U.S. Degenerative Disc Disease Treatment Market, by Treatment (Epidural Steroid Injections, Narcotics (Morphine, Methadone Hydrochloride, Codeine, Hydrocodone, Tramodol, Oxycodone, and Others), Orthobiologics (Includes Biomolecular/Gene Therapy, Cell-based Therapy, and Tissue-engineered Products) Phase I, Phase II, and Phase III), by Disease Indication (Early Stage, Mid Stage, and Late Stage), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) is estimated to have 2.644 Mn patients in 2021 and expected to exhibit a CAGR of 5.9% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Robust product pipeline for the treatment of degenerative disc disease which are estimated to launch during the forecast period is expected to drive the growth of the U.S. degenerative disc disease treatment market over the forecast period. For instance, in March 2021, BioRestorative Therapies, a biotechnology company, initiated a phase II clinical trial study of BRTX 100 for patients with chronic Lumbar Disc Disease (cLDD). The study is estimated to complete by August 31, 2023.
U.S. Degenerative Disc Disease Treatment Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic caused major disruptions to clinical trial execution in the U.S., impacting key stakeholders across the industry. Investigative site capabilities experienced upheaval, driven by staff furloughs, social-distancing protocols, financial losses, and concerns over patient’s safety. Sponsors, Contract Research Organization, 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 study suggests that investigative sites demonstrated flexibility and ingenuity in adopting new approaches in order to cope with challenges presented by the COVID-19, with over half of investigative sites transitioning to virtual approaches to interact with patients. More recently, follow-up studies performed in August 2020, have identified persistent impact of COVID-19, with over 60% reporting an 'average' or greater level of impact on ongoing trials and initiation of new trials. Respondents specifically highlighted challenges in patient enrollment and recruitment. Recently, the U.S. Food and Drug Administration (FDA) guidance (March 2020 and updated July 2020) acknowledged that the impact of COVID-19 may require companies conducting clinical trials to consider virtual patient visits or put new processes in place regarding their current protocols. Therefore, there are now more opportunities for using remote healthcare including conducting virtual or decentralized trials, site-less clinical trials, and use of other non-traditional approaches that do not involve in-person visits. Furthermore, key players operating in the market during the pandemic are focusing on adoption of inorganic growth strategies such as acquisition, collaboration, and organic growth strategies such as investment and funding in order to continue their extensive research and development activities during pandemic for the development of novel therapeutics for the patients suffering from degenerative disc disease. For instance, in April 2021, Spine BioPharma, LLC, a biopharmaceutical company, announced a US$ 3 million investment by Pacira Biosciences, a pharmaceutical company, in the form of a convertible note. The investment will support the further development of Remedisc, a first-in-class therapeutic for the treatment of degenerative disc disease.
Browse 6 Market Data Tables and 16 Figures spread through 179 Pages and in-depth TOC on “U.S. Degenerative Disc Disease Treatment Market”- Forecast to 2028, U.S. Degenerative Disc Disease Treatment Market, by Treatment (Epidural Steroid Injections, Narcotics (Morphine, Methadone Hydrochloride, Codeine, Hydrocodone, Tramodol, Oxycodone, and Others), Orthobiologics (Includes Biomolecular/gene Therapy, Cell-based Therapy, and Tissue-engineered Products) Phase I, Phase II, and Phase III), by Disease Indication (Early Stage, Mid Stage, and Late Stage), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies)
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Moreover, key players in the market focusing on growth strategies such as product approvals, which is expected to drive the market growth over the forecast period. For instance, in February 2017, BioRestorative Therapies Inc., a biopharmaceutical company, announced that it had received clearance by the U.S. Food and Drug Administration (FDA) to commence a Phase II clinical trial using its lead cell therapy candidate, BRTX-100, to treat chronic lower back pain due to degenerative disc disease related to protruding/bulging discs
Key Takeaways of the U.S. Degenerative Disc Disease Treatment Market: