The global chronic brain damage management industry growth 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 global Chronic Brain Damage Management Market is anticipated to reach a market size of US$ 0.9 Billion in 2023 and US$ 1.77 Billion by achieving a CAGR of 7% from 2023 to 2033. From 2018 to 2022, the market for managing chronic brain damage experienced a CAGR of 3.5%.
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 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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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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