Global Quadriplegia Treatment Market to Grow with a CAGR of ~4% During 2022-2031; Market to Grow on Account of the Increasing Cases of Spinal Cord Injuries and Growing Numbers of Road Accidents
Key Companies Covered in the Global Quadriplegia Treatment Market Research Report by Research Nester are Sanofi SA, AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson Service, Inc., Bristol Myers Squibb Company, Eli Lily & Company, Teva Pharmaceuticals, Inc., Takeda Pharmaceutical Co Ltd, F-Hoffmann La Roche AG, Merc & Co., Inc., and other key market players. The report includes growth opportunities, challenges, market trends, competitive analysis, and detailed profiling of the companies.
New York, June 22, 2022 (GLOBE NEWSWIRE) -- As sourced by a report by the World Health Organization (WHO), every year, between 250,000 to 500,000 people suffer a spinal cord injury in the world (SCI). The majority of spinal cord injuries occur as a result of avoidable causes, such as, car accidents, falls, or assault. The young adults (20-29 years) and later age (above 70 years) are the most vulnerable age group for SCI in males. Females in their adolescence (15-19) and later years (60+) are the most vulnerable to spinal cord injuries.
Research Nester has published a detailed market report on ‘*Global Quadriplegia Treatment Market*’ for the forecast period of 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
The global quadriplegia treatment market is estimated to grow at a CAGR of ~4% over the forecast period of 2022–2031. The market growth can be credited to the increasing number of spinal cord injuries, as well as an uptick in the level of road accidents that occur each year around the world. According to data published by the World Health Organization (WHO), The total number of yearly road traffic deaths hit 1.35 million in December 2018, and road traffic accidents have surpassed cancer as the top cause of death among those aged 5 to 29. Although there is no accurate estimate of global prevalence of SCI, the annual global incidence is believed to be 40 to 80 cases per million people. Out of these traumatic causes account for up to 90%. In addition, a rise in R&D activities in the field of quadriplegia therapy, as well as technological developments in the healthcare industry around the world, are likely to propel market expansion in the coming years. Furthermore, rising awareness among patients with spinal cord injuries regarding the availability of various treatment choices is expected to provide the market with numerous potential prospects in the near future.
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The global quadriplegia treatment market is segmented by treatment type into corticosteroids, non-steroids anti-inflammatory drugs, antidepressants, anticonvulsants, narcotic analgesics, and antispasmodics & muscle relaxants. Out of these, the non-steroidal anti-inflammatory drugs (NSAIDs) segment is expected to have the highest share in the global quadriplegia treatment market. This can be accounted to the widespread use of certain medicines, notably ibuprofen and naproxen, to treat mild to severe pain caused by spinal cord injuries. For instance, as per the data by the National Centre of Biotechnology Information (NCBI), more than 30 million people across the world consume NSAIDs on daily a basis, and on account of it, the global NSAID industry was worth USD 15.58 billion in 2019 and is expected to grow to USD 24.35 billion in near future. Aside from that, the market segment is expected to develop on the basis of great effectiveness of these drugs in treating pain caused by gradual tissue damage.
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Further, the global quadriplegia treatment market is also segmented on the basis of the distribution channel into hospital pharmacies, retail pharmacies, drug stores, and online stores. Out of these, the hospital pharmacies segment is expected to grow at a significant CAGR over the forecast period owing to the increasing numbers of hospitals, combined with the growing health expenditure, across the globe. As per the World Bank statistics, in 2019, global per capita health expenditure amounted to USD 1121.81. Moreover, according to the data by the American Hospital Association, there are total of 6093 hospitals in the USA alone, as of 2022.
Geographically, the global quadriplegia treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America region is estimated to hold the largest market share over the forecast period owing to the presence of sophisticated technology for treating quadriplegia and the high annual medical expense of treating acute spinal cord injuries. As per the NCBI data, each year, around 17,000 new cases of spinal cord injuries (SCI) are diagnosed in the United States, with an estimated 282,000 people living with SCI.
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The market in the Europe region is projected to gain a significant market share over the forecast period, owing to the large number of research organizations working on the assessment and treatment of neurological illnesses, and rising investment in the healthcare and pharmaceutical sectors. According to Eurostat, general government health spending in the European Union amounted to USD 1073 billion in 2020, accounting for 8% of total GDP. Such factors are estimated to boost the market growth.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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*The global quadriplegia treatment market is also segmented on the basis of route of administration.*
*Segmentation by Route of Administration*
· Oral
· Intravenous
· Others
Some of the major key players and their company profiling mentioned in this report includes Sanofi SA, AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson Service, Inc., Bristol Myers Squibb Company, Eli Lily & Company, Teva Pharmaceuticals, Inc., Takeda Pharmaceutical Co Ltd, F-Hoffmann La Roche AG, Merc & Co., Inc., and others.
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