The global market for Chronic Brain Damage Management is experiencing significant growth due to a range of factors, including increasing prevalence of chronic brain injuries and neurological disorders, advancements in technology, and rising healthcare spending. A report published by Future Market Insights predicts that the market will grow at a compound annual growth rate (CAGR) of 7% from 2023 to 2033, reaching a value of US$ 1.77 Billion by the end of the forecast period.
Chronic brain damage, which includes conditions such as stroke, traumatic brain injury, and cerebral palsy, is a leading cause of disability and death worldwide. The rising prevalence of these conditions is expected to drive the demand for chronic brain damage management in the coming years. According to the World Health Organization, approximately 15 million people suffer a stroke each year, and traumatic brain injury affects an estimated 69 million people annually.
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Advancements in technology are also contributing to the growth of the chronic brain damage management market. New treatment options, such as neurostimulation therapy and stem cell therapy, are being developed and gaining popularity due to their effectiveness and minimal invasiveness. Additionally, the use of telemedicine and remote monitoring is making it easier for patients with chronic brain damage to receive specialized care, regardless of their location.
Rising healthcare spending is another factor driving the growth of the chronic brain damage management market. Governments in many countries are increasing their healthcare budgets to improve infrastructure and expand access to specialized care for chronic brain damage. This is creating opportunities for healthcare providers to expand their services in the market and attract patients.
Key Takeaways from the Market Study
- The Chronic Brain Damage Management market expanded at a CAGR of 3.5% from 2018 to 2022.
- The market for managing chronic brain damage is anticipated to expand at a 7% CAGR from 2023 to 2033.
- The market for managing chronic brain damage is anticipated to reach US$ 1.77 billion by 2033.
- The hospital sector holds the biggest market share, per the FMI research.
- For the Chronic Brain Damage Management market, North America is predicted to have a 40% market share.
- With a share of 20% throughout the projection period, it is expected that the East & South Asia market would grow considerably.
“A series of international level collaborations involving healthcare stakeholders across various institutional settings are fuelling further clinical trials and research studies dedicated to discovering Chronic Brain Damage Management.” says an FMI analyst
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Market Competition
Key players in the market include companies such as NeuroVive Pharmaceutical AB, TEVA Pharmaceutical Industries Ltd., Integra LifeSciences Corporation, Medtronic PLC, Neuren Pharmaceuticals Ltd., Johnson & Johnson Services Inc., Smith & Nephew, Stryker, B.Braun Melsungen AG, Neural Analytics, Inc., along with healthcare providers and technology companies among other global players.
- In August 2022, a study revealed that Abbott’s blood test for concussion has the potential to predict outcomes from brain injury and inform treatment interventions. The test measures levels of two biomarkers, Glial Fibrillary Acidic Protein (GFAP) and Ubiquitin carboxy-terminal Hydrolase L1 (UCH-L1), in blood plasma within 24 hours of injury. High levels of GFAP and UCH-L1 were found to correlate with death and severe injury, and the test could accurately predict such outcomes six months after the injury. The study suggests that clinicians could use this test to get a more accurate picture of the severity of the injury and the expected course of recovery, enabling them to provide the best care for patients. Abbott is currently seeking FDA clearance for its TBI test on Alinity i and ARCHITECT core laboratory instruments, and the test is already CE Marked and available outside the US.
More Insights Available
FMI, in its new offering, presents an unbiased analysis of the global Chronic Brain Damage Management market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
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Key Segments Profiled in the Chronic Brain Damage Management Industry Survey
Diagnosis:
- Imaging studies
- Blood tests
- Brain evaluations
Treatment Type:
- Occupational therapy
- Physical therapy
- Psychotherapy
- Speech or language therapy
End- User:
- Hospitals
- Neurology Clinics
- Independent Pharmacies
About the Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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