by The Traumatic Brain Injury Therapeutics Market is estimated to be valued at US$ 3.03 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Traumatic brain injury occurs due to a external force such as fall, road accidents or sports injuries causing damage to the brain. Mild TBI is known as concussion, moderate causes temporary disorientation and severe causes long-term impairments. Common symptoms include headache, dizziness, fatigue, mood swings, memory problems etc. The therapeutics include drugs to reduce inflammation, prevent epileptic seizures, treat mood and behavioural issues.
Market Dynamics:
One of the key drivers for the market growth is rising incidence of road accidents. According to the World Health Organization, road traffic injuries claim around 1.35 million lives each year globally. Falling lifestyle diseases are also major cause of TBIs. The growing awareness about post-concussion syndrome and long term effects of mild TBI is encouraging people to seek treatment. Research in drug development for cognitive impairment is also fuelling the market growth. However, high treatment cost and lack of FDA approved drugs for moderate to severe TBI are key challenges for the market.
Segment Analysis:
The traumatic brain injury therapeutics market is dominated by the medication segment which accounts for around 60% share of the overall market. Being the most effective form of treatment, medication ensures proper management of symptoms and prevention of secondary injuries post the primary trauma. Some of the commonly prescribed medications include analgesics, anti-epileptics, anti-anxiety and antidepressants.
PEST Analysis:
- Political: The government focuses on patient safety and accessibility of therapeutics. Reimbursement policies favor innovation to address unmet needs.
- Economic: The rising incidence of road accidents and brain injuries boosts market growth. However, high treatment costs remain a concern.
- Social: Growing awareness about head injury management and support from patient communities aid early intervention and adherence to treatment.
- Technological: use of biomarkers, diagnostic imaging techniques and rehabilitation devices aid effective clinical management and improve outcomes. Telehealth sees increased adoption.
Key Takeaways:
The Global Traumatic Brain Injury Therapeutics Market Growth is expected to witness high, exhibiting CAGR of 8.4% over the forecast period, due to increasing road traffic accidents globally.
The North American region dominates the market owing to the strong presence of leading pharmaceutical companies and advanced healthcare infrastructure. The Asia Pacific region is anticipated to be the fastest growing market due to rising healthcare spending, growing incidence of brain injuries and evolving regulatory framework.
Key players operating in the traumatic brain injury therapeutics market are AbbVie, Lundbeck, Eisai, Pfizer, Merck & Co., Inc., Novartis, AstraZeneca, GlaxoSmithKline, Acorda Therapeutics, Ceretec. Therapies offered by these major players primarily focus on seizure prevention, management of mood and behavior issues, and rehabilitation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
