Spinal Cord Injury Therapeutics Market to Surpass US$ 9,611.8 Million by 2028 - Coherent Market Insights

Global Spinal Cord Injury Therapeutics Market, by Injury Type (Complete Spinal Cord Injury and Incomplete Spinal Cord Injury), by Drug Type (Corticosteroids, Muscle Relaxants and Anti-spastic drugs, Non-steroidal Anti-inflammatory drugs (NSAIDs), Anti-depressants, Anticonvulsants, and  Others), by Application (Autonomic Dysreflexia (AD), Spasticity & Inflammation, Pain Management, and Depression), by Route of Administration (Oral and Intravenous), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.

The increasing prevalence of traumatic spinal cord injuries is expected to propel the growth of the global spinal cord injuries therapeutics market during the forecast period. According to the World Health Organization, every year, around the world, between 250,000 and 500,000 people suffer a spinal cord injury (SCI). The majority of spinal cord injuries are due to preventable causes such as road traffic crashes, falls, or violence

According to the article published in the American Journal of Physical Medicine & Rehabilitation in February 2017, the incidence of traumatic spinal cord injury (SCI) in the U.S. is estimated to be 40.1 cases per million, indicating approximately 12,500 new SCI occur each year. Similarly, according to the same source, the prevalence of SCI is estimated to be 906 cases per million in the U.S.

Global Spinal Cord Injury Therapeutics Market– Spinal Cord Market

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 suffering from spinal cord injuries during the COVID-19 pandemic. For instance, in May 2020, United Spinal Association, a non-profit 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.

The COVID-19 pandemic caused major disruptions to clinical trial execution in the U.S., impacting key stakeholders across the pharma industry. Investigative site capabilities experienced upheaval, driven by staff furloughs, social-distancing protocols, financial losses, and concerns over patient’s safety. Sponsors, Contract Research Organizations, and other organizations that support drug development shifted to remote working environments. An estimated 80% of non-COVID-19 trials were stopped or interrupted as a result of the COVID-19 pandemic.

For instance, an April 2020 effects of COVID-19 on clinical trials study suggests that investigative sites demonstrated flexibility and ingenuity in adopting new approaches, in order to cope with challenges presented by COVID-19, with over half of investigative sites transitioning to virtual approaches to interact with patients.

Browse 53 Market Data Tables and 43 Figures spread through 216 Pages and in-depth TOC on “Spinal Cord Injury Therapeutics Market”- Global Forecast to 2028, by Injury Type (Complete Spinal Cord Injury and Incomplete Spinal Cord Injury), by Drug Type (Corticosteroids, Muscle Relaxants and Anti-spastic drugs, Non-steroidal Anti-inflammatory drugs (NSAIDs), Anti-depressants, Anticonvulsants, and Others), by Application (Autonomic Dysreflexia (AD), Spasticity & Inflammation, Pain Management, and Depression), by Route of Administration (Oral and Intravenous), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

To know the latest trends and insights prevalent in the Global Spinal Cord Injury Therapeutics Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/spinal-cord-injury-therapeutics-market-4305

Increasing approval of products for the treatment of spinal cord injury by market players is expected to drive the market growth. For instance, in December 2018, Zydus Cadila, a pharmaceutical company, announced that they received the U.S. Food Drug and Administration approval for Pregabalin Capsules for the treatment of neuropathic pain associated with spinal cord injury.

Key Takeaways of the Global Spinal Cord Injury Therapeutics Market:

• The global spinal cord injury therapeutics market is expected to exhibit a CAGR of 5.1% over the forecast period, owing to increasing adoption of inorganic growth strategies by market players such as acquisitions and agreements. For instance, in February 2021, Lineage Cell Therapeutics, Inc., a biotechnology company announced the agreement with Neurgain Technologies, Inc. (Neurgain), a medical device company. Under the terms of agreements Lineage Cell Therapeutics, Inc., and Neurgain Technologies, Inc. will collaborate for clinical testing of Neurgain’s novel Parenchymal Delivery Injection (PDI) system with OPC1 for the treatment of spinal cord injury.
• Among injury type, complete spinal cord injury segment is expected to account for the largest market share in 2021. The increasing prevalence of car accidents, falls, and sports injuries is expected to drive the segment growth. For instance, according to a study published by World Health Organization (WHO) in 2013, globally around 250,000-500,000 people suffer from a spinal cord injury (SCI) every year and the majority of injuries are due to road accident, falls or violence.
• Key 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.