Spinal cord injuries can cause partial or complete paralysis and loss of sensation below the level of injury depending on the severity. Medical devices like orthopedic devices and prosthetics can help improve mobility and independence for people with spinal cord injuries. Advances in material sciences have led to lightweight and durable devices that offer improved comfort and functionality. Furthermore, rehabilitation therapies and assistive technologies play a vital role in managing symptoms and improving quality of life.
The global spinal cord injury therapeutics market is estimated to be valued at US$ 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 Opportunity:
Physical, occupational and speech therapies are commonly used rehabilitation methods. Physiotherapy helps reduce pain and prevent secondary medical complications by improving strength, mobility and cardiovascular health. Occupational therapy focuses on improving ability to perform daily tasks independently through adaptations. Assistive technologies like wheelchairs, robotic exoskeletons and functional electrical stimulation offer new possibilities for improving mobility and independence. With ongoing advancements, neurological rehabilitation devices are becoming more advanced and affordable, increasing their uptake. This growing need for rehabilitation presents a lucrative opportunity for spinal cord injury therapeutics market players to develop novel and improved solutions.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the spinal cord injury therapeutics market due to high capital requirements and presence of established brands.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternative treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to presence of many suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as researchers are exploring new treatment methods.
Competitive rivalry: The competitive rivalry is high among existing players to gain higher market share.
SWOT Analysis
Strength: Growing prevalence of spinal cord injuries, rising awareness about treatment. Increased R&D activities leading to new product launches.
Weakness: High treatment cost, lack of complete cure, long approval time for new therapies.
Opportunity: Untapped emerging markets, favourable reimbursement policies. Collaborations between pharma companies and research institutes.
Threats: Strong regulations for product approval. Side effects of medicines and therapies. Reimbursement cuts in developed nations.
Key Takeaways
The Global Spinal Cord Injury Therapeutics Market Size is expected to witness high growth during the forecast period of 2023-2030. The global spinal cord injury therapeutics market is estimated to be valued at US$ 3 billion in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.
Regional analysis related content:
North America is expected to hold largest share in the global spinal cord injury therapeutics market during the forecast period. This is majorly attributed to growing prevalence of spinal cord injuries, rising initiatives by government and private organizations to spread awareness about treatment options, presence of advanced healthcare infrastructure and favourable reimbursement policies. For instance, according to National Spinal Cord Injury Statistical Center (NSCISC), there are an estimated 282,000 people living with spinal cord injury in the US.
Key players related content:
Key players operating in the spinal cord injury therapeutics market are Pfizer Inc., Novartis AG, Medtronic, Stryker, Ortho Clinical Diagnostics, Johnson & Johnson Services, Inc., B. Braun Melsungen AG. Pfizer Inc. is one of the leading players and offers several drugs to treat various conditions caused by spinal cord injuries. Novartis AG provides treatments targeting nerve regeneration and limiting secondary damage after injury.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it