathy is indicated by symptoms that result from damage to the peripheral nerves. These nerves carry sensations, and control arm and leg movements as well as bladder and intestine functions. Chemotherapy and other medications used to treat cancer can cause peripheral neuropathy, which is termed as chemotherapy-induced peripheral neuropathy.

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 worldwide from 2018 to 2040. Advanced cancer treatments further improve patient survival and increase the number of patients requiring long-term outpatient chemotherapy. More exposure to chemotherapy may result in a greater number of CIPN cases, thereby deriving the chemotherapy-induced peripheral neuropathy market growth.

Based on drug class, the chemotherapy-induced peripheral neuropathy market is segmented into steroids, anti-seizure, narcotics, and anti-depressants. In 2021, the steroids segment held the largest share of the market. However, the anti-seizure segment is expected to register the highest CAGR from 2021 to 2028. Based on distribution channel, the chemotherapy-induced peripheral neuropathy market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment held the largest market share in 2021. However, the retail pharmacies segment is anticipated to register the highest CAGR during the forecast period.

COVID-19 Impact - Chemotherapy-Induced Peripheral Neuropathy Market

The COVID-19 pandemic had a major impact on oncology services at a global level during 2020-2021. It disrupted cancer treatment plans as many healthcare providers had to postpone the diagnosis and treatment of cancer cases. Moreover, social restrictions and lockdown measures resulted in the discontinuation of clinical trials.. Further, with the rise in COVID-19 burden, healthcare authorities had to conduct reprofiling of many hospitals and departments, including oncology clinics, for treating a large volume of patients. For Instance, in the Netherlands, cancer registry data show a significant reduction in cancer diagnosis compared to before the outbreak of COVID-19. In the UK, emergency referrals from primary care for people with suspected cancer reduced by 76%, and chemotherapy appointments for cancer patients decreased by 60% compared to the pre-COVID-19 levels. In France, the number of cancer diagnoses decreased by 35-50% in April 2020 compared to April 2019. As a result, disruptions in healthcare operations hampered the growth of the chemotherapy induced peripheral neuropathy market progress in 2020, due to the low number of chemotherapy sessions conducted during this period.

Various organic and inorganic strategies are adopted by companies in the chemotherapy-induced peripheral neuropathy market. The organic strategies mainly include product launches and product approvals. Further, inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships. These growth strategies allow the chemotherapy-induced peripheral neuropathy market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help the market players in strengthening their customer base and expanding their product portfolios. A few of the significant developments by key players in the chemotherapy-induced peripheral neuropathy market are listed below.

- In April 2021, WEX Pharmaceuticals Inc. announced that two clinical trials on tetrodotoxin (TTX) as a therapeutic agent had been published in a special issue of the Toxins Journal. The cardiac safety study "Safety, Tolerability, Pharmacokinetics, and Concentration-QTc Analysis of Tetrodotoxin: A Randomized, Dose Escalation Study in Healthy Adults" was included in the special edition of the Toxins Journal, as was the study "Tetrodotoxin for Chemotherapy-Induced Neuropathic Pain: A Randomized, Double-Blind, Placebo-Controlled, Parallel-Dose Finding WEX."

- In December 2020, Regenacy 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.

A few of the major primary and secondary sources referred to while preparing the report on the chemotherapy-induced peripheral neuropathy market are the World Health Organization (WHO), the Centers for Disease Control (CDC), and the Association of the British Pharmaceutical Industry (ABPI).