Concussion Market Size Worth $9.27Bn, Globally, by 2028 at 3.7% CAGR - Exclusive Report by The Insight Partners
Saturday, March 5, 2022
The concussion market size is expected to grow from $7.21 Bn in 2021 to $9.27 Bn by 2028. It is estimated to grow at a CAGR of 3.7% during 2021 to 2028
NEW YORK, Feb. 25, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Concussion Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Treatment and Diagnosis [Magnetic Resonance Imaging, Computed Tomography Scan, X-Rays, and Others]), End User (Hospital & Clinics, Diagnostic Centers, and Others), Geography". The concussion market growth is driven by the significant rise in road accidents, sports injuries, technological advancements and the easy availability of concussion therapies. However, the challenges and lack of awareness associated with concussion treatment hampers the market growth.
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Report Coverage
Details
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Market Size Value in US$ 7,211.89 Million in 2021
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Market Size Value by US$ 9,272.03 Million by 2028
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Growth rate CAGR of 3.7% from 2021 to 2028
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Forecast Period
2021-2028
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Base Year 2021
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No. of Pages 157
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No. Tables 84
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No. of Charts & Figures 72
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Historical data available
Yes
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Segments covered Type, End User, Geography
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Regional scope North America; Europe; Asia
Pacific; Latin America; MEA
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US, UK, Canada, Germany,
France, Italy, Australia,
Russia, China, Japan, South
Korea, Saudi Arabia, Brazil,
Country scope Argentina
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Report coverage Revenue forecast, company
ranking, competitive
landscape, growth factors,
and trends
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Concussion Market: Competition Landscape and Key Developments
The global players have implemented various inorganic developments that led to dynamic improvements in the market. Several companies are implementing organic strategies such as products launch and expansions. Inorganic growth strategies witnessed in the market were partnerships and collaborations. These growth strategies have aided the market players in expanding their businesses and enhancing their geographical presence. Additionally, growth strategies such as acquisitions and partnerships help the companies strengthen their customer base and increase the product portfolio.
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In June 2021, Nihon Kohden America announced the launch of its NK Network CareSM Service Program. This all-inclusive solution bundles critical maintenance and security systems together to help monitor, maintain and secure network systems using Nihon Kohden hardware and software.
In June 2021, InfraScan, a medical device firm specializing in traumatic brain injury diagnostic products, has announced its product development partnership with the United States Department of Defense (DoD) and The Defense Health Agency (DHA) to expand the Infrascanner device technology further.
Concussion Market: Key Insights - Impact of COVID-19 Pandemic
The Centers for Disease Control and Prevention (CDC) report states that about 800,000 children are treated with concussion-related cases at EDs in the US. Also, in 2018, there were almost 223,050 TBI or concussion-related hospitalizations and 60,611 deaths in 2019. This represents more than 610 TBI-related hospitalizations and 166-TBI or concussion-related deaths per day. Population aged 75 years and older experience the highest numbers of TBI or concussion-related hospitalizations and deaths, accounting for 32% of TBI or concussion hospitalization, representing 28% TBI or concussion-associated deaths.
Concussion Market: Segmental Overview
Based on the type, the concussion market is segmented into treatment and diagnosis. The diagnosis market is further segmented into magnetic resonance imaging, computed tomography scan, x-rays, and others. The diagnosis segment held the largest share of the market in 2021 and is expected to retain its dominance during the forecast period. The same segment is anticipated to register the highest CAGR during the forecast period. This can be attributed to rising road accidents and sports injuries.
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As per the National Institute on drug abuse, treatment outcomes improve with longer periods of care. Therefore, patients prefer outpatient treatment centers as they are less expensive, provide increased access to support, and offer flexible treatment options. Outpatient treatment varies in the types and intensity of the services offered. Such treatment costs less and is more suitable for people with jobs. Outpatient recovery programs usually require visiting a local treatment center 10-12 hours a week. These sessions focus on drug abuse education, individual and group counseling, and behavioral therapy to cope with various mental and psychiatric disorders. Patients with mild-to-moderate drug withdrawal symptoms find outpatient detoxification a reasonable alternative to residential. The World Health Organization (WHO) report states that approximately 1.3 million people die annually due to head injuries in road crashes. Road traffic collisions are prevalent in low-middle income countries (LMICs). Currently, the highest incidence of concussion is reported in North America and Europe. The Journal of Neurosurgery states that almost 64-74 million individuals may suffer from concussion cases every year, with the highest cases witnessed in Southeast Asian and Western Pacific regions.
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