SPINAL CORD INJURY THERAPEUTICS MARKET ANALYSIS

The global spinal cord injury therapeutics market is estimated to be valued at US$ 7.4 billion in 2023 and is expected to exhibit a CAGR of 5.4% during the forecast period (2023-2030).

Analysts’ Views on the Global Spinal Cord Injury Therapeutics Market:

Spinal cord injuries are the injuries caused to the 31 pairs of spinal nerves, which carry nerve signals from the 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 tumors 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, in 2020, according to the National Center for Spinal Cord Injury Statistical Center, the annual incidence of spinal cord injuries is approximately 54 cases in a million population.

Figure 1. Global Spinal Cord Injury Therapeutics Market Share (%), By Indication, 2023

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Global Spinal Cord Injury Therapeutics Market - Drivers

• Increasing incidence of orthopedic disorders and dysfunctions: The increasing incidences of orthopedic disorders and dysfunctions is expected to propel the growth of the global spinal cord injury therapeutics market over the forecast period. For instance, an article published in the National Center for Biotechnology Information (NCBI) Journal in September 2022 reported that the age-standardized point prevalence and annual incidence rates of orthopedic disorders and dysfunctions were 446.6 and 24.9 in 2021, which increased by 12.4% and 9.9% from 2010 around 7,522 cartilage restoration procedures which have been reported by the surgeons in the U.S.
• Robust pipeline for the treatment of spinal cord injuries: The robust product pipeline for the treatment of spinal cord injuries that 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 completed on September 30, 2022. Furthermore, in June 2020, the U.S. Food and Drug Administration (FDA) granted breakthrough designation to Go-2 targeted epidural spinal stimulation system indicated to promote leg monitor.

Figure 2. Global Spinal Cord Injury Therapeutics Market Share (%), By Region, 2023

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Global Spinal Cord Injury Therapeutics Market - Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global spinal cord injury therapeutics market over the forecast period. North America is estimated to hold 33.5% of the market share in 2023. The global spinal cord injury therapeutics market is expected to witness significant growth in the coming years, driven by the high prevalence of trauma injury cases, favorable health reimbursement, and increased awareness. The increasing prevalence of neurological disorders is contributing to the growth of the spinal cord injury therapeutics market in the North America region. For instance, according to the American Neurological Association (ANA), in March 2021, neurological diseases affect around 100 billion people in the U.S. This significant number of patients with a neurological disorder is expected to increase the number of neurosurgeries in the U.S., thereby driving the demand for spinal cord injury therapeutics in the U.S.

Global Spinal Cord Injury Therapeutics Market - Impact of Coronavirus (COVID-19) Pandemic

• Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization (WHO) declared it a public health emergency on January 30, 2020.
• COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems related to the transportation of commodities from one place to another.
• However, the COVID-19 pandemic had a negative impact on the global spinal cord injury therapeutics market owing to reduction in the bed and operating room capacity, which further led to considerable delays in urgent and semi-elective surgical interventions. According to an American College of Surgeons (ACSs) 2021 report, the nature of surgery and anesthesia practices changed during the COVID-19 pandemic as the most elective and non-urgent cases were postponed. 

Global Spinal Cord Injury Therapeutics Market Segmentation:

The global spinal cord injury therapeutics market report is segmented based on drug type, indication, application, route of administration, distribution channel, and region.

• By drug type , the market is segmented into corticosteroids, muscle relaxants and anti-spastic drugs, non-steroidal anti-inflammatory drugs, anti-depressants, anticonvulsants, and others. Out of which, corticosteroids is expected to hold a dominant position in the global spinal cord injury therapeutics market during the forecast period owing to growing product approvals.
• By indication, the market is segmented into complete spinal cord injury and incomplete spinal cord injury. Out of which, complete spinal cord injury is expected to dominate the market over the forecast period, and this is attributed to increasing incidences associated with complete spinal cord injuries.
• By application, the market is segmented into autonomic dysreflexia (AD), spasticity and inflammation, pain management, and depression. Out of which, pain management is expected to dominate the market over the forecast period, and this is attributed to increasing approvals of drugs associated with pain management.
• By route of administration, the market is segmented into oral and intravenous. Out of which, oral is expected to dominate the market over the forecast period, and this is attributed to the maximum preference for oral administration of drugs associated with spinal cord injuries.
• By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Out of which, hospital pharmaies is expected to dominate the market over the forecast period owing to the growing number of prescriptions associated with spinal cord injuries.

