BURLINGAME, Calif., Jan. 31, 2024 /PRNewswire/ -- According to Coherent Market Insights, global spinal cord injury therapeutics market is estimated to be valued at $7.4 billion in 2023 and is expected to exhibit a CAGR of 5.4% during the forecast period (2023-2030).
The incidences of orthopedic dysfunctions and disorders are increasing all over the world. In turn, this is expected to support growth of the spinal cord injury therapeutics market in the coming future. Moreover, availability of robust pipeline for spinal cord injury treatment is also driving the market growth.
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Market Trends
Launch of new therapeutics for spinal cord injury with supporting rehabilitation centers is one of the major trends in the global spinal cord injury therapeutics market. Spinal cord injury therapeutics is advancing with the continuous technological development in past years creating new possibilities for patients suffering from these injuries. It is offering different milestones and donations. For instance, in July 2023, Spaudling Rehabilitation, announced to have received US$ 6 million gift milestone from an anonymous donor. This will help Spaulding Rehabilitation to improve the lives of spinal cord injury patients.
Spinal Cord Injury Therapeutics Market Report Coverage
Report Coverage | Details |
Market Revenue in 2024 | $7.4 billion |
Estimated Value by 2031 | $10.7 billion |
Growth Rate | Poised to grow at a CAGR of 5.4% |
Historical Data | 2018-2022 |
Forecast Period | 2024-2031 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Drug Type, By Indication, By Application, By Route of Administration, By Distribution Channel |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Restraints & Challenges | •Potential side effects of drugs used in the treatment of spinal cord injury |
Growth Drivers | • Increasing prevalence of traumatic spinal cord injuries • Robust product pipeline |
Key Market Takeaways:
Global spinal cord injury therapeutics market is expected to surpass US$ 10.7 by 2031 and is anticipated to witness a CAGR of 5.4% during the forecast period 2024-2031, owing to growing number of key players in the market adopting growth strategies like product launches .
On the basis of Drug Type, Corticosteroids segment is expected to hold a dominant position, owing to rising number of new product approvals.
On the basis of Indication, Complete Spinal Cord Injury segment is expected to hold a dominant position, owing to growing number of cases of complete spinal cord injuries around the world.
On the basis of Application, Pain Management segment is expected to hold a dominant position, owing to rising approvals of drugs developed for pain management.
On the basis of Route of Administration, Oral segment is expected to hold a dominant position, owing to higher preference for oral drug administration in cases of spinal cord injuries.
On the basis of Distribution Channel, Hospital Pharmacies segment is expected to hold a dominant position, owing to increasing prescriptions related to spinal cord injuries.
On the basis of region, North America is expected to hold a dominant position over the forecast period. This is attributed to rising prevalence of trauma injury cases in the region, along with higher awareness, and availability of favorable health reimbursement policies.
Key players operating in the spinal cord injury therapeutics market include Lannett Co Inc., Teva Pharmaceutical Industries Ltd., MSN Laboratories Private Limited, AbbVie Inc, ScieGen Pharmaceuticals, Inc, Pfizer Inc., Rising Pharmaceuticals, Inc, Reddy's Laboratories Ltd, NervGen, Zydus Cadila, RespireRx Pharmaceuticals Inc., ReNetX Bio, Inc, Bioaxone Biosciences, Inc, InVivo Therapeutics Holdings, Acorda Therapeutics, Inc., Lineage Cell Therapeutics, Inc, and Kringle Pharma, Inc.
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Market Key Developments:
In July 2023, specifically July, the company known as NeuroSolv Therapeutics, rooted in both Belfast, Northern Ireland, and Baltimore, U.S., with reputed ethical practices, joined forces with AscellaHealth LLC. AscellaHealth is internationally recognized for providing healthcare and specialty pharmacy solutions across various stakeholders, including patients, pharmaceutical innovators, healthcare payers, and providers. This strategic alliance is poised to enhance the development of clinical trials and quicken the steps toward regulatory endorsements, thus fostering the potential for the commercial launch of Perineline.
In July 2021, Mitsubishi Tanabe Pharma Corporation, a corporate entity with a broad international pharmaceutical presence, received an advantageous fast track designation from the U.S. FDA for its drug candidate MT-3921. This designation underscores the therapy's promise in managing spinal cord injuries and symbolizes the FDA's commitment to facilitate the development of vital treatments in this domain.
In August 2023, Kaneka Corporation, hailing from Japan and acknowledged for its prowess in chemical manufacturing on a global scale, embarked on a Phase I/II clinical investigation regarding their product KA-301. KA-301 constitutes human amnion-derived mesenchymal stem cells, crafted through technological advances recognized by the Japan Science and Technology Agency (JST) as part of its Newly extended Technology transfer Program (NexTEP).
On September 25, 2023, marking a significant milestone, NervGen Pharma Corporation, a biotech firm with a focus on nervous system repair innovation, reported the inaugural administration of their leading drug candidate, NVG-291, to the first participant in their groundbreaking placebo-controlled Phase 1b/2a clinical study. This trial is devised to evaluate the drug's efficacy in individuals with Spinal Cord Injury (SCI).
In September 2020, the pharmaceutical innovator AbbVie made public the FDA's decision to award Orphan Drug and Fast Track designations to their drug under investigation, elezanumab, also known by its designation ABT-555. The drug's focus is on aiding patients who have experienced a spinal cord injury.
Read complete market research report, "Spinal Cord Injury Therapeutics Market, By Drug Type, By Indication , By Application, By Route of Administration, By Distribution Channel, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Spinal Cord Injury Therapeutics Market Segmentation:
By Drug Type:
- Corticosteroids
- Muscle Relaxants and Anti-spastic drugs
- Non-steroidal Anti-inflammatory drugs (NSAID'S)
- Anti-depressants
- Anticonvulsants
- Others
By Indication:
- Complete Spinal Cord Injury
- Incomplete Spinal Cord Injury
By Application:
- Autonomic Dysreflexia (AD)
- Spasticity and Inflammation
- Pain Management
- Depression
By Route of Administration:
- Oral
- Intravenous
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Region:
- North America
- By Country:
- U.S.
- Canada
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
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