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Press Release: Spinal Cord Injury Therapeutics Market to Surpass US$ 9,239.1 Million by 2027
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 arms 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 global spinal cord injury therapeutics market is estimated to be valued at US$ 6,630.7 million in 2020 and is expected to exhibit a CAGR of 6.7% during the forecast period (2020-2027).
Figure 1. Global Spinal Cord Injury Therapeutics Market Value (US$ Mn), 2016-2027
Increasing prevalence of traumatic spinal cord injuries is expected to propel growth of the global spinal cord injuries therapeutics market during the forecast period. For instance, according to the US National Library of Medicine report published in 2018, stated that the prevalence of traumatic spinal cord injuries in low and middle economic economies such as Algeria, Bangladesh etc was 8.72 % per 100,000 individuals and prevalence of traumatic spinal cord injuries in high income countries such as Bermuda (UK), Switzerland and others was 13.69 % per 100,000 individuals, globally in the year 2018.
Furthermore, key companies focusing on research and development in the treatment of spinal cord injury is expected to propel growth of the global spinal cord injury therapeutics market during the forecast period. For instance, in July 2017, ReNetX Bio, licensed the rights of the innovative neuro-restorative Nogo Receptor platform technology developed at Yale University. The central nervous system contains major extracellular factors that limit the regrowth of neurons. The university developed a decoy receptor, called Nogo Trap that binds the growth inhibitors allowing the body to grow nerve fibers naturally.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2020: | US$ 6,630.7 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 6.7% | 2027 Value Projection: | US$ 9,239.1 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
ReNetX Bio, InVivo Therapeutics Hldg, GTX Medical, Acorda Therapeutics, Lineage Cell Therapeutics, AbbVie Inc., Asterias Biotherapeutics, Inc, BioArctic, Kringle Pharma, Inc., Pfizer Inc., Pharmicell Co., Ltd., Bioaxone Biosciences, Inc., Vertex Pharmaceuticals Inc., Biogen Inc., RespireRx Phamaceuticals Inc., NervGen, Lannett Co Inc, Teva Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories, MSN Laboratories Private Limited, Rising Pharmaceuticals, Inc., ScieGen Pharmaceuticals, Inc, and Cadila Healthcare Limited. |
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Global Spinal Cord Injury Therapeutics Market – Impact of Coronavirus (COVID-19)
Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency. According to the World Health Organization’s report, manifestation of coronavirus (COVID-19) has resulted in over 60.9 million infected individuals worldwide as of 27th November, 2020.
Covid-19 pandemic has affected the spinal cord injury therapeutics market negatively in various ways such as shortage of personal healthcare attendant and health care treatments for individuals suffering from spinal cord injuries. Therefore various academic institutes and companies are taking initiatives to combat various difficulties faced by individuals such as shortage of personal healthcare attendant and health care treatments for individuals suffering from spinal cord injuries during the COVID-19 pandemic. For instance, in May 2020, United Spinal Association, a nonprofit membership, disability rights, and veterans service organization initiated one on one assistance provided by United Spinal’s team of information specialists to the individuals suffering from spinal cord injuries and various difficulties faced by them due to COVID-19 pandemic.
Figure 2. Global Spinal Cord Injury Therapeutics Market Share (%), By Region, 2020
North America is expected to hold dominant position in the global spinal cord injuries therapeutics market during the forecast period, owing to key companies focusing on research and development for the treatment of spinal cord injury. For instance, in 2018, Vertex Pharmaceuticals Incorporated, a U.S.-based biopharmaceutical company completed the investigational clinical trial study on the safety and efficacy of VX-210 in 70 subjects with acute traumatic cervical spinal cord injury and also had secondary objective, which included the specific evaluation of the effects of VX-210 on neurological recovery and daily function after spinal cord injury.
Key Players
Major players operating in the global spinal cord injury therapeutics market include ReNetX Bio, InVivo Therapeutics Hldg, GTX Medical, Acorda Therapeutics, Lineage Cell Therapeutics, AbbVie Inc., Asterias Biotherapeutics, Inc, BioArctic, Kringle Pharma, Inc., Pfizer Inc., Pharmicell Co., Ltd., Bioaxone Biosciences, Inc., Vertex Pharmaceuticals Inc., Biogen Inc., RespireRx Phamaceuticals Inc., NervGen, Lannett Co Inc, Teva Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories, MSN Laboratories Private Limited, Rising Pharmaceuticals, Inc., ScieGen Pharmaceuticals, Inc, and Cadila Healthcare Limited.
The global spinal cord injury therapeutics market comprises therapeutics used for the treatment of spinal cord injury. There are various therapeutics such as corticosteroids, non-steroidal anti-inflammatory drugs (NSAID’S), muscle relaxants and anti-depressants. There are two types of spinal cord injuries such as 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, 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 33 market data tables and 32 figures on " Spinal Cord Injury Therapeutics Market – Global forecast to 2027”.
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