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 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.
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 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:
Our in-depth analysis of the global tarsal tunnel syndrome drugs market includes the following segments:
Ans: The rising prevalence of arthritis, flat foot, and other diseases is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Ans: Circulation of generic drugs in the market are estimated to hamper the market growth.
Ans: The market in the North America region is estimated to provide maximum business opportunities over the forecast period, owing to the high prevalence of arthritis in the region.
Ans: The major players in the market are Siemens Healthcare GmbH, Baxter International, Inc., Pfizer Inc., Novartis AG, Sanofi-aventis Groupe, Abbott Laboratories, Merck & Co., Inc., and Janssen Pharmaceuticals, Inc.
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 diagnosis, distribution channel, treatment, and by region.
Ans: The physical therapy segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.