Global Tarsal Tunnel Syndrome Drugs Market Highlights over 2022 – 2030
The global tarsal tunnel syndrome drugs market is estimated to grow at CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing prevalence of tarsal tunnel syndrome, backed by high cases of flat feet and sports injuries. Tarsal tunnel syndrome is a nerve dysfunction caused by compression or high pressure in the tarsal tunnel, which is present in the foot of a person. Flat foot, bony growth in feet, tumor near tibial nerve, arthritis, or even diabetes can cause tarsal tunnel syndrome. The rising prevalence of arthritis is a crucial factor estimated to boost the market growth. Between 2018 and 2019, more than 92 million adults were diagnosed with arthritis. Similarly, the incremental incidences of flat foot, with almost 13% of the adults globally suffering from flat foot, is estimated to influence the market growth. In addition to this, the increasing investment in the R&D activities in the medical field, along with rising health awareness amongst the people is estimated to boost the market growth.
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The global tarsal tunnel syndrome drugs market is segmented by treatment into home remedies, physical therapy, surgery and others, out of which, the physical therapy segment is anticipated to hold the notable share over the forecast period on account of better response rate of therapy on the syndrome, easy affordability, and lower risk involved as compared to surgery.
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 Tarsal Tunnel Syndrome Drugs Market Regional Synopsis
On the basis of geographical analysis, the global tarsal tunnel syndrome drugs 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 rising prevalence of arthritis, and improving diagnosis facilities. By 2040, an estimated 78 million US adults aged 18 years or older, comprising 26% of the total population in the United States are projected to have doctor-diagnosed arthritis, as per the report by the Centre of Disease Control and Prevention. Moreover, the high healthcare expenditure, and increasing research activities for the development of new drugs are foreseen to boost the market growth.
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The global tarsal tunnel syndrome drugs market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global tarsal tunnel syndrome drugs market includes the following segments:
By Diagnosis
- Tinel’s Test
- Electromyography
- Others
By Distribution Channel
- Hospital
- Drug Stores
- Others
By Treatment
- Home Remedies
- Physical Therapy
- Surgery
- Others
Growth Drivers
- Increasing Cases of Flat Feet and Arthritis
- Escalating Investment in Medical R&D Activities
Challenges
- Circulation of Generic Drugs in the Market
Top Featured Companies Dominating the Market
- Baxter International, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Siemens Healthcare GmbH
- Pfizer Inc.
- Novartis AG
- Sanofi-aventis Groupe
- Abbott Laboratories
- Merck & Co., Inc.
- Boehringer Ingelheim International GmbH
- Daiichi Sankyo Company, Limited
- Janssen Pharmaceuticals, Inc.
