Degenerative Disc Disease Treatment Market Size to USD 45.92 billion by 2029
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.”
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Segments:
Novel Therapies Segment 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.
Report Coverage:
The report presents a systematic study of the market segments and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the degenerative disc disease treatment market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
Drivers and Restraints:
Increasing R&D Investments for Innovative Drugs and Therapies to Propel the Market Growth
One of the elements causing the rising demand for efficient medications and treatments for the condition is the rising prevalence of degenerative disc disease in the general population. This is causing industry companies and research institutions to concentrate more on creating and introducing cutting-edge medicines for the condition’s treatment.
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Regional Insights:
North America to Dominate Stoked by Surging Occurrence of Chronic Diseases
In 2021, North America held the largest degenerative disc disease treatment market share and the size was USD 9.55 billion. During the projection period, the region is anticipated to expand at a faster CAGR. Some of the factors anticipated to boost market expansion during the forecast period include the rising prevalence and diagnosis rate of chronic back pain caused by degenerative disc disease among the populace in nations such as the U.K., Germany, and others.
On the other hand, the Asia Pacific market is predicted to experience the greatest CAGR over the course of the forecast period due to the region’s rising prevalence of chronic low back pain diagnoses, which is increasing the demand for the drugs used to treat the condition.
Competitive Landscape:
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market for degenerative disc disease treatment and its target audience.
Key Industry Development:
December 2021: To diversify its pharmaceutical line, Teva Pharmaceutical Industries Ltd. introduced Ibuprofen 800 mg tablets in the U.S., a generic version of Duexis that is approved for pain relief.
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)
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