by The spinal cord injury therapeutics market is estimated to be valued at US$ 7.4 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The spinal cord injury therapeutics market involves products aimed at managing various complications arising from spinal cord injuries such as pain, respiratory issues, bladder control problems etc. Cell therapy is an emerging area in this market that utilizes stem cells to promote regeneration of damaged nerve tissues in the spinal cord.
Market Dynamics:
Increasing research focus on cell transplantation therapies is expected to be a key driver for the market over the forecast period. Numerous clinical trials are exploring the potential of stem cells to treat paralysis and other motor impairments caused by spinal cord injuries. For instance, Lineage Cell Therapeutics is conducting a Phase 1/2a clinical trial to test the safety and efficacy of its OpRegen product candidate for the treatment of dry age-related macular degeneration. Additionally, the growing incidence of road accidents and fall injuries leading to spinal cord trauma is another factor expected to propel the market growth during the forecast period.
Market key trends:
The spinal cord injury therapeutics market is witnessing increased demand for stem cell therapy. Stem cell therapies have shown promising potential to treat spinal cord injuries by reducing inflammation and scarring at the injury site and promote nerve fiber regeneration. Ongoing clinical trials are exploring the effectiveness of using stem cells derived from various sources such as bone marrow, umbilical cord, and adipose tissue for spinal cord repair. However, the clinical application of stem cell therapy is still at an early stage and further research is warranted to demonstrate long-term safety and efficacy.
SWOT Analysis
Strength: Presence of strong product pipeline for spinal cord injury treatment with stem cell and gene therapy based approaches.
Weakness: High costs associated with the research and development of novel treatment approaches for spinal cord injuries.
Opportunity: Increasing public-private partnerships and funding to support research and development activities in this field.
Threats: Risk of failure or setbacks in late-stage clinical trials evaluating experimental therapies can affect market growth.
Key Takeaways
The global Spinal Cord Injury Therapeutics Market Trend is expected to grow at a CAGR of 5.4% during the forecast period of 2023-2030 to reach a valuation of US$ 7.4 billion in 2023. The market growth can be attributed to the increasing incidence of spinal cord injuries worldwide due to road traffic accidents and fall injuries.
Regionally, North America is expected to dominate the global market during the forecast period owing to presence of major market players and availability of advanced healthcare facilities for spinal cord injury treatment in the region.
Key players operating in the spinal cord injury therapeutics market are Teva Pharmaceutical Industries Ltd., AbbVie Inc, Pfizer Inc., Reddy’s Laboratories Ltd, Zydus Cadila, ReNetX Bio, Inc, InVivo Therapeutics Holdings, Lineage Cell Therapeutics, Inc, Kringle Pharma, Inc., Acorda Therapeutics, Inc., Bioaxone Biosciences, Inc, RespireRx Pharmaceuticals Inc., NervGen, Rising Pharmaceuticals, Inc, ScieGen Pharmaceuticals, Inc, MSN Laboratories Private Limited, and Lannett Co Inc. These players are focused on strengthening their product pipelines through collaborations and mergers & acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
