Spinal Cord Injury Therapeutics help patients regain mobility and reduce chronic pain.
The global spinal cord injury therapeutics market is estimated to be valued at US$ 2.2 billion in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Spinal cord injuries often result in partial or complete loss of mobility and sensation below the site of injury. Spinal cord injury therapeutics help treat chronic pain and assist patients in regaining motor functions through advanced therapeutics such as drugs, stem cell therapy, and medical devices. The growing needs of immobile and paralyzed patients are propelling the demand for spinal cord injury therapeutics globally.
Market key trends:
Innovative drug development in the spinal cord injury therapeutics market has propelled the market growth over the past few years. Several pharmaceutical companies are conducting clinical trials to develop drugs that can aid nerve regeneration and repair in the spinal cord to restore motor functions. Some of the promising drugs in the pipeline include rixomol, gacyclidine, and nurOwn. Rixomol and gacyclidine are designed to reduce cellular death following spinal cord injury and promote tissue healing. NurOwn is a stem cell therapy that uses customized mesenchymal stem cells to repair the injured area of the spinal cord. Positive clinical trial results of such innovative therapies are expected to bring major advancements in the treatment of spinal cord injuries.
SWOT Analysis
Strength: Advancing research in areas like stem cell therapy, tissue engineering and neural regeneration offer promise for improved treatment options. Advancements in rehabilitation techniques are improving quality of life for patients.
Weakness: High treatment costs limit access and availability of advanced treatment options in many regions. Lack of complete cellular regeneration after injury remains a challenge.
Opportunity: Rising incidence of spinal cord injuries due to road accidents and trauma presents a steady demand stream. Growing clinical trials for novel gene, cell and pharmacological therapies present opportunities.
Threats: Stringent regulatory approvals and long development cycles hamper timely introduction of new therapies. Risks of unproven or ineffective treatment approaches.
Key Takeaways
The Global Spinal Cord Injury Therapeutics Market Size is expected to witness high growth. The global spinal cord injury therapeutics market is estimated to be valued at US$ 2.2 billion in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023-2030.
Regional analysis The North America region currently dominates the market and is expected to continue its dominance over the forecast period. This is attributed to growing incidence of spinal cord injury cases, availability of advanced healthcare infrastructure and higher adoption of novel treatment approaches in the region.
Key players operating in the spinal cord injury therapeutics market are Pfizer, Novartis, Amgen, Roche, Biogen, Medtronic, BioAxone, K-Stemcell Co, Pluristem Therapeutics and StemCells.
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