Spinal Cord Trauma Treatment Market to Surge with 3.7% CAGR, Projected to Hit US$ 4.22 Billion by 2034: Fact.MR Report
Public and Private Sector Investments Increasing to Enhance Efficiency of Spinal Cord Trauma Treatments: Fact.MR Report
ROCKVILLE, MD, UNITED STATES, August 1, 2024 /EINPresswire.com/ -- Surgery combined with pharmacological and rehabilitative therapies is the standard of care for spinal cord injuries. According to a new report by Fact.MR, the global spinal cord trauma treatment market1 is set to reach US$ 2.94 billion in 2024 and thereafter progress at 3.7% CAGR from 2024 to 2034.Spinal cord injuries are treated with surgeries, pharmacological therapies, and rehabilitative programs. Stabilizing the spine and preventing further damage are the main objectives of emergency medical care. To relieve pressure on the spinal cord or repair damaged structures, surgery is also performed. Rehabilitation aims to improve function, mobility, and quality of life through physical therapy, occupational therapy, and assistive technology. Treatment options such as neural prosthetics and stem cell transplantation are still being studied through ongoing research and technological advancements.
By supporting the development of new drugs, state-of-the-art technologies, and clinical trials, these investments are contributing to the advancement of spinal cord trauma treatments. Pharmaceutical companies are also investing in research and development to come up with innovative therapies for targeted care.
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Key Takeaways from the Market Study:
The global spinal cord trauma treatment market is projected to expand at a CAGR of 3.7% through 2034. The market is forecasted to reach US$ 4.22 billion by the end of 2034.
The market in the United States is poised to reach a value of US$ 809 million in 2024. China accounts for 70% market share in East Asia in 2024.
Revenue from spinal cord trauma treatment in Japan is set to reach US$ 103 million in 2024. The East Asia market is forecasted to expand at a CAGR of 4.1% through 2034.
“Advancements in neural regeneration techniques promising improved patient outcomes and rising demand for assistive technologies are presenting lucrative opportunities to spinal cord trauma treatment providers, thus driving market growth,” says a Fact.MR analyst.
High Cost of Spinal Cord Trauma Treatment Impeding Market Growth
Spinal cord injuries entail costly treatments that include surgery, medication, therapy, and assistive technology. The financial burden on patients and healthcare systems makes it difficult to obtain and retain comprehensive care. Spinal cord injuries are still incurable despite recent advancements in healthcare. The three primary objectives of the available treatment options are to improve function, efficiently manage symptoms, and prevent further harm. Due to the lack of novel treatments, achieving the best possible recovery remains a challenge for many.
Competitive Landscape
The spinal cord trauma treatment market features several key players, including BioTime Inc., Novartis AG, Pfizer Inc., Acorda Therapeutics, Inc., BioArctic AB, ReNetX Bio, Pharmicell Co. Ltd., Zydus Lifesciences, Bioaxone, and Kringle Pharma, Inc.
A recent Mayo Clinic study published in April 2024 highlights promising developments in spinal cord injury treatment. The research, published in Nature Communications, investigated the use of stem cells derived from patients' own fat. The phase 1 clinical trial demonstrated that these stem cells are safe and may aid in improving movement and sensation in patients with severe spinal cord injuries.
The study involved ten adults, and seven of them showed improvements according to the American Spinal Injury Association (ASIA) Impairment Scale. Reported improvements included increased muscle strength, enhanced sensory perception to light and pinprick touch, and recovery of voluntary anal contraction, which supports bowel function. These preliminary findings underscore the potential of cell therapy in providing new options for individuals with paralysis and limited functional recovery.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the spinal cord trauma treatment market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the spinal cord trauma treatment market based on type (corticosteroids, surgery, spinal traction), injury type (complete spinal cord injuries, partial spinal cord injuries), and end user (hospitals, trauma centers), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Explore More Studies Published by Fact.MR Research:
Endoscopic Spinal Surgery Market2: Size is estimated to be US$ 784.8 million in 2024. The market is expected to grow at a CAGR of 8.2% from 2024 to 2034. The market is anticipated to generate revenue of US$ 1,732.5 million by 2034.
Spinal Trauma Devices Market3: Size is currently valued at US$ 3.2 billion and is expected to reach US$ 5.2 billion by 2032, expanding at a CAGR of 5% from 2022 to 2032.
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1 https://www.factmr.com/report/spinal-cord-trauma-treatment-market
2 https://www.factmr.com/report/endoscopic-spinal-surgery-market
3 https://www.factmr.com/report/spinal-trauma-devices-market
