Global Spinal Cord Injury Therapeutics Market, By Drug Type (Corticosteroids, Muscle Relaxants and Anti-spastic Drugs, Non-steroidal Anti-inflammatory Drugs (NSAID’S), Anti-depressants, Anticonvulsants, and Others), By Indication (Complete Spinal Cord Injury, and Incomplete Spinal Cord Injury), By Application (Autonomic Dysreflexia (AD), Spasticity and 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$ 7.4 Billion in 2023 and is expected to exhibit a CAGR of 5.4% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies, such as the launch of new products, which will drive the global spinal cord injury therapeutic market growth. For instance, in September 2023, in order to develop biologically-guided exosome therapy (also known as "ExoTherapy") for patients with traumatic spinal cord injuries, NurExone Biologic Inc, a pharmaceutical company; recently completed a Pre-Investigational New Drug ("Pre-IND") meeting with the U.S. Food and Drug Administration ("FDA").
Global Spinal Cord Injury Therapeutics Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of commodities from one place to another.
COVID-19 had a positive impact on the global spinal cord injury therapeutic market.
Global Spinal cord injury therapeutic Market: Key Developments
In September 2023, an innovative biotech business called NervGen is focused on creating therapies that will help the nervous system heal itself after suffering damage from illness or injury. In a Phase 1b/2a clinical trial, NVG-291, the lead therapeutic candidate from NervGen, is being examined.
In July 2020, Intrathecal infusion of KP-100IT in patients with acute spinal cord injury was how Kringle Pharma started a non-randomized, multicenter, and confirmatory trial.
Browse 54 Market Data Tables and 43 Figures spread through 190 Pages and in-depth TOC on “Global Spinal Cord Injury Therapeutics Market”- Forecast to 2030, Global Spinal Cord Injury Therapeutics Market, By Drug Type (Corticosteroids, Muscle Relaxants and Anti-spastic Drugs, Non-steroidal Anti-inflammatory Drugs (NSAID’S), Anti-depressants, Anticonvulsants, and Others), By Indication (Complete Spinal Cord Injury, and Incomplete Spinal Cord Injury), By Application (Autonomic Dysreflexia (AD), Spasticity and 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 this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/spinal-cord-injury-therapeutics-market-4305
Key Takeaways of the Global Spinal Cord Injury Therapeutics Market:
- The global spinal cord injury therapeutics market is expected to exhibit a CAGR of 5.4% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global spinal cord injury therapeutics market.
- Among drug type, the coricosteroids segment is expected to hold a dominant position in the global spinal cord injury therapeutic market during the forecast period, and this is attributed to the growing clinical trials associated with spinal cord injury therapeutics treatment. For instance, on June 27, 2023, NervGen Pharma Corp, a clinical stage biotech company; announced that it had been awarded a grant of up to US$ 3.2 million from Wings for Life, a not-for-profit spinal cord injury research foundation, under the foundation's Accelerated Translational Program. The funding is to be provided in several milestone-based payments and will offset a portion of the direct costs of the upcoming Phase 1b/2a proof-of-concept clinical trial for NVG-291.
- Among region, North America is expected to be the dominant region in the global spinal cord injury therapeutics market owing to the key players focusing on organic strategies to start new product launches. For instance in April 2020, United Spinal , an association dedicated to enhancing the quality of life of all people living with spinal cord injuries and disorders (SCI/D); got a liberal award from the Craig H. Neilsen Foundation to furnish alleviation to individuals living with spinal cord wounds and problems (SCI/D) who have encountered difficulties because of the COVID-19 pandemic.
- The major players operating in the global spinal cord injury therapeutics market are 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.
