Spinal Cord Injury Market Report and Forecast 2024-2032

Spinal Cord Injury Market Outlook

The spinal cord injury market size was valued at USD 7215.83 million in 2023, driven by the increasing incidence of road accidents and increasing treatment enhancements across the 7 major markets. The market size is anticipated to grow at a CAGR of 5.4% during the forecast period of 2024-2032 to achieve a value of USD 11574.5 million by 2032.

Spinal Cord Injury: Introduction

A spinal cord injury is considered, hurt, or damage to any part of the spinal cord. It also can include damage to nerves at the end of the spinal cord, known as the cauda equina. The spinal cord is responsible for sending and receiving signals between the brain and the rest of the body. A spinal cord injury often causes permanent changes in strength, feeling, and other body functions.

Spinal Cord Injury Market Analysis

The market for spinal cord injury is witnessing significant advancements in medical technology and innovative approaches that hold promising potential for restoring spinal cord function and improving the lives of individuals with spinal cord injuries. Techniques like electrical stimulation are emerging as transformative solutions for promoting tissue regrowth.

Along with these technological innovations, research initiatives are contributing to the market growth. For instance, scientists at the University of Sydney have been sponsored by a USD 1.7 million grant from NSW Health to explore a novel treatment for chronic pain associated with spinal cord injuries. This research has been conducted in partnership with the Lambert Initiative for Cannabinoid Therapeutics which focuses on investigating the safety and efficacy of cannabidiol (CBD), a non-intoxicating component of cannabis, in alleviating neuropathic pain in individuals with spinal cord injuries. Such expanded mindsets about researching the full potential of elements such as cannabis exhibit the dedication of researchers towards finding an effective solution for the patients, bolstering the spinal cord injury market growth.

Additionally, studies from the Institute of Psychiatry, Psychology & Neuroscience at King's College London highlight the safety and tolerability of a new drug, KCL-286, designed to activate retinoic acid receptor beta (RARb) in the spine to promote recovery after spinal cord injury. Furthermore, a clinical trial led by a renowned pharmacologist at the University of Houston has also demonstrated the promising effectiveness of the drug Riluzole in improving functionality for people with acute spinal cord injuries if administered within 12 hours post-injury. These advancements underscore a positive trend in the spinal cord injury research and treatment market, with potential new therapies and interventions contributing to the market development. The growing focus on innovative solutions, backed by encouraging results from clinical trials, is likely to drive the spinal cord injury market demand as these developments offer hope for improved outcomes and quality of life for individuals with spinal cord injuries.

Spinal Cord Injury Market Segmentations

Market Breakup by Injury Type

• Complete Spinal Cord Injury

• Incomplete Spinal Cord Injury

Market Breakup by Treatment Type

• Corticosteroid

• Surgery

• Spinal Traction

Market Breakup by End User

• Hospitals

• Clinics

• Others

Market Breakup by Region

• United States

• EU-4 and the United Kingdom
  • Germany
  • France
  • Italy
  • Spain

• Japan

Spinal Cord Injury Market Overview

The spinal cord injury market demand is driven by a significant patient population, with an estimated 250,000 to 500,000 individuals experiencing spinal cord injuries annually, predominantly attributable to preventable causes like violence and motor vehicle accidents. This high incidence serves as a key driver propelling market growth. Major players in the industry are contributing to advancements through innovative devices for spinal cord injury treatment, fostering increased accessibility and improved patient outcomes. The market is further influenced by a surge in approvals and the development of novel drugs tailored for treating spinal cord injuries. The growing number of clinical trials and research and development activities underscore a commitment to exploring and introducing new therapeutic options, bolstering the spinal cord injury market growth.

Geographically, North America stands at the forefront of the market, driven by the increased adoption of innovative technologies in device development and utilization. Government initiatives in the region, focusing on enhancing emergency care and overall healthcare facilities to ensure prompt treatment for spinal cord injuries, are pivotal factors contributing to the market's progress. As the market witnesses a rise in technological innovations, drug approvals, and research endeavors, it is expected to experience substantial growth, offering hope for enhanced treatment options and improved quality of life for those affected by spinal cord injuries.

Spinal Cord Injury Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Novartis AG

• Tenax Therapeutics

• Accure Pharma

• Acorda Therapeutics

• Asterias Biotherapeutics

• ReNetX Bio.

• BioArctic AB

• BioTime, Inc

• InVivo Therapeutics

• Kringle Pharma

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report