Pune, India, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Global Degenerative Disc Disease Treatment Market Size was valued at USD 26.05 billion in 2021 and is projected to grow from USD 45.92 billion by 2029 exhibiting a CAGR of 7.4% during forecast period. The Increasing R&D Investments for Innovative Drugs and Therapies to Propel the Market Growth
This information is provided by Fortune Business Insights™ in its research report titled Degenerative Disc Disease Treatment Market, 2022-2029.
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.
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Key Takeaways –
- Degenerative Disc Disease Treatment Market size in North America was USD 9.55 billion in 2021.
- Growing Prevalence of Degenerative Disc Disease Among Population to Fuel Demand for Drugs in the Market
- Increasing R&D Investments for Innovative Drugs and Therapies to Propel the Market Growth
- The conventional drugs segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured 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)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.4% |
| 2029 Value Projection | USD 45.92 Billion |
| Base Year | 2022 |
| Degenerative Disc Disease Treatment Market Size in 2021 | USD 26.05 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 102 |
| Segments covered | Type and Geography |
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Drivers & 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.
Segmentation:
By Type
- Conventional Drugs
- Non-steroidal Anti-inflammatory Drugs (NSAIDs)
- Corticosteroids
- Opioids
- Others
- Novel Therapies
- Cell Therapy
- Platelet Rich Plasma (PRP)
- Others
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.
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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.
FAQs
How big is the Degenerative Disc Disease Treatment Market?
Degenerative Disc Disease Treatment Market size was USD 26.05 billion in 2021. It is expected to reach USD 45.92 billion in 2029.
How fast is the Degenerative Disc Disease Treatment Market growing?
The Degenerative Disc Disease Treatment Market will exhibit a CAGR of 7.4% during the forecast period, 2022-2029.
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