In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
The global post-polio syndrome treatment market is estimated to grow at a modest CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the high prevalence of polio in underdeveloped countries, due to unavailability of polio vaccines in low-income economies. Polio was once a deadly disease, causing mass deaths and paralysis, but cases of polio have been a rarity after the development of polio vaccines, especially in developed countries. The World Health Organization (WHO) reported around 175 active polio cases in 2019. However, the prevalence of polio is high in underdeveloped countries, due to lack of efficient healthcare facilities, which is estimated to boost the market growth. Post-polio syndrome surfaces up decades after the initial infection, which is generally after the age of 30 years. The symptoms of this syndrome are severe and require continuous medication and other treatment, which is estimated to boost the growth of the market. Moreover, the developing public healthcare infrastructure and high government expenditure for the development of new drugs is anticipated to significantly fuel the growth of the market.
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The market is segmented by treatment into medication, physical therapy, and others, out of which, the medication segment is anticipated to hold the largest share in the market over the forecast period on account of increasing use of painkillers and anticonvulsant drugs to curb the symptoms of post-polio syndrome. Drugs are given to relieve muscle and join pain and breathing difficulties, which is 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 post-polio syndrome 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 notable market share throughout the forecast period on account of presence of major pharmaceutical companies, and increasing research activities for the development of new drugs. The first polio vaccine was given in the United States in 1955, and US has been polio-free since 1979, according to the data by the Center for Disease Control and Prevention. However, the pharmaceutical industry in this region manufactures major amount of post-polio syndrome treatment drugs and medications, which is estimated to boost the market growth.
On the other hand, poor economies in Middle East and Africa and Asia Pacific are the worst affected by poliovirus, and hence, have major growth opportunities for post-polio syndrome treatment market. The market in the Middle East and Africa region is estimated to gain significant growth over the forecast period, owing to the lack of proper public healthcare system in the region, leading to rising prevalence of polio.
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The global post-polio syndrome treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global post-polio syndrome treatment market includes the following segments:
Ans: The increasing prevalence of polio in underdeveloped countries, and requirement of constant treatment in form of drugs and therapy in post-polio syndrome to boost the market growth.
Ans: The market is anticipated to attain a modest CAGR over the forecast period, i.e., 2022 – 2030.
Ans: The eradication of polio from developed countries is estimated to hamper the market growth.
Ans: The market in the North America is estimated to witness growth with highest CAGR over the forecast period, owing to the efficient healthcare system, and high healthcare expenditure.
Ans: The major players in the market are Novartis AG, Sanofi-aventis Groupe, Abbott Laboratories, Johnson & Johnson Services, Inc., Merck & Co., Inc., Siemens Healthcare GmbH, Pfizer Inc., and Becton, Dickinson and Company.
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 symptoms, treatment, and by region.
Ans: The medication segment is anticipated to hold largest market size over the forecast period owing to the growing need for pain killers to relieve the symptoms.