by Spinal cord injuries can significantly impact mobility and quality of life. Spinal cord injury therapeutics aim to promote recovery from damage to the spinal cord by reducing inflammation, blocking nerve cell death, and encouraging nerve regeneration. Recent innovations in stem cell therapies and neural tissues engineering offer promising treatment options.
The global Spinal Cord Injury Therapeutics Market is estimated to be valued at US$ 2.4 billion in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Researchers are developing advanced therapies such as stem cell therapies and neural tissue engineering that can potentially help restore damaged nerve connections and improve functional recovery in patients. For instance, stem cell therapies aim to replace damaged or destroyed cells in the spinal cord with new cells derived from stem cells. Companies are conducting clinical trials to evaluate the effectiveness of stem cells in promoting repair of the injured spinal cord. Similarly, neural tissue engineering approaches attempt to repair the injured spinal cord by implanting biologically compatible nerve scaffolds seeded with stem cells, schwann cells or fibroblasts. Such innovations are expected to bring transformational changes in the treatment of spinal cord injuries.
Segment Analysis
The global spinal cord injury therapeutics market is segmented based on injury type, therapeutics, and end user. Based on injury type, the market is divided into complete spinal cord injuries and partial spinal cord injuries. Among these, the complete spinal cord injuries segment accounted for the largest share of the market in 2022 due to the high prevalence of this type of injury.
Key Takeaways
The Global Spinal Cord Injury Therapeutics Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Spinal Cord Injury Therapeutics Market is estimated to be valued at US$ 2.4 billion in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023-2030.
Regional analysis related content: North America dominated the spinal cord injury therapeutics market in 2022 due to high healthcare expenditure and availability of advanced therapeutics in the region. Moreover, the presence of key market players and initiatives undertaken by various organizations to create awareness are contributing to the growth of the market.
Key players related content: Key players operating in the spinal cord injury therapeutics market are Acorda Therapeutics Inc., Bayer AG, BioArctic AB, BioTime Inc., Dignify Therapeutics, GlaxoSmithKline, K-Stemcell Co., Ltd., Pharmicell Co., Ltd., Amcell Corporation. The availability of combination therapies and novel therapeutics are expected to fuel the growth of the spinal cord injury therapeutics market over the forecast period.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
