by The global Spinal Cord Injury Therapeutics Market is estimated to be valued at US$ 7.4 billion in 2022 and is expected to exhibit a 5.4% CAGR over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The global spinal cord injury therapeutics market is witnessing significant growth due to increasing number of spinal cord injuries across the globe. Spinal cord injuries can occur due to road accidents, falls, sports injuries or violence. Therapeutics such as medication and surgeries are used to treat spinal cord injuries. Medication include corticosteroids, anti-depressants and other drugs that can help reduce pain and swelling. Stem cell therapy and tissue engineering are also emerging as potential treatments areas. These advanced therapeutics provide advantages such as improved functional recovery compared to existing medication options. With rising economic burden of spinal cord injuries, need for effective treatment options are increasing globally.
Market key trends:
One of the major trends in the global spinal cord injury therapeutics market is rising number of clinical trials. According to clinicaltrials.gov database, over 500 clinical studies related to spinal cord injuries were registered in 2022. Majority of these were Phase 1, 2 and 3 trials evaluating cell therapies, gene therapies, drug therapies and other novel treatment approaches. For instance, trials were conducted evaluating olfactory glial cell transplantation, human neural stem cell transplantation, anti-Nogo receptor antibody treatment and exosome therapy. Increased clinical research indicates growing focus of key players and researchers on developing more effective regenerative and neuroprotective therapies. This growing clinical pipeline is expected to translate into new product approvals and commercialization in the forecast period.
Porter’s Analysis
Threat of new entrants: The spinal cord injury therapeutics market requires huge R&D investments and time for drug development. This acts as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of few treatment options for spinal cord injuries.
Bargaining power of suppliers: There exist many suppliers for raw materials used in drug manufacturing which limits their bargaining power.
Threat of new substitutes: Currently, there are no effective substitutes for spinal cord injury therapeutics.
Competitive rivalry: The market is dominated by few big pharmaceutical companies who compete on the basis of drug price and quality.
Key Takeaways
The global Spinal Cord Injury Therapeutics Market Trend is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period 2023-2030, due to increasing incidence of road accidents globally.
Regionally, North America is expected to dominate the global market during the forecast period owing to increasing spinal cord injury cases and presence of major market players in the region. The Asia Pacific region is anticipated to exhibit the fastest growth rate over the forecast period due to rising healthcare investment and growing medical tourism in the region.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
