by Spinal cord injury refers to damage to the spinal cord that results in loss of function such as mobility or feeling. It often causes significant disability including paralysis. Spinal cord injuries can occur as a result of vehicle accidents, falls, sports injuries, or violence. Currently, there is no cure for spinal cord injuries and the available treatment options are limited to pain management and physical therapy. However, increasing research and development activities are exploring new treatment avenues such as stem cell therapy, tissue engineering, pharmacological interventions, and medical devices. For instance, stem cell therapy aims to help regenerate damaged spinal cord tissues and neurons using stem cells from various sources like embryonic stem cells or induced pluripotent stem cells.
The global spinal cord injury therapeutics market is estimated to be valued at US$ 1.5 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One key driver for the growth of the spinal cord injury therapeutics market is increasing research and development activities in this field. Government support in the form of funding and regulatory approvals has encouraged pharmaceutical and biotechnology companies to intensify research in developing advanced treatment solutions. For example, Stemson Therapeutics received approval from the FDA in 2021 to initiate clinical trials of its stem cell therapy candidate STMN1 for the treatment of acute spinal cord injuries. Similarly, Novo Nordisk received approval for phase 3 clinical trials of Semapimod, a drug molecule under development for treating chronic spinal cord injury. Such continued research focus on novel therapeutic approaches will aid the market growth over the forecast period.
Another driver is the large patient pool undergoing physical therapy and rehabilitation following spinal cord injuries. Even though there is no permanent cure available as of now, hospitals and clinics provide physiotherapy, occupational therapy, counselling, and assistive devices to help patients manage mobility, bladder and bowel dysfunction, pain, and mental health issues post-injury. This sustains the demand for existing therapeutic options and clinical management.
SWOT Analysis
Strength: The spinal cord injury therapeutics market has witnessed significant research and development activities in past decades. New drugs and devices in the pipeline offers hopes of treating spinal cord injuries. Focused efforts are being made to develop regenerative therapies that could repair damaged spinal cords.
Weakness: Treatment options for spinal cord injuries are still very limited. Complete recovery from severe spinal cord injuries remains an enormous challenge. The complexity and variability of spinal cord injuries makes it difficult to develop universal treatment solutions.
Opportunity: Rising incidence of spinal cord injuries worldwide points to the need for more effective therapeutic solutions. Advanced cell therapies and gene therapies hold promise for developing cures. Growing support for spinal cord injury research in terms of funding and collaborations can help unlock new opportunities.
Threats: Developing safe and effective regenerative therapies for the spinal cord requires extensive research spanning several years. Failure of drug candidates in late stages of clinical trials could delay commercial availability. Stringent regulatory norms may slow market entry of novel treatment paradigms.
Key Takeaways
The Global Spinal Cord Injury Therapeutics Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global spinal cord injury therapeutics market is estimated to be valued at US$ 1.5 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to emerge as the fastest growing as well as dominating regional market. Countries like China, India and Japan are anticipated to drive the growth owing to rising incidence of spinal cord injuries, growing healthcare expenditure and presence of major market players.
Key players operating in the spinal cord injury therapeutics market are Asterias Biotherapeutics, Axolotl Biotech, KNJ Innovations, AB Science, InVivo Therapeutics, BioArctic, ReNetX Bio, Pharmicell, BioAxone Biosciences and Netcell Therapeutics. Among these Asterias Biotherapeutics and Axolotl Biotech are actively researching stem cell therapies for spinal cord regeneration. AB Science is conducting phase 3 clinical trials of drug candidates for neuroprotection and neurorepair post spinal cord injuries.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
