April 12, 2024
Spinal Cord Injury Therapeutics Market

Spinal Cord Injury Therapeutics Market is Driven by Increasing Cases of Road Accidents

The spinal cord injury therapeutics market has witnessed tremendous growth over the past few years owing to the growing incidence of road accidents. Spinal cord injuries result in temporary or permanent changes affecting motor or sensory functions such as paralysis, pain syndrome, or loss of autonomic functions below the level of the injury. The need to restore movement and mobility in spinal cord injury patients through novel therapies is a key driver of the spinal cord injury therapeutics market.

The global spinal cord injury therapeutics market is estimated to be valued at US$ 8.53 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.

Key Takeaways

Key players: Key players operating in the spinal cord injury therapeutics market are Xinyi Solar Holdings Limited, Flat Glass Group Co., Ltd., and Nippon Sheet Glass Co., Ltd. Xinyi Solar Holdings Limited is a leader in spinal cord regeneration through its stem cell based therapies.

Key opportunities: Cell transplantation therapies and neurostimulation devices offer key opportunities for growth in the market. Demand for minimally invasive cell therapies for sub-acute and chronic spinal cord injuries is growing.

Global expansion: Major players are focusing on global expansion through collaborations and acquisitions. In 2023, Flat Glass Group Co., Ltd. acquired a Germany based biotech firm to strengthen its presence in the lucrative European market for spinal cord therapeutics.

Market drivers:

The growing global incidence of road accidents is a major driver of the Spinal Cord Injury Therapeutics Market Demand. According to the World Health Organization, road accidents account for over 1.3 million deaths annually worldwide. The high morbidity and mortality associated with spinal cord injuries is propelling research into novel therapies. Rising healthcare spending in low and middle-income countries is also fueling market growth.

PEST Analysis

Political: Changes in healthcare policies by different governments will influence the spinal cord injury therapeutics market. Stricter regulations may affect product approval and demand.

Economic: Higher healthcare spending driven by rising disposable incomes will boost market growth. However, economic uncertainties may negatively impact the market.

Social: Increasing incidence of road accidents and sports injuries leading to spinal cord issues are key drivers. Growing public awareness is bringing more patients under treatment.

Technological: Development of novel regenerative medicine techniques like stem cell therapy offer promise. Advanced medical devices and surgical methods are also improving treatment outcomes.

Geographical Regions with High Market Concentration

The North American region dominates the market in terms of value share. This can be attributed to factors like the presence of major market players, rising spinal cord injuries, availability of advanced healthcare facilities, and high healthcare spending. The US accounts for the largest share within North America.

Fastest Growing Regional Market

The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Improving economic conditions, growing private healthcare sector investments, rising medical tourism, increasing patient awareness, and supportive government policies are fueling market growth in Asia Pacific countries. China and India present lucrative opportunities.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it