Global Spinal Stenosis Treatment Market - 2022-2029

Global Spinal Stenosis Treatment Market - 2022-2029

Market Overview

The Spinal Stenosis Treatment Market size was valued US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 4% during the forecast period (2022-2029).

Spinal stenosis is a disorder defined by narrowing the gaps within the narrow spinal canal, which results in compression of the spinal cord and nerve roots that pass through the canal, resulting in cramping, pain, numbness, or weakness.

Market Dynamics

Innovation of minimally invasive surgical treatments for Spinal Stenosis is expected to drive market growth.

Interspinous spacers are a new method of treating spinal stenosis that opens the spinal canal to free up space and relieve pressure on congested nerves in a targeted and gentle manner. Interspinous spacers offer several advantages over traditional fusion surgery for treating spinal stenosis. For instance, it is simple to implant the device's quarter-size under local anesthetic and moderate sedation using very little incision. The surgery can be completed as an outpatient in about 45 minutes, allowing the patient to leave on the same day. Moreover, placing the interspinous spacers doesn't require any screws or hardware because of the device's revolutionary design, which lowers the danger of infection and blood loss compared to traditional surgery. This method can securely protect the spine, its range of motion, and the tissues around it while reducing discomfort. It also makes them detachable if necessary in the future. Thus, from the above statements, the market is expected to drive in the forecast period.

Restraint:

Side effects of the drugs, high cost of the treatment and strict government restrictions on drug approval are some factors the market is expected to get hampered in the forecast period.

Industry Analysis

The spinal stenosis treatment market provides in-depth analysis of the market based on various industry factors such as supply chain analysis, reimbursement scenario, pricing analysis, etc.

COVID-19 Impact Analysis

The COVID-19 pandemic has moderately impacted healthcare systems and the market. The frequency and intensity of low back and leg pain have reportedly increased according to studies regarding self-quarantine imposed during the COVID-19 pandemic. Causes may include stress, psychological issues, and working posture during teleworking. Moreover, from May to July 2020, our outpatient department was closed to concentrate medical resources on managing COVID-19 caseloads. There was a delay in the elective surgeries for spinal stenosis. For instance, in Texas, Governor Greg Abbott signed an executive order mandating the postponement of surgeries and procedures that are not immediately medically required by all licensed healthcare facilities and licensed healthcare professions. The Texas Medical Board has issued a statement supporting Governor Abbott's executive order and passed an emergency rule that will enable the Board to act quickly by temporarily suspending licenses if healthcare professionals are discovered to violate the directive. The surgeons followed up on almost all patients with lumbar degenerative disease through telemedicine.

In contrast, the pandemic interrupts the supply chain and process. Many companies will vary to other geographic regions to ensure that products remain available and protect their supply chain. Thus, from the above statements, the market got affected, and it is expected to gain traction quickly with the resumption of economic activities.

Segment Analysis

Medications segment is expected to hold the largest market share in spinal stenosis treatment market

The medications segment is expected to dominate in 2021. The type of stenosis therapy the patient receive will depend on what is causing the symptoms, where the issue is, and how severe they are. The healthcare professional suggests some self-care solutions first if the symptoms are minor. If not doctor might advise physical therapy, medication, and surgery if these don't help and your symptoms worsen. For instance, Nonsteroidal anti-inflammatory drugs (NSAIDs), which include ibuprofen (Advil, Motrin), naproxen (Aleve), aspirin, and acetaminophen (Tylenol), can help reduce inflammation and ease discomfort associated with spinal stenosis.

Moreover, the anti-seizure drug gabapentin (Neurontin) or tricyclic antidepressants like amitriptyline (Elavil) are additional prescription drugs with pain-relieving characteristics that a healthcare provider might prescribe. Short-term pain relief may be provided by opioids like oxycodone (Oxycontin) or hydrocodone (Vicodin). They are typically recommended with caution, though, because they have the potential to develop into habits. Thus, from the above statements, the market segment is expected to hold the largest market share in the forecast period.

Geographical Analysis

North America region holds the largest market share in the global spinal stenosis treatment market

In 2021, North America accounted for the highest revenue share. The rising geriatric population, advancements in the treatment, rising health care expenditures, and an increase in the number of facilities offering spinal stenosis surgery are some factors the market is expected to boost in the forecast period. For instance, according to the Population Reference Bureau, the number of Americans 65 and older will nearly double from 52 million in 2018 to 95 million by 2060, increasing their percentage of the overall population from 16 percent to 23 percent. There is a diversity gap across generations despite the older adult population being more diverse. The racial/ethnic makeup of the population under 18 is changing more quickly than the group over 65.

Moreover, Mayoclinic doctors are conducting innovative research to advance the care of people with spinal stenosis. The research areas include using stem cell therapies (regenerative medicine) for degenerative disc disease. These stem cells decompress the spine, slow the degenerative process and relieve pain. Identifying gene markers (genomics) for spinal degeneration to help with early diagnosis and gene therapy. Thus, from the above statements, the North American region is expected to hold the largest market share in the forecast period.

Competitive Landscape

Major key players in the spinal stenosis treatment market are Bayer HealthCare, GlaxoSmithKline plc., Johnson & Johnson Consumer Inc., Pfizer Inc., Par Pharmaceutical, Purdue Pharma L.P., Abbott Laboratories, Optum Inc.

Pfizer Inc.:

Overview:

Pfizer Inc. is an American multinational pharmaceutical company that offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. It has a portfolio of over 150 products across 15 therapeutic areas. The company develops and produces medicines and vaccines for a wide range of medical disciplines, including immunology, oncology, cardiology, endocrinology, and neurology.

Product Portfolio:

NEURONTIN (gabapentin) capsules: Gabapentin (Neurontin) is a medication used to help manage epileptic seizures and relieve pain for some conditions, such as shingles (postherpetic neuralgia).

The global spinal stenosis treatment market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.