In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The global epidural abscess treatment market is estimated to grow at CAGR of ~9% over the forecast period, i.e., 2022 – 2030. Epidural abscess refers to collection of pus between the skull or spine and outer covering of the brain and spinal cord. Depending on the location of abscess, the disease is divided into two types, i.e., intracranial, and intraspinal. The growth of the market can be attributed to the increasing prevalence of epidural abscesses, and severe back or head injuries. Unsafe surgery of back, ear, throat, or head is the primary cause of epidural abscess, as infection can easily reach to the spine or skull. Formation of abscess can disrupt the blood and oxygen supply in the body, which can lead to serious damage to organs and even coma or death. Epidural abscess can be treated through medications at the primary stage, but surgery is required if the abscess starts blocking a vessel. The need for urgent treatment in epidural abscess is estimated to drive the market growth. Moreover, increasing investment in the R&D activities is estimated to boost the market growth.
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The global epidural abscess treatment market is bifurcated by type into intracranial, and intraspinal, out of which, the intracranial segment is anticipated to hold the largest revenue share over the forecast period on account of higher prevalence of intracranial abscess as compared to intraspinal abscess. Rising cases of infection and pus in ear, teeth, tonsils, and others, which can spread to the head, are estimated to boost the segment growth.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global epidural abscess treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of high healthcare expenditure, and presence of major pharmaceutical companies. According to the statistics by the World Bank, the total healthcare expenditure of North America accounted for 16.415% of the total GDP, in 2018.
The market in Asia Pacific region is estimated to witness substantial growth during the forecast period on the back of increasing cases of infections especially amongst the geriatric population, as their immunity is compromised. According to the data by the World Bank, the population above 65 years of age in India crossed 90,719,952 in 2020, while, it crossed 167,808,567 in China. Moreover, rising investment in R&D activities and improving medical facilities are estimated to boost the market growth.
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The global epidural abscess treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global epidural abscess treatment market includes the following segments:
Ans: The increasing cases of epidural abscesses, their deadly nature and need for treatment are estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2030.
Ans: Difficult diagnosis of epidural abscesses is estimated to hamper the market growth.
Ans: The market in the Asia Pacific is estimated to witness growth with highest CAGR over the forecast period, owing to the increasing geriatric population, and developing healthcare system.
Ans: The major players in the market are Eli Lilly and Company, Hindustan Antibiotics Limited, Sun Pharmaceutical Industries Ltd., Novartis AG, Sanofi-aventis Groupe, Abbott Laboratories, Merck & Co., Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: the market is segmented by type, treatment, end-user, and by region.
Ans: The hospital segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.