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The Sciatica Market is Estimated To Witness High Growth Owing To Non-surgical Treatment Trends

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Saya Bonde
The Sciatica Market is Estimated To Witness High Growth Owing To Non-surgical Treatment Trends

The Sciatica Market is estimated to be valued at US$ 6962.2 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Sciatica is a disorder characterized by lower back pain that radiates down one or both legs, usually caused by lumbar disc herniation or spinal stenosis. The products used in treatment of sciatica are aimed at providing relief from pain associated with the condition. Non-surgical treatments like medication, physical therapy, spinal injections, and chiropractic treatment are commonly prescribed by physicians.

Market key trends:

Rise in preference for non-surgical treatments over surgical ones is expected to drive the sciatica market growth over the forecast period. Non-surgical options help alleviate pain and improve mobility without the risk of surgery. They provide temporary relief and allow patients to avoid or delay major surgery. Physical therapy trains the back and abdominal muscles to support the spine better. Chiropractic care relieves nerve pressure through spinal manipulation. Moreover, new drug formulations offering pain relief with minimal side effects are increasing the uptake of pharmacological therapies. The market players are also focused on developing advanced medications and therapies for long term management of sciatica.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to high capital requirement for R&D and manufacturing of sciatica drugs. It also requires strong distribution network as sciatica market targets healthcare providers.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are several established manufacturers providing a variety of treatment options. However, severity of sciatica pain increases buyers' dependence on drugs.

Bargaining power of suppliers: The bargaining power of suppliers is low since raw materials used for sciatica drugs manufacturing are commodity products and available from numerous suppliers.

Threat of new substitutes: Threat from new substitutes is low as currently there are limited treatment options and medical management remains the standard of care approach for sciatica.

Competitive rivalry: The competitive rivalry in the sciatica market is high due to presence of many regional and global manufacturers.

SWOT Analysis

Strength: Wide range of treatment options available covering NSAIDs, opioids, muscle relaxants, steroid injections, etc. Increasing awareness about sciatica symptoms and management.

Weakness: Limited understanding of exact causes of sciatica making treatment difficult. Side effects associated with long term use of pain relievers.

Opportunity: Untapped growth potential in emerging markets. New research focused on advanced treatment methods like minimally invasive surgeries.

Threats: Presence of alternative therapies such as physiotherapy, yoga, acupuncture gaining traction. Generic competition eroding brand loyalty.

Key Takeaways

The global sciatica market is expected to witness high growth at a CAGR of 5.1% over the forecast period, due to increasing prevalence of spinal disorders and growing geriatric population. North America dominates the sciatica market currently due to increasing healthcare spending and availability of advanced treatment options. Europe remains the second largest market globally.

Regional analysis: The North America sciatica market accounts for over 40% of the global market share currently owing to favorable reimbursement policies, robust healthcare infrastructure and presence of leading manufacturers in the region. Europe is also a major market driven by rising chronic pain patient pool and new product launches. Asia Pacific is poised to exhibit fastest growth over the next few years due to growing medical tourism industry and improving access to healthcare in China and India.

Key players operating in the sciatica market are Sorrento Therapeutics, Inc., Teva Pharmaceutical Industries Ltd., Aurobindo Pharma Ltd., Zydus Cadila, Glenmark Pharmaceuticals Ltd., Amneal Pharmaceuticals LLC, Jubilant Life Sciences Ltd., Hikma Pharmaceuticals PLC., Mylan N.V., Horizon Therapeutics Plc., Sun Pharmaceutical Industries Ltd., Alkem Labs, SCILEX Pharmaceuticals, Inc., Seikagaku Corporation, Kolon Life Science

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