Pune, India, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The global degenerative disc disease treatment market size was USD 26.05 billion in 2021. The market is projected to grow from USD 27.87 billion in 2022 to USD 45.92 billion by 2029, exhibiting a CAGR of 7.4% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, "Degenerative Disc Disease Treatment Market, 2022-2029."
Key Industry Development:
- In an effort to diversify its product line, Pfizer Inc. purchased Arena, a company in the clinical stages of developing cutting-edge potential therapies for the treatment of immuno-inflammatory diseases.
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Drivers and Restraints:
Growing Prevalence of Degenerative Disc Disease Among Population to Fuel Demand for Drugs in the Market
A significant element contributing to the increase in patient population is the rising prevalence of degenerative disc disease among people worldwide, especially among the elderly. Increased demand for medications and treatments is the result of this. Degenerative disc disease has a sizable patient population due to the rising geriatric population around the world and the incidence of age-related disorders among the elderly. Therefore, increasing demand for medications and therapies for the ailment is predicted to drive the market for treatment of degenerative disc disease during the forecast period.
Key Takeaways For Degenerative Disc Disease Treatment Market :
- The North American market was valued at US$9.55 billion and accounted for the majority of the market for the treatment of degenerative disc diseases in 2021.
- By Type, the market is segmented into conventional drugs and novel therapies in Degenerative Disc Disease Treatment
- Increased prevalence of degenerative disc disease in the population to fuel drug demand in the marketplace.
- Pfizer Inc. recorded a growth of approximately 7.5% in revenue for Medrol in 2021 and generated USD 432.0 million compared to the previous year.
Report Coverage:
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the degenerative disc disease treatment market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for product in the near future.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
https://www.fortunebusinessinsights.com/degenerative-disc-disease-treatment-market-107102
COVID-19 Impacts:
Disturbance in the Demand and Supply Chain Slowed the Growth Amid COVID-19
COVID-19 had a little effect on market growth during the anticipated term. One of the main causes of the slower market growth during the pandemic is the temporary closure of orthopedic clinics and the increased attention of healthcare providers on COVID-19 patients. COVID-19 limits also caused a minor interruption in the supply chain for the market participants, which decreased their sales of painkiller-related products.
Segments:
Novel Therapies are Projected to Register Comparatively Higher Growth Owing to Rising R&D Activities by the Market Players
On the basis of type, the market is segmented into conventional drugs and novel therapies. The conventional drugs segment is further sub-segmented into Non-steroidal Anti-inflammatory Drugs (NSAIDs), corticosteroids, opioids, and others. The novel therapies segment is further sub-segmented into cell therapy, Platelet Rich Plasma (PRP), and others. The novel therapies segment is expected to grow at a higher CAGR during the forecast period due to rising research and development activities by market players to develop innovative and effective therapies.
Geographically, the market for degenerative disc disease treatment is segregated into North America, Europe, Asia Pacific, and the rest of the world.
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Regional Insights:
North America to Lead Backed by Rising Prevalence of Chronic Diseases
In 2021, North America dominated the degenerative disc disease treatment market share and the size was estimated at USD 9.55 billion. During the projected period, a higher CAGR is anticipated for the region.
A few of the factors anticipated to spur the market expansion for degenerative disc disease treatment during the forecast period include the rising prevalence and diagnosis rate of chronic back pain caused by the disease among the populace in nations such as the U.K., Germany, and others.
On the other hand, the Asia Pacific market is anticipated to expand at the highest CAGR during the forecast period since the region is seeing an increase in the diagnosis of chronic low back pain, which is surging the demand for the medications used to treat the disease.
Competitive Landscape:
Acquisitions Initiated by Key Companies to Promote Market Growth
The leading players in the market constantly opt for efficient strategies to bolster their brand value as well as promote the global market growth of degenerative disc disease treatment. One such efficient strategy is acquiring competitive companies and further securing a profit for both the companies.
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List of Key Players Mentioned in the Report:
- Pfizer Inc. (U.S.)
- Novartis AG (Switzerland)
- Eli Lilly and Company (U.S.)
- DiscGenics, Inc. (U.S.)
- Spine BioPharma (U.S.)
- FibroGenesis (U.S.)
- Ferring B.V. (Switzerland)
Some major points from Table of Content:
- Global Degenerative Disc Disease Therapeutics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Conventional Drugs
- Non-steroidal Anti-inflammatory Drugs (NSAIDs)
- Corticosteroids
- Opioids
- Others
- Novel Therapies
- Cell Therapy
- Platelet Rich Plasma (PRP)
- Others
- Conventional Drugs
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast – By Type
- North America Degenerative Disc Disease Therapeutics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Conventional Drugs
- Non-steroidal Anti-inflammatory Drugs (NSAIDs)
- Corticosteroids
- Opioids
- Others
- Novel Therapies
- Cell Therapy
- Platelet Rich Plasma (PRP)
- Others
- Conventional Drugs
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Type
- Europe Degenerative Disc Disease Therapeutics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Conventional Drugs
- Non-steroidal Anti-inflammatory Drugs (NSAIDs)
- Corticosteroids
- Opioids
- Others
- Novel Therapies
- Cell Therapy
- Platelet Rich Plasma (PRP)
- Others
- Conventional Drugs
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- U.K
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Market Analysis, Insights and Forecast – By Type
- Asia Pacific Degenerative Disc Disease Therapeutics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Conventional Drugs
- Non-steroidal Anti-inflammatory Drugs (NSAIDs)
- Corticosteroids
- Opioids
- Others
- Novel Therapies
- Cell Therapy
- Platelet Rich Plasma (PRP)
- Others
- Conventional Drugs
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
- Market Analysis, Insights and Forecast – By Type
Toc Continued...
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