Global Statistics Representing Acute Spinal Cord Injury Market Scenario
Spinal cord injuries are the most medically complex and associated with high mortality rate. Many factors can cause these injuries such as accident, fall, violent incidence, and sudden shock or cut to spine, among others. It has been estimated that over 500,000 people suffer from spinal cord injuries (SCI) every year across the globe. Increasing FDI and shifting automobile industry in developing countries have fulfilled the dream of having a vehicle of the middle-class population. Countries like Brazil, China, and India are witnessing tremendous opportunities from the multinational and domestic automobile industry. However, automobile accidents are identified as the most common cause for spinal cord injuries. For instance, automobile accidents, falls, violence such as gunshot wounds, sport accidents, medical/surgical, and others accounted for 38.5%, 31.7%, 13.7%, 8.1%, 4.4%, and 4% respectively of all the spinal cord injuries in the U.S during 2015–2018, according to the National Spinal Cord Injury Statistical Center.
Global acute spinal cord injury market was valued at USD 5,121 million in 2018, growing at a CAGR of 4.1% during the forecast period of 2019–2026.
Research on Neuromodulation Therapies, blessing for spinal cord injuries?
Neuromodulation therapies are expected to emerge as one of the most futuristic developments in the spinal cord injury research. It has been found that neuropathic pain is the most severe problem for people having spinal cord injuries. However, stimulation is a cost-effective solution, and can also provide long term health benefits to patients along with reduced complications of the procedure. On account these benefits, spinal cord stimulation is gaining pace in the Europe and the U.S. market. For instance, in 2016, a patient underwent successful surgery at Ohio State’s Center for Neuromodulation and doctors could successfully implant a chip in his brain. The chip was configured to read brain signals and communicate through a computer on patient’s sleeve. As a result, the patient could move his hands easily.
For a better understanding of the global acute spinal cord injury market, we have segmented the market by type, diagnosis type and end user.
By type, the market is segmented into diagnosis and treatment. Treatment is accounting for the major market share. By diagnosis type, the market is divided into laboratory tests and imaging tests. Laboratory tests are expected to grow at a CAGR of 6.2%. Moreover, Imaging is highly adopted in the developing and developed regions due to its high efficiency and precision in detecting the blood clots and other injuries in the spinal cord. Ongoing technological advancements in the imaging techniques and devices, increasing disposable income in the developing countries, and a growing number of diagnostic imaging centers in the developing regions such as Asia Pacific and the Middle East are projected to fuel the demand in the coming years.
Global acute spinal cord injury market by Americas, Asia Pacific, Europe, and the Middle East and Africa.
North America is dominating the market and accounted for the highest share in the forecast period. Road accident is the leading cause of spinal cord injury in the U.S. Over 17,700 new cases of SCI occur every year. Automobile accidents are the most common cause for spinal cord injury in the U.S. in addition, several other factors can also lead to spinal cord injury. For instance, automobile accidents, falls, violence such as gunshot wounds, sport accidents, medical/surgical, and others accounted for 38.5%, 31.7%, 13.7%, 8.1%, 4.4%, and 4% respectively in the U.S during 2015–2018, according to the National Spinal Cord Injury Statistical Center. Moreover, growing aging population, which is prone to fall, and accidents also have high chances of developing SCI. In addition, many government and non-profit organizations are working towards betterment of patients. For instance, the North American Spinal Cord Injury Consortium organization supports the spinal cord injury community in terms of research, care, and cure.
Europe is second leading region in the forecast period owing to higher healthcare spending. around 10,000 incidences of spinal cord injury are reported every year in EU, the European Spinal Cord Injury Federation. With the high disposable income and strong insurance coverage, people are increasingly spending on healthcare to receive quality treatment. European countries spend a huge amount on healthcare facilities. In 2016, health care expenditure, as a percentage of GDP, was highest in France 11.5%, followed by Germany 11.1 %, and Sweden 10.9 %, Eurostat.
Middle East & Africa is offering various lucrative opportunities for the market. Acute Spinal Cord Injury in Africa is one of the economically valuable sectors, as it helps in creating sustainable employment in the region. Ethiopia, Kenya, and Tanzania are the largest honey producers in the region and have a high demand from large markets like Nigeria and South Africa. Beeswax and Propolis are some other major products, which are widely used in skin care and cosmetic, shoe, furniture, and candle manufacturing industries. Additionally, Acute Spinal Cord Injury has great potential in bringing economic development to Africa and help in reducing poverty in the region. In Kenya, it is lucrative and generates a significant income, and approximately 70% of youth and 50% of women are involved in it. Low investment in beekeeping and no requirement of land are the major factors attracting youth to adopt it in a more professional manner.
Some of the prominent players in the Acute Spinal Cord Injury Market are Histocell, Mitsubishi Tanabe Pharma Corporation, Neuralstem, Inc., Acorda Therapeutics, Inc., Pfizer, BioAxone, BIOTIME, INC.
Acute Spinal Cord Injury Market Segmentation
By Diagnosis Type
By End User
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