The spinal cord injury therapeutics market is estimated to be valued at US$ 7.4 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Spinal cord injuries can cause temporary or permanent changes to nerve function, leading to partial or complete loss of mobility and sensory functions below the site of the injury. Spinal cord injury therapeutics include medications, surgeries, and other interventions used to treat spinal cord injuries and associated symptoms and conditions. Some key products include pain medications, medications for bladder and bowel management, and surgical interventions such as spinal decompression and spinal fusion. Novel therapeutics under research focus on promoting nerve regeneration and functional recovery.
The spinal cord injury therapeutics market is primarily driven by rising incidences of spinal cord injuries worldwide. According to the World Health Organization (WHO), around 250,000 to 500,000 people suffer spinal cord injuries every year globally. Road traffic accidents are the leading cause of spinal cord injuries. Growing investments by public and private organizations in R&D of novel therapies is also expected to boost market growth over the forecast period. For instance, the US National Institutes of Health awarded over US$ 110 million in funding for spinal cord injury research programs in FY2020. Additionally, rising awareness about physical rehabilitation and availability of various supportive services for spinal cord injury patients are estimated to offer lucrative growth opportunities for market players operating in the spinal cord injury therapeutics market during the forecast period.
The global spinal cord injury therapeutics market can be segmented based on end user into hospitals & clinics, trauma centers, and ambulatory surgical centers. The hospitals & clinics segment currently dominates the market owing to presence of advanced infrastructure and availability of technologically advanced products required for surgical procedures and treatment of spinal cord injuries.
Political: The government initiatives to improve healthcare facilities and provide better insurance coverage push the growth of the spinal cord injury therapeutics market.
Economic: Rising disposable incomes have improved the access to advanced treatment options for spinal cord injuries.
Social: Increasing incidence of road accidents and sports injuries are leading to higher number of spinal cord injury cases, driving market growth.
Technological: Developments in biomaterials, stem cell therapies, and electrical stimulation devices are expanding treatment capabilities and clinical outcomes.
The global Spinal Cord Injury Therapeutics Market Trend is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing incidence of spinal cord injuries from road accidents and falls. The hospitals & clinics segment holds the largest share due to availability of critical care facilities.
North America is expected to dominate the global market owing to rising investment in research and availability of advanced healthcare systems in countries like US. Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period with growing medical tourism industry in India and China.
Key players operating in the spinal cord injury therapeutics market are Teva Pharmaceutical Industries Ltd., AbbVie Inc, Pfizer Inc., Reddy’s Laboratories Ltd, Zydus Cadila, ReNetX Bio, Inc, InVivo Therapeutics Holdings, Lineage Cell Therapeutics, Inc, Kringle Pharma, Inc., Acorda Therapeutics, Inc., Bioaxone Biosciences, Inc, RespireRx Pharmaceuticals Inc., NervGen, Rising Pharmaceuticals, Inc, ScieGen Pharmaceuticals, Inc, MSN Laboratories Private Limited, and Lannett Co Inc.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it