The Concussions Market is anticipated to grow a CAGR of 3.33% during the forecast period. The concussion market is expected to reach a revenue of USD 1337.17 million by 2030.
The concussions market size is projected to reach USD 1337.17 million by 2030, at CAGR of 3.33% from 2022 to 2030. An increasing number of mild head injuries from playing sports, an increasing incidence of road accidents, ongoing product development, and a growing senior population are drivers contributing to the growth in the concussions market report. Additionally, the advancement in technology of concussion evaluation devices will create ample market growth. Various healthcare organizations and industry players are aiming to boost R&D programs by implementing various strategies relating to treatment for concussion and diagnostic devices.
COVID-19 Impact Analysis
The overall impact of COVID-19 on the market was negative. This was attributed to a decline in demand for concussion medicine. The decline in demand was initially due to a decrease in the number of sports tournaments and sports activities due to strict lockdowns in 2020. Furthermore, the market was also impacted negatively, owing to disruptions in the supply channels of the concussions market.
Concussions Market Dynamics
The growing number of road accidents and sports injuries and the increasingly vulnerable aging population are significant factors driving the concussions market growth. In addition, growing research activities on concussion diagnosis and treatment and the adoption of technologically advanced products are other factors contributing to concussions market forecast. Each year concussion contributes to a substantial growth of cases around the globe. It is represented as a mild brain injury as it is not life-threatening, but the consequences of a concussion can be serious. Prominent causes of concussion such as sports injuries falls, domestic violence, gunshot wounds, and road traffic accidents.
The concession market comprises numerous players involved in intense competition to acquire a major share of the revenues. The players in the market are focusing on exhaustive research and development activities and are developing new formulations as they help to further insights. The players are also keen on launching new products to maintain their dominance in the market. For instance, in April 2021, NovaSignal Corp. launched the Nova Guide 2 Platform that empowers clinical teams with crucial, real-time information about cerebral blood flow to guide diagnosis and enhance patient outcomes. The platform includes NovaGuide 2 Intelligent Ultrasound, which autonomously captures blood flow data to identify brain illnesses and diseases. NovaGuide View provides secure, cloud-based access to dynamic exam data, thus driving the concussions market size.
The lack of awareness associated with concussion treatmentcan become a restraining factor for handling the concussion symptoms and treatment.If concussions are not treated carefully, the post-concussion syndrome can continue for a longer period of time. Further, if left untreated, concussion patients are at a tremendous risk of repeat concussions, which can seriously exacerbate the intensity and time of concussion symptoms.
The technical development and advancement in concussion-evaluating machinery are likely to develop a huge opportunity in the market. The advanced technology included rapid point-of-care in concussion tests in less than two minutes. It also improved with eye-tracking-based concussion tests. For instance, in November 2021, TecTraum Inc. declared that the (FDA) had designated its flagship technology, pro2cool, as a Breakthrough Device. The pro2cool System is a novel, non-invasive hypothermic therapy device designed to reduce the severity of concussion symptoms and allow patients to return to their pre-injury baseline sooner. The device provides localized cooling for the head and neck to lower blood temperature before it enters the brain. Researchers have observed significant improvements in clinical outcomes by cooling the brain within days of the concussion.
Diagnosis and Treatment Insights
The concussions market segmentation, based on diagnosis and treatment, is diagnosis and treatment. The treatment category held a major share in 2021 due to an increasing number of companies developing unique medications for concussion treatment, and a huge number of clinical trials are being conducted all over the globe to better understand the etiology of the disorder. However,diagnosisis the fastest-growing category due to growing patient preference for non-invasive diagnosis and the increased preference among physicians for brain disease progression monitoring is anticipated to drive this segment growth.
End User Insights
The concussions market segmentation, based on the end user, is hospitals and clinics, diagnostic centers, and payers.The hospitals and clinics categoryhad a prominent share in 2021 as people are more likely to go to hospitals and clinics for diagnosis because of the presence of advanced medical equipment and favorable reimbursement facilities. However, diagnostic centers is the fastest-growing category owing to increased demand for concussion treatment in diagnostic centers.
Global Concussions Market Share, by Region, 2021 (%)
Concussions Market Overview, by Region
By region, the concussions market research, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific is projected to exhibit the highest CAGR during the review period.
North America held a prominent market share in 2021 owing to the continent's greater incidence of concussions owing to road accidents and sports injuries, increasing government initiatives, and awareness campaigns related to concussion prevention, diagnosis, and treatment. For instance, according to the American Physical Therapy Association (APTA), around 8.6 million sports injuries are registered in this region each year.
Asia-Pacific was the fastest growing region in 2021 owing to factors including growth in the aging population who are more vulnerable to falls, growing incidence of road accidents, and violence. Moreover, the growing medical tourism industry of developing economies such as India, China, and Japan is expected to contribute to market growth in this region. Rising healthcare expenditure by the government, an increasing number of concussions, and the low manufacturing cost of medical devices are a few other factors aiding market growth in this region.
Concussions Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Advanced Brain Monitoring, Inc., BioDirection, Inc., BrainScope Company, Inc. InfraScan, Inc, and Nova Signal Corporation dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in March 2022,Oculogica launched a new EyeBOX device following FDA clearance this year. The EyeBOX is lightweight, battery-operated, and small to fit in a bag, creating it easy to utilize in sports and clinical settings.The EyeBOX is the foremost objective diagnostic received FDA approval as an aid in the diagnosis of concussion. Utilizing a proprietary algorithm, the EyeBOX test takes around 4 minutes.
Prominent players in the market include Teva Pharmaceutical Industries Ltd, Integra LifeSciences Corporation, Medtronic PLC, Sun Pharmaceutical Industries Ltd, Lupin, ZydusCadila, Pfizer, Inc., Mylan NV, Novartis AG, and Sanofi SAamong others.
Scope of the Concussions Market Report
Diagnosis and Treatment Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Concussions Market Forecast & Size:
Identify and estimate the market size for the market segmented by diagnosis and treatment and end-user by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of concussions between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges for the market
Market Influencing Factors:
To find out the factors which are affecting the sales of concussions among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 1337.17 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Diagnosis and Treatment, and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Advanced Brain Monitoring, Inc. BioDirection, Inc. BrainScope Company, Inc. InfraScan, Inc, and Nova Signal Corporation,|
|Key Market Opportunities||The rise in technological advancement|
|Key Market Drivers||Various strategies by key players|
The study period of the market is 2020 - 2030
The market is growing at a CAGR of ~3.33% over the next 10 years.
Asia-Pacificis expected to register the highest CAGR during 2021 - 2030
North America held the largest share in 2021
Advanced Brain Monitoring, Inc., BioDirection, Inc., BrainScope Company, Inc., InfraScan, Inc, and Nova Signal Corporation are the major companies operating in the market.