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Press Release: Spinal Cord Injury Therapeutics Market to Surpass US$ 9,611.8 Million by 2028
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Spinal cord injuries are the injuries caused to the thirty one pairs of spinal nerves, which carry nerve signals from brain to various parts of the body and also controls the arm and leg movements. The main cause of spinal cord injuries include trauma, loss of blood supply to spinal cord, and compression in spinal cord due to tumor or infections. Spinal cord injuries can be diagnosed with the help of various techniques such as X-ray, magnetic resonance index (MRI), and computed tomography (CT).
The increasing prevalence of traumatic spinal cord injuries is expected to drive the market growth over the forecast period. For instance, according to the U.S. National Library of Medicine report published in 2018, the prevalence of traumatic spinal cord injuries in low and middle economic economies such as Algeria, Bangladesh, and others was 8.72% per 100,000 individuals and prevalence of traumatic spinal cord injuries in high income countries such as Bermuda (U.K.), Switzerland, and others was 13.69% per 100,000 individuals, globally in the year 2018.
The global spinal cord injury therapeutics market is estimated to be valued at US$ 6,784.2 million in 2021 and is expected to exhibit a CAGR of 5.1% over the forecast period (2021-2028).
Figure 1. Global Spinal Cord Injury Therapeutics Market Share (%) in Terms of Value, By Region, 2021
The robust product pipeline for the treatment of spinal cord injury, which are estimated to launch over the forecast period is expected to drive the growth of the global spinal cord injury therapeutics market.
For instance, in July 2020, Kringle Pharma Inc., a late clinical-stage biopharmaceutical company, initiated a phase III clinical trial study of KP-100IT HGF protein for the treatment of patients suffering from acute spinal cord injury. The study is estimated to complete by September 30, 2022.
Furthermore, on March 7, 2018, Eusol Biotech Co., Ltd., a biopharmaceutical company, initiated a phase III clinical trial study to evaluate the safety and efficacy of ES135 is a recombinant human acidic fibroblast growth factor (rhFGF1) in patients with spinal cord injury. The study is estimated to complete by December 31, 2024.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 6,784.2 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 5.1% | 2028 Value Projection: | US$ 9,611.8 Mn |
| Geographies covered: |
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| Companies covered: |
Teva Pharmaceutical Industries Ltd., AbbVie Inc., Pfizer Inc., Dr. Reddy's Laboratories Ltd., Zydus Cadila, ReNetX Bio, Inc., InVivo Therapeutics Holdings, Lineage Cell Therapeutics, Inc., Kringle Pharma, Inc., Acorda Therapeutics, Inc., Bioaxone Biosciences, Inc., RespireRx Pharmaceuticals Inc., NervGen, Rising Pharmaceuticals, Inc., ScieGen Pharmaceuticals, Inc., MSN Laboratories Private Limited, and Lannett Co Inc. |
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| Restraints & Challenges: |
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Figure 2. Global Spinal Cord Injury Therapeutics Market Share (%), by Injury Type, 2021
The rising government investments in key companies to promote research and development for treatment of spinal cord injuries is expected to offer a lucrative opportunity for the market players to develop novel therapeutics for the treatment of spinal cord injury.
For instance, in 2018, BioAxone BioSciences, Inc. announced that they had received two-year grant of US$ 1.1 Million, which provides funding for further development of BioAxone's preclinical candidate BA-434, a novel sd-rxRNA compound that targets phosphatase and tensin homolog (PTEN) for the treatment of spinal cord injury (SCI). The funding was granted from the National Institute of Neurological Disorders and Stroke (NINDS), a part of the U.S. National Institutes of Health.
Global Spinal Cord Injury Therapeutics Market– Impact of Coronavirus (COVID-19) Pandemic- Government Measures to Combat COVID-19
Governments are taking various initiatives to combat COVID-19. For instance, in May 2020, the Centers for Disease Control and Prevention started working with the All-of-Government and All-of-America Approach to increase testing capacity, improve case detection, and contact tracing across all states in the U.S. and to re-open the country.
Moreover, in April 2020, United Spinal received a generous grant from the Craig H. Neilsen Foundation to provide relief to people living with spinal cord injuries and disorders (SCI/D) who have experienced hardships due to the COVID-19 pandemic.
Global Spinal Cord Injury Therapeutics Market Restraint
Drugs such as corticosteroids, non-steroidal anti-inflammatory drugs, anti-depressants, and anticonvulsants are used in the treatment of spinal cord injury. These drugs have a wide range of curable and permanent side effects on the body of the patient, who is continuously taking more than the prescribed dose of these drugs for a longer period of time. This is expected to restrain the market growth during the forecast period.
Epidural steroids injections (by which corticosteroids are administered) are mostly used in the treatment of spinal cord injury. Potential complications and adverse events associated with epidural steroids injections include bleeding, dural puncture nerve damage, cardiovascular system (heart) complications, risk associated with local anesthetics, and risk associated with steroids. Risks and complications are typically higher in epidural steroid injections administered above the L3 level.
Key Players
Major players operating in the global spinal cord injury therapeutics market include Teva Pharmaceutical Industries Ltd., AbbVie Inc., Pfizer Inc., Dr. Reddy's Laboratories Ltd., Zydus Cadila, ReNetX Bio, Inc., InVivo Therapeutics Holdings, Lineage Cell Therapeutics, Inc., Kringle Pharma, Inc., Acorda Therapeutics, Inc., Bioaxone Biosciences, Inc., RespireRx Pharmaceuticals Inc., NervGen, Rising Pharmaceuticals, Inc., ScieGen Pharmaceuticals, Inc., MSN Laboratories Private Limited, and Lannett Co Inc.
The global spinal cord injury therapeutics market comprises therapeutics used for the treatment of spinal cord injury such as corticosteroids, non-steroidal anti-inflammatory drugs (NSAID’S), muscle relaxants, and anti-depressants. There are two types of spinal cord injuries including complete spinal cord injury and incomplete spinal cord injury and various causes of spinal cord injuries include brain injury, trauma, loss of blood supply to spinal cord, and compression in spinal cord due to tumor or infections.
Market Dynamics
Key players are focusing on product approvals to strengthen their position in the global spinal cord injury therapeutics market. For instance, in September 2020, AbbVie Inc., received an orphan drug and fast track designation from the U.S. Food and Drug Administration for Elezanumab, an investigational monoclonal antibody RGMa inhibitor for the treatment of spinal cord injury.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 53 market data tables and 43 figures on "Spinal Cord Injury Therapeutics Market” - Global forecast to 2028
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