Market Scenario:
Cubital tunnel syndrome is a condition of increased pressure on the ulnar nerve in the elbow. The ulnar nerve controls muscles and feeling in the hand. Furthermore, it can be caused by direct pressure, stretching, or decreased blood flow to the ulnar nerve. According to the WHO (2014), the incidence of carpal tunnel syndrome is >3 new cases per 1000 persons every year. Women are 3-4 times more susceptible than men. Increasing prevalence of the cubital tunnel syndrome is the major driving factor for the growth of the market. Moreover, increasing healthcare expenditure, and strong encouragement from the government have also contributed to the growth of the market. According to research, geriatric population is more likely to suffer from this disease; According to the Aging World in 2015, 562 million (or 8.0 %) were aged 65 and over across the globe, this has increased the prevalence of the diseases and contributed to the growth of the market. However, lack of awareness among people and high cost of surgeries may restrain the growth of the market.
The global cubital tunnel syndrome market is expected to grow at a CAGR of 5.6% during forecast period 2017-2023.
Intended Audience
- Biotechnological institutes
- Pharmaceutical companies
- Government and Private Laboratories
- Research and Development (R&D) Companies
- Market Research and Consulting Service Providers
- Medical Research Laboratories
Segmentation
The global cubital tunnel syndrome market is segmented on the basis of causes, treatment, and end users.
On the basis of causes, the market is segmented into injury, noncancerous fatty tumors, bone tumors, inflammation, and others.
On the basis of treatment, the market is segmented into diagnosis & therapy. The diagnosis is further segmented into nerve compression tests, X-ray, electrodiagnostic studies, MRI, and others. The therapy is further segmented into non-operative, and operative. The non-operative is further classified into NSAIDs and steroids.On the basis of end users, the market is segmented into hospital, retail pharmacy, and other.
Regional Analysis
The Americas dominates the global cubital tunnel syndrome market owing to large patient population. Additionally, increasing geriatric population, changing lifestyle, and increasing healthcare expenditure have boosted the growth of the market in America. According to the Population Reference Bureau, the number of Americans ages 65 and over is projected to be more than double from 46 million in 2016 to over 98 million by 2060. Additionally, increasing awareness among the people regarding different monitoring procedures and well-developed technology has also contributed to the growth of the market.
Europe is the second largest cubital tunnel syndrome market, which is followed by Asia Pacific. Huge geriatric population, availability of funds for research, and government support for research & development projected to drive the market in Europe.
Asia Pacific is the fastest growing region in the global market due to the presence of a increasing patient population, continuously developing economies, and increasing need for the better treatment. According to the WHO report published in 2015, Asia's elderly population is projected to reach nearly 923 million by 2050.
Whereas, the Middle East & Africa owns the least share of the global cubital tunnel syndrome market due to the presence of poor economy, especially, in Africa region. The market of this region is dominated by the Middle East due to well-developed healthcare sector and huge healthcare expenditure.
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