The global Carpal Tunnel Syndrome Market is expected to register a steady revenue CAGR during the forecast period. The increasing prevalence of carpal tunnel syndrome is one of the major factors driving the carpal tunnel syndrome market revenue growth. In the U.S., in 2021 carpal tunnel syndrome had an incidence of 1 to 3 persons per 1,000 per year, with a prevalence of 50 per 1,000. Carpal tunnel syndrome occurs three times more frequently in women than in men.
Carpal tunnel syndrome is also known as median neurological disease in which the median nerve in the wrist is compressed causing numbness, stiffness, and tingling in the hand. The median nerve, also known as the carpal tunnel, is located on the palm side. The thumb, index finger, middle finger, and a portion of the ring finger are all controlled by this nerve.
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Major companies in the market include:
- GlaxoSmithKline plc
- Allergan, Inc.
- Pfizer Inc.
- Novartis AG
- Teva Pharmaceutical Industries Ltd
- Bristol-Myers Squibb
- Aurobindo Pharma
- Eisai Co.
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Driving Factors of the Carpal Tunnel Syndrome Market:
- Increasing Prevalence: The rising incidence of carpal tunnel syndrome is a significant driver for market growth, with more individuals seeking diagnosis and treatment for this condition.
- Aging Population: As the global population ages, there is a higher likelihood of developing carpal tunnel syndrome, making the elderly demographic a key contributor to market expansion.
- Occupational Risk Factors: Occupations that involve repetitive hand and wrist movements, such as typing or manual labor, contribute to a higher risk of carpal tunnel syndrome, driving the demand for preventive and therapeutic solutions.
- Technological Advancements: Advances in diagnostic techniques and minimally invasive surgical procedures are improving the effectiveness of carpal tunnel syndrome treatments, thus boosting market growth.
Restraints of the Carpal Tunnel Syndrome Market:
- High Treatment Costs: The cost of diagnostic tests and treatments for carpal tunnel syndrome can be prohibitive for some patients, limiting their access to care and affecting market growth.
- Limited Treatment Options: While there are treatments available for carpal tunnel syndrome, including conservative therapies and surgery, some individuals may find these options insufficient or risky, creating a barrier to market growth.
- Side Effects: Surgical interventions for carpal tunnel syndrome can have side effects and complications, deterring some patients from seeking treatment and impacting market expansion.
- Alternative Therapies: Some individuals may opt for alternative therapies, such as physical therapy or acupuncture, instead of conventional medical treatments, potentially reducing the market's growth potential.
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