Acute Spinal Cord Injury Global Market Report 2024, Share, Growth And Trends

The acute spinal cord injury market size has grown strongly in recent years. It will grow from $6.32 billion in 2023 to $6.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to rising incidence of acute spinal cord injuries, increasing awareness of acute spinal cord injury's and their treatment options, growing demand for personalized care, rising disposable income levels, increasing government spending on asci research and development.

The acute spinal cord injury market size is expected to see strong growth in the next few years. It will grow to $8.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to emerging therapies, telemedicine adoption, patient-centric care models, increasing focus on preventive healthcare and injury prevention. Major trends in the forecast period include medical advancements, rehabilitation techniques, neuroprotection therapies, psychosocial support, advocacy and accessibility.

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Market Drivers and Trends:
Increasing numbers of road accidents are expected to propel the acute spinal cord injury market going forward. A road accident refers to an incident involving the crashing of a motor vehicle that leads to wounding or severe fatality. Accidental spinal injuries can harm the central nervous system (CNS) and disrupt the passage of nerves required for function and sensory skills. The strength of an accident's impact can cause trauma to the cervical, lumbar, or thoracic spine, damaging or severing the spinal cord and causing paralysis. For instance, in August 2022, according to the National Highway Traffic Safety Administration, a US-based government agency, 9,560 individuals died in traffic accidents in the first quarter of 2022, an increase of 7% compared to the 8,935 fatalities for the same period in 2021. Therefore, an increase in road accidents drives the growth of the acute spinal cord injury market.

Major companies operating in the acute spinal cord injury market are focusing on developing innovative drugs to treat their customers and sustain their position in the market. The development of new drugs such as, LYVISPAH can improve treatment outcomes for patients with using combination therapy. For instance, in July 2022, Amneal Pharmaceuticals, a US-based pharmaceutical company, launched LYVISPAH, a baclofen oral granule (5, 10 and 20 mg) approved by the U.S. Food and Drug Administration (FDA) for the treatment of spasticity that is related to multiple sclerosis and other spinal cord disorders. LYVISPAH treats and relieves flexor spasms and associated pain, clones and muscular rigidity. It provides flexible, tailored dosage with single-dose packages of granules in doses of 5 mg, 10 mg and 20 mg and is bioequivalent to oral baclofen tablets. Patients with spinal cord injuries and other spinal cord diseases may also benefit from using LYVISPAH.

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Major Key Players of the Market:
Pfizer Inc., AbbVie Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Biogen Inc., Vertex Pharmaceuticals Inc., Mitsubishi Tanabe Pharma Corporation, Stanford Health Care, BioMarin Pharmaceutical Inc., Neuralstem Inc., Kennedy Krieger Institute, Acorda Therapeutics Inc., Craig Hospital, Omeros Corporation, Lineage Cell Therapeutics Inc., Pharmazz Inc., Asterias Biotherapeutics Inc., Histocell S.L., Athersys Inc., ReNetX Bio, Kringle Pharma Inc., BioArctic AB, BioAxone BioSciences Inc., InVivo Therapeutics Holdings Corp, Geron Corporation, Neuronax SA, Tenax Therapeutics, Eusol Biotech Co. Ltd.

Acute Spinal Cord Injury Market 2024 Key Insights:
• The Acute Spinal Cord Injury Market is expected to grow to$8.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Rising Road Accidents Fuel Growth In The Acute Spinal Cord Injury Market
• Innovation In Precision Treatment For Unique Medical Needs
• North America was the largest region in the acute spinal cord injury market in 2023.

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