Growing Opportunities, and Industry Dynamics in Spinal Cord Tumor Market: Major Companies 2023
Spinal Cord Tumor Market Overview Analysis
According to the USD Analytics published latest research report, the global “Spinal Cord Tumor Market” is expected to grow at a tremendous CAGR of 4.50% during the forecast period 2023-2030.
Spine cancer is a malignant tumor caused by aggressive aberrant cell growth in the spinal canal or vertebrae. This kind of tumor has the potential to spread to the vertebrae of the spine and have a substantial effect on the brain. Tumors of the spinal cord and vertebrae may be malignant or benign, but both can cause disability and even death. A spinal tumor patient may have pain, neurological issues, and permanent disability. Treatment for spinal tumors varies based on the tumor’s shape and location, as well as any other severe health conditions that may be present. Spinal tumor treatment methods range from basic observation and monitoring to surgical excision.
Market Drivers:
SRS (stereotactic spine radiosurgery) is a non-invasive therapy for malignant and benign spine diseases. It uses radiation delivery technology to provide a high radiation dose to the tumor (s). SRS employs narrow radiation beams to precisely target cancer, boosting radiation dosage to the tumor while minimizing exposure to nearby normal tissue. This highly tailored radiation dosage commonly achieves pain alleviation and tumor management. One outpatient session may be enough for therapy. Furthermore, stereotactic spine radiosurgery needs almost little recovery time and often leads to quick pain relief, which may considerably enhance functioning. As a result of the above observations, the market is predicted to drive throughout the forecast period.
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Market Restraints:
The market will likely be hampered by factors such as the high cost of treating spinal cord tumors connected with their products, limited access to critical healthcare facilities, and less effective targeted therapies over the forecast period.
Market Opportunities:
Furthermore, pharmaceutical firms’ aggressive research & development initiatives to produce innovative therapies would enhance new market growth prospects. Moreover, increased tumor awareness, favorable reimbursement policies, and government support for regulatory clearance will drive the future growth rate of the spinal cord tumor market.
Covid-19 Impact Analysis:
The pandemic of COVID-19 has had a modest effect on healthcare systems and the economy. Cancer patients are at a greater risk of complications. This is because cancer and its treatment may weaken your immune system. The immune system protects your body against viruses, such as coronavirus, that might cause disease and infection. Strict triage prioritizes emergency radiation for spinal cord compression, bleeding, bone fractures, and chemotherapy for rapidly developing but curable illnesses such as germ cell tumors and trophoblastic sickness. Because of the scarcity of comprehensive cancer institutions, many patients could not travel for treatment. For example, Ghana’s preventive, diagnostic, oncologic, and supportive services were shut down for the first six weeks of April 2020. Open a glossary item to reduce your capacity to battle sickness.
Furthermore, many patients stay away due to fear, knowledge gaps, complementary and alternative treatment usage, financial challenges from lost income, and decreased support from family, friends, and churches. Some people returned with advanced sickness and reduced quality of life. Due to moving work among limited personnel and adherence to COVID-19 protocols, clinic wait times have risen, causing greater patient misery and staff fatigue. As a result of the above assertions, the market has been impacted, and it is anticipated to recover traction swiftly with the restart of economic operations.
Recent Industry Developments:
- In November 2020, The SOLO ALIF Stand-Alone Cage system, developed by Aurora Spine Corporation, is a stand-alone device implanted through a single incision, resulting in less trauma for the patient and a shorter surgery time.
Spinal Cord Tumor Market Segmentation Analysis:
As per the research analysis, the global spinal cord tumor market is segmented by type into intradural-extramedullary, intramedullary, and extradural; by diagnosis into spinal magnetic resonance imaging (MRI), computerized tomography (CT), biopsy, and others; by treatment into chemotherapy, radiation therapy, surgery, and others; by route of administration into oral, parenteral, others; by end-user into hospitals, homecare, specialty clinics, and others; and by distribution channel into hospital pharmacy, online pharmacy, and retail pharmacy.
The surgical segment was projected to dominate. It is routinely used to remove malignancies without injuring the spinal cord or nerves. Neurosurgeons may now address previously thought-to-be inaccessible tumors because of newer methods and equipment. High-powered microscopes used in microsurgery make distinguishing cancer from healthy tissue simpler. Doctors may also monitor the function of the spinal cord and other vital nerves during surgery, lowering the chance of harm. Very high-frequency sound waves are used during surgery to break up tumors and remove the pieces. Radiofrequency ablation, for example, is a minimally invasive non-surgical procedure for nonresectable spine tumors. Ablation, which includes cryoablation and microwave ablation, is used to treat at least part of a tumor and provide tumor control.
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Geographical Analysis:
The global spinal cord tumor market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Spinal Cord Tumor Market
North America had the most significant revenue share. The high prevalence of spinal cord tumors, advancements in tumor diagnosis, well-established clinical facilities, progress in tumor treatment, clinical trials conducted for treatment, and product launches by market players in the region are some of the factors expected to drive the market during the forecast period. For example, central nervous system cancers (tumors in the brain or spinal cord) afflict 359,000 persons in the United States, according to the National Institute of Neurological Disorders and Stroke. According to the American Association of Neurological Surgeons (AANS), 85 to 90% occur in the brain.
Competitive Landscape:
The major companies included in the global spinal cord tumor market are Pfizer Inc., Bristol-Myers Squibb Company, Baxter, Teva Pharmaceuticals USA, Inc., Horizon Pharma USA, Inc., Jubilant Cadista Pharmaceuticals Inc., Purdue Pharma L.P., Eli Lilly and Company, Novartis.
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