Traumatic brain injury (TBI) refers to damage to the brain caused by direct or indirect impact to the head from external mechanical forces. TBI causes changes within brain cells leading to various symptoms and issues such as headaches, memory loss, seizures, fatigue, and impaired cognitive and sensory dysfunction. The advancements in diagnostics and availability of clinical trials to study innovative therapeutics are creating opportunities to effectively diagnose and treat TBI. The increasing economic burden of TBI has brought significant attention of researchers and pharmaceutical companies to develop effective TBI therapeutics.
The global traumatic brain injury therapeutics market is estimated to be valued at US$ 3.5 Bn in 2024 and is expected to exhibit a CAGR of 34% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the traumatic brain injury therapeutics market are Microsoft, IBM, Dynatrace, Datadog, Splunk, New Relic, GitLab, CircleCI, CloudBees, Snyk, Twistlock, Qualys, Salesforce, SAP, Adobe, Oracle, VMware, Red Hat, Rancher Labs, Sysdig.
The promising drug candidates and ongoing clinical trials offer lucrative opportunities for players to gain approval for novel therapeutics and expand their market share. The availability of multi-omics data offers scope for development of precision medicine approaches and biomarkers for diagnosis and prognosis.
North America dominated the market in 2019 owing to high disease prevalence, availability of funding for research, and presence of major players. However, Asia Pacific region is expected to witness highest CAGR over the forecast period due to rising healthcare spending, increasing disposable income, and growing public awareness.
Market drivers
Rising road accidents and sports-related head injuries are major drivers for Traumatic Brain Injury Therapeutics Market. As per WHO, road accidents cause around 1.35 million deaths annually worldwide. Moreover, increasing accessibility and popularity of recreational sports is increasing the risk of TBI. This high disease prevalence is creating a pressing need for effective diagnostic and therapeutic strategies.
PEST Analysis
Political: The traumatic brain injury therapeutics market is affected by various regulations and acts set by governing bodies regarding safety and efficacy of medical devices and therapeutics. Regulations ensure fast approval and reimbursement for novel traumatic brain injury treatment options.
Economic: Globally rising healthcare spending along with higher trauma and accidents rates fuel the demand for traumatic brain injury therapeutics. However, high costs associated with traumatic brain injury treatment and therapies restrict market growth to some extent.
Social: Growing awareness about traumatic brain injuries and availability of treatment options influence people to seek medical help in case of head injuries. Changing lifestyle with increased road accidents and sports-related brain injuries contribute to traumatic brain injury cases.
Technological: Advancements in areas of neuroimaging, biomedical engineering, and cell therapies aid in improving diagnosis and developing novel treatment approaches for traumatic brain injury. Technologies like stem cell therapy and ambient fluid pressure devices offer potential solutions and boost the market.
The traumatic brain injury therapeutics market in terms of value is highly concentrated in North America and Europe. Higher healthcare expenditures, sophisticated healthcare infrastructure, and presence of leading market players in these regions drive their market dominance.
The traumatic brain injury therapeutics market is forecasted to witness fastest growth in the Asia Pacific region during the forecast period. Factors such as rising disposable income, increasing healthcare spending, growing medical tourism, escalating road accidents and rates of head injuries contribute to the market growth in Asia Pacific.
Geographical regions where market in terms of value is concentrated:
The traumatic brain injury therapeutics market in terms of value is highly concentrated in North America and Europe. Higher healthcare expenditures, sophisticated healthcare infrastructure, and presence of leading market players in these regions drive their market dominance.
Fastest growing region for given market:
The traumatic brain injury therapeutics market is forecasted to witness fastest growth in the Asia Pacific region during the forecast period. Factors such as rising disposable income, increasing healthcare spending, growing medical tourism, escalating road accidents and rates of head injuries contribute to the market growth in Asia Pacific.
