Spinal cord injuries occur due to accidents or impact to the spine that damages the vertebrae,ligaments or disc and also damages the spinal cord running through the spinal canal. This damages the nerve pathways between the brain and the areas of the body controlled along the spinal cord segments like lower extremities that control walking or upper extremities that control grasping and holding objects. Therapeutics for spinal cord injuries aim to replace damaged nerve cells and promote nerve regrowth to restore lost functions. Stem cell therapies, biomaterial scaffolds and neural growth factors are currently being researched to treat spinal cord injuries.
The global Spinal Cord Injury Therapeutics Market is estimated to be valued at US$2.3 billion in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the spinal cord injury therapeutics market has been increasing funding for developing new therapies. Over the past few years, research funding from government agencies and non-profit organizations for spinal cord injury therapies have significantly increased. For instance, in 2021 the U.S. FDA awarded over $24 million in grants to develop new spinal cord injury therapies. These grants are funding research at various medical institutes and biotech companies on developing cellular therapies, tissue engineering approaches and neuroprotective strategies. Increased funding availability is enabling further innovation and progress in the field of spinal cord injury therapeutics development which is a major positive trend for the market.
Porter's Analysis
Threat of new entrants: The threat of new entrants is low as the spinal cord injury market requires extensive research and funding and existing players have strong brand recognition.
Bargaining power of buyers: The bargaining power of buyers is moderate since there are many treatment options available but additional treatment avenues are desired.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as companies depend on key suppliers for raw materials and technologies but alternative suppliers are present.
Threat of new substitutes: The threat of new substitutes is low since treatment options are limited and additional treatment methods are in demand.
Competitive rivalry: High due to presence of manyestablished players.
Key Takeaways
The Global Spinal Cord Injury Therapeutics Market Size is expected to witness high growth over the forecast period of 2023-2030. The high prevalence of spinal cord injuries is a key factor driving market growth. The global Spinal Cord Injury Therapeutics Market is estimated to be valued at US$2.3 billion in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.
Regional analysis: North America is expected to hold the largest share in the market owing to advanced healthcare infrastructure and high adoption of new treatment methods in the region. Asia Pacific is anticipated to grow at the fastest pace during the forecast years due to rising awareness regarding treatment options.
Key players: Key players operating in the spinal cord injury therapeutics market include Acorda Therapeutics, Inc., Asterias Biotherapeutics, BioArctic AB, BioTime, Inc., InVivo Therapeutics Holdings Corp., Kringle Pharma, Inc., Novartis AG, Pfizer Inc., Pharmicell Co. Ltd., Vertex Pharmaceuticals Inc. Acorda Therapeutics is one of the top players offering treatments for spinal cord injuries.
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Spinal cord injury results in dysfunction in the overall body and requires Physiotherapy Treatment.
Learn more about various Spinal injuries.
Read more: https://painfreephysiotherapy.com/how-spinal-cord-injuries-affect-the-body/Spinal Cord Injury
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