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IN THE NEWSIn 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.
Global Quadriplegia Treatment Market Highlights Over 2022 - 2031
The global quadriplegia treatment market is estimated to garner a large amount of revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the increasing number of cases of spinal cord injuries, coupled with growing number of road accidents occurring every year in the world. According to a report published by the World Health Organization (WHO), in December 2018, the total number of annual road traffic deaths reached a value of 1.35 million. Road traffic injuries became the leading cause of death among people aged 5-29 years. Along with these, rising number of R&D activities in the field of quadriplegia treatment, and upsurge in technological advancements in the healthcare sector across the globe are also expected to drive market growth in the forthcoming years. Furthermore, escalating awareness levels among patients suffering from spinal cord injuries about availability of several treatment options is projected to offer abundant growth opportunities to the market in the near future.
The market is segmented by treatment type into corticosteroids, non- steroidal anti-inflammatory drugs, antidepressants, anticonvulsants, narcotic analgesics, and antispasmodics & muscle relaxants. Out of these, the non-steroidal anti-inflammatory drugs segment is anticipated to hold the largest share in the global quadriplegia treatment market. This can be accounted to the high usage of these drugs, namely ibuprofen and naproxen, to relieve mild to severe pain resulting after a spinal cord injury. Apart from this, high effectiveness of these medicines to treat pain caused by slow tissue damage is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of route of administration, the oral segment is assessed to occupy the largest share during the forecast period owing to the ease of convenience and non-invasive nature of this type of drug administration. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market 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.
Global Quadriplegia Treatment Market Regional Synopsis
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:
Market Segmentation
Our in-depth analysis of the global quadriplegia treatment market includes the following segments:
By Treatment Type
By Route of Administration
By Distribution Channel
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing number of cases of spinal cord injuries, and growing number of road accidents occurring every year.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2031.
The major players in the market are Sanofi SA, AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Bristol Myers Squibb Company, and others.
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.
The market is segmented by treatment type, route of administration, distribution channel, and by region.
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.
High cost of quadriplegia treatment is estimated to hamper the market growth.
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.
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