The Global Transverse Myelitis Market to Augment Significantly Owing to Increasing Awareness and Investment in R&D
The Global Transverse Myelitis Market to Augment Significantly Owing to Increasing Awareness and Investment in R&D
Blog Article
The transverse myelitis market primarily comprises products for the diagnosis and treatment of transverse myelitis, an inflammatory disorder affecting the spinal cord. Diagnostic tests for TM include MRI of the spine, lumbar puncture, and evoked potentials, while treatment includes corticosteroids and plasma exchange.
The global Transverse Myelitis Market is driven by the growing occurrence of autoimmune disorders, rising healthcare expenditure, increasing investment in research activities, and availability of various advanced treatment options.
The Global Transverse Myelitis Market is estimated to be valued at USD 710.1 Mn in 2024 and is expected to reach USD 967.3 Mn by 2031, growing at a compound annual growth rate (CAGR) of 4.23% from 2024 to 2031.
Key Takeaways
Key players operating in the transverse myelitis market are Merck KGaA, copyright Inc., F. Hoffmann-La Roche Ltd., Sanofi, Teva Pharmaceutical Industries Ltd., MediciNova, Mylan N.V., Apotex Corporation among others.
The key opportunities in the transverse myelitis market include development of novel therapeutics, increasing focus on early diagnosis, and growing healthcare infrastructure and expenditure globally.
Major players are focusing on expansion in emerging markets of Asia Pacific and Latin America. For instance, F. Hoffmann-La Roche Ltd expands its production sites in China and South Korea to cater to the growing demand.
Market Drivers
Increasing awareness regarding early diagnosis and treatment of TM acts as a key driver for the market. Various awareness campaigns by government and non-profit organizations educate people about identifying symptoms and seeking prompt medical help.
Market Restraints
High cost of branded drugs and therapies for transverse myelitis pose significant challenges. Limited treatment options especially for progressive forms of TM also restrain the market growth.
Segment Analysis
The transverse myelitis market can be segmented as primary progressive and secondary progressive. The primary progressive segment dominates the market as it accounts for more than 60% of total transverse myelitis cases. In primary progressive transverse myelitis, the spinal cord is attacked directly by the body's own immune system that creates inflammation within the spinal cord. This leads to the destruction of the myelin sheath surrounding the nerve cells in the spinal cord.
Global Analysis
North America holds the largest share in the transverse myelitis market due to the increasing prevalence of autoimmune disorders and growing research initiatives in the region. According to Multiple Sclerosis International Federation, more than 1 million people in the United States and copyright have multiple sclerosis. Increasing cases of multiple sclerosis, neuromyelitis optica spectrum disorder, and acute disseminated encephalomyelitis contribute to the market growth in the region. Europe and Asia Pacific are the fastest growing regions owing to raising awareness about myelitis and availability of advanced diagnostic and treatment options in these regions.
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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. (https://www.linkedin.com/in/ravina-pandya-1a3984191)