Regionally, 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 North America is estimated to acquire the largest share over the forecast period on the back of the presence of sophisticated technologies for treating quadriplegia, and high annual medical cost for treating acute spinal cord injuries. Moreover, the market in Europe is also expected to gather a significant share during the forecast period ascribing to the high number of research institutes working over the diagnosis and treatment of neurological diseases. In addition, growing medical spending is also projected to fuel the market growth in the region in the coming years. As per Eurostat, in 2019, general government expenditure on health in the European Union amounted to USD 1,118.14 billion or 7% of the total Gross Domestic Product. Among all the countries, Norway had the highest health spending, accounting for approximately 9% of GDP that year.
The global quadriplegia treatment market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global quadriplegia treatment market includes the following segments:
By Treatment Type
By Route of Administration
By Distribution Channel
In November 2021, researchers in the Northwestern University developed a new injectable therapy that harnesses ‘dancing molecules’ for reversing paralysis and repairing tissues after severe spinal cord injuries.
The therapy works by sending bioactive signals to trigger cells, and is aimed for patients with spinal cord injuries who have very few treatment options.
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.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The major factors driving market growth are increasing number of cases of spinal cord injuries, and growing number of road accidents occurring every year.
Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2031.
Ans: The major players in the market are Sanofi SA, AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Bristol Myers Squibb Company, 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 treatment type, route of administration, distribution channel, and by region.
Ans: The oral segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Ans: High cost of quadriplegia treatment is estimated to hamper the market growth.
Ans: North America will provide more business opportunities for market growth owing to the presence of sophisticated technologies for treating quadriplegia, and high annual medical cost for treating acute spinal cord injuries.