Government agencies are funding academic research institutes focusing on the research and development for treatment of chemotherapy-induced peripheral neuropathy, which is expected to drive the market growth, according to a report by Research & Markets. For instance, in November 2018, the U.S. National Cancer Institute awarded $2.3M to the Indiana University School of Medicine to accelerate the research and development of small, targeted molecule called APX3330 to prevent or reverse chemotherapy induced peripheral neuropathy (CIPN) caused by cancer drugs.
Peripheral neuropathy is a of the nerves that send messages between the central nervous system, the brain and the spinal cord, and the rest of the body. Peripheral neuropathy can result from traumatic injuries, infections, metabolic problems, inherited causes, and exposure to toxins. One of the most common causes is diabetes.