by The global Traumatic Brain Injury Therapeutics Market is estimated to be valued at US$ 3.03 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Traumatic brain injury refers to damage caused to the brain due to external force such as a blow or jolt to the head or penetrating head injury. It ranges from ‘mild’ with no loss of consciousness to ‘severe’ with extended period of unconsciousness or amnesia following injury. Traumatic brain injuries lead to short or long-term impairments in physical, cognitive, emotional, and behavioral functions. Currently, there are no FDA approved therapeutics to treat TBI and available treatments focus on managing symptoms and signs. The growing incidents and awareness regarding traumatic brain injuries is fueling the growth of the therapeutics market.
Market key trends:
One of the key trends in the traumatic brain injury therapeutics market is the rising number of clinical trials. There are various drug candidates in different phases of clinical studies being conducted by leading players to develop targeted therapies for TBI. For instance, in 2021, AC Immune gained FDA clearance to initiate Phase I clinical trial of its candidate ACI-946 for traumatic brain injury. In 2020, Vitality Biopharma initiated Phase I clinical trial for its drug candidate to treat post-traumatic stress disorder and other neurological symptoms caused by traumatic brain injury. The increasing clinical research and development activities are expected to lead to approved therapies for traumatic brain injury in the upcoming years.
Porter’s Analysis:
- Threat of new entrants: The traumatic brain injury therapeutics market requires huge R&D investments, and high regulatory compliance. This poses significant barriers for new entrants.
- Bargaining power of buyers: The bargaining power of buyers is moderate. However, the availability of generic drugs limits the ability of manufacturers to raise prices.
- Bargaining power of suppliers: There are numerous suppliers of raw materials and commodities used in manufacturing traumatic brain injury drugs. This leads to moderate bargaining power of suppliers.
- Threat of new substitutes: There exists a moderate threat of new substitutes. Generic versions of drugs pose threat to branded drugs, based on cost savings.
- Competitive rivalry: Competitive rivalry is high due to the presence of major pharmaceutical companies marketing drugs to treat traumatic brain injuries.
Key Takeaways:
The Global Traumatic Brain Injury Therapeutics Market Demand is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing incidence of TBIs due to road accidents and fall injuries.
Regional analysis: North America dominated the global market in 2023 and is expected to maintain its dominating position over the forecast period. This is attributed to growing awareness about traumatic brain injuries and availability of advanced healthcare facilities in the US and Canada. Asia Pacific is anticipated to exhibit fastest growth during the forecast period owing to increasing healthcare budgets and rising incidence of head injuries in countries like China and India.
Key players: Key players operating in the traumatic brain injury therapeutics market are AbbVie, Lundbeck, Eisai, Pfizer, Merck & Co., Inc., Novartis, AstraZeneca, GlaxoSmithKline, Acorda Therapeutics, and Ceretec. Companies are involved in R&D and new product launches to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