Global Spinal Cord Injury Therapeutics Market - Cross Sectional Analysis:

Key players are making spinal cord injury therapeutics with advanced technologies in emerging economies, which is also expected to boost the demand for spinal cord injury therapeutics market in the North America region. For instance, on 12 September 2023, Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceuticals Industries Ltd., a biopharmaceutical company; announced 16 data presentations across its neuroscience portfoliohappening at Psych Congress on September 6-10 in Nashville. Once-daily AUSTEDO XR, a new formulation of twice-daily AUSTEDO was approved by the U.S. Food and Drug administration (FDA) in February 2023 for adults with chorea associated with Huntington’s disease (HD), and UZEDY, a long-acting formulation of risperidone for subcutaneous use, was approved by the U.S. FDA in April 2023 for adults with schizophrenia. TV-44749 is an investigational formulation of olanzapine currently being studied in adults with schizophrenia.

Global Spinal Cord Injury Therapeutics Market: Key Developments

• In July 2023, NeuroSolv Therapeutics, a Belfast, Northern Ireland and Baltimore, U.S.-based ethical business, and AscellaHealth LLC, a global healthcare & specialty pharmacy solutions company, serving patients, life sciences manufacturers, payers, and providers, partnered to expand clinical trial development programme and accelerate regulatory approval procedures to optimize the prospect of bringing Perineline to market.
• In July 2021, the U.S. Food and Drug Administration (FDA), granted Mitsubishi Tanabe Pharma Corporation, a global pharmaceutical company, fast track designation for MT-3921 from the U.S. Food and Drug Administration (FDA) for the treatment of spinal cord injury.
• In August 2023, Kaneka Corporation, a Japan-based international chemical manufacturing company; initiated a Phase I/II clinical trial of human amnion-derived mesenchymal stem cells: KA-301 (hereafter, KA-301) for acute spinal cord injury. The cell preparations used in this clinical trial were manufactured using technology developed through a development project adopted by the Japan Science and Technology Agency (JST) under the Newly extended Technology transfer Program (NexTEP).
• On September 25, 2023, NervGen Pharma Corporation, a clinical stage biotechnology company dedicated to developing innovative solutions for the treatment of nervous system damage, announced that the first subject has been dosed in the company’s landmark Phase 1b/2a proof-of-concept placebo-controlled clinical trial for its proprietary lead compound, NVG-291, in individuals with Spinal Cord Injury (SCI).
• In September 2020, Abbvie, a company focused on discovering and delivering innovative medicines for various medical conditions, announced that the U.S. Food and Drug Administration (FDA) has granted Orphan Drug and Fast Track Designations for elezanumab (ABT-555), an investigational treatment for patients following a spinal cord injury.
• Such launches and approvals are expected to propel the market’s growth during the forecast period.

Global Spinal Cord Injury Therapeutics Market: Key Trends

Introduction of spinal cord injury therapeutics with support of rehabilitation centers

Technological development over the last several decades have created new possibilities for patients with spinal cord injury, offering them various donations and milestones. For instance, in July 2023, Spaudling Rehabilitation, a rehabilitation center recently received a milestone US$ 6 million gift, it is the second largest in Spaulding Rehabilitation’s history from an anonymous donor, which will support Spaulding Rehabilitation’s commitment to improving the lives of patients with Spinal Cord Injury (SCI).

Global Spinal Cord Injury Therapeutics Market: Restraint

Potential side effects of drugs used in the treatment of spinal cord injury  

• 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 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 are focusing on developing advanced products with safety and cost effectiveness, which is expected to drive the market growth over the forecast period.

Global Spinal Cord Injury Therapeutics Market - Key Players

The major players operating in the global spinal cord injury therapeutics market include Teva Pharmaceutical Industries Ltd., AbbVie Inc, Pfizer Inc., 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.

Definition: Spinal cord injury treatment involves a combination of medical interventions and rehabilitative therapies. Immediate medical care focuses on stabilizing the spine and preventing further damage. Surgical procedures may be performed to relieve pressure on the spinal cord or repair damaged structures. Rehabilitation aims to improve function, mobility, and quality of life through physical therapy, occupational therapy, and assistive devices. Ongoing research and advancements continue to explore potential therapies such as stem cell transplantation and neural prosthetics.