In a recent market analysis by Future Market Insights, the global chronic brain damage management market is projected to exhibit robust growth over the next decade. The market is anticipated to grow from a valuation of US$ 0.9 billion in 2023 to reach US$ 1.77 billion by 2033, expanding at a compound annual growth rate (CAGR) of 7%. This marks a significant increase from the previous period of 2018-2022, where the market growth was observed at a CAGR of 3.5%.
The surge in market growth is largely driven by the increasing incidence of chronic brain injuries and neurological disorders globally. Chronic brain damage, encompassing conditions such as stroke, traumatic brain injury, and cerebral palsy, continues to be a leading cause of disability and mortality worldwide. The World Health Organization reports that strokes afflict approximately 15 million people annually, while traumatic brain injuries impact an estimated 69 million individuals each year.
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Advancements in medical technology, alongside rising healthcare expenditures, are further fueling the demand for effective chronic brain damage management solutions. These developments are enhancing the quality of care and improving outcomes for patients suffering from these debilitating conditions.
As the prevalence of neurological disorders continues to rise, the need for advanced management strategies and treatments is becoming increasingly critical. The industry is responding by investing in innovative technologies and research initiatives aimed at better understanding and treating chronic brain damage.
Stakeholders in the healthcare and pharmaceutical industries, as well as policymakers, are encouraged to take note of these trends and the expanding market potential. Increased investment and focus on chronic brain damage management can contribute significantly to reducing the burden of these conditions on individuals and healthcare systems worldwide.
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 fueling 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 U.S.
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
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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