Carpal tunnel syndrome is a medical condition of numbness, weakness, and tingling in the hand due to compression of the median nerve in the wrist. The median nerve is located on the palm side and also known as the carpal tunnel. This nerve is responsible for sensation in the thumb, the index finger, the middle finger, and part of the ring finger. The key work of the median nerve is to supply the impulse to the thumb muscle. Excess pressure in the wrist and the median nerve causes swelling. Some other frequent conditions associated with carpal tunnel syndrome are thyroid dysfunction, high blood pressure, diabetes, and autoimmune disorders such as rheumatoid arthritis. The most common signs and symptoms of carpal tunnel syndrome are tingling, numbness, pain in the thumb, pain and burning that travels up to the arm, weakness in the muscles of the hand, and the wrist pain at night that interferes with sleep. Health care specialists recommend nerve conduction studies, physical examination, and other tests to confirm the presence of carpal tunnel syndrome. According to the National Institute for Occupational Safety & Health (NIOSH), more than 230,000 procedures are performed for carpal tunnel surgery every year. Approximately 23% of people with carpal tunnel syndrome are able to resume their profession after the surgery. Usually, women are more affected by carpal tunnel syndrome than men. More than 8.3 million people are diagnosed with carpal tunnel syndrome every year.
Increasing research and development activities, introduction of innovative therapies, rising demand for effective therapies among patients, and growing disease prevalence are projected to fuel the global carpal tunnel syndrome treatment market in the near future. Lifestyle factors such as smoking, high body mass index (BMI), sedentary lifestyle, and high salt intake may increase the risk of developing carpal tunnel syndrome. Jobs that involve repetitive movement of the wrist such as manufacturing, keyboard operating, assembly line work, and construction work raise the risk of developing carpal tunnel syndrome. Increasing health care insurance coverage is another factor likely to drive the global carpal tunnel syndrome treatment market during the forecast period.
The global carpal tunnel syndrome treatment market can be segmented based on treatment type, distribution channel, and region. In terms of treatment type, the market has been categorized into medications, physical and integrative therapies, and surgery. Based on distribution channel, the market has been classified into hospital pharmacy, retail pharmacy, and online pharmacy. In term of revenue, the hospital pharmacy segment dominated the carpal tunnel syndrome treatment market in 2016.
Geographically, the global carpal tunnel syndrome treatment market has been segmented into five regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the leading market for carpal tunnel syndrome treatment. In terms of revenue, the U.S. holds a major share of the North America market. The market in Europe is expanding rapidly, due to high prevalence of carpal tunnel syndrome in the region. The market in Asia Pacific and Latin America is projected to expand significantly in the near future. Developing economies such as China and India are anticipated to contribute to growth of the Asia Pacific market between 2017 and 2025, due to better health care infrastructure, economic growth, increase in the number of insurance payers, growth of the private health care sector, and rise in awareness among people in these countries. Brazil dominates the Latin America market for carpal tunnel syndrome treatment. South Africa, Turkey, and other developing countries in Middle East & Africa contribute to growth of the MEA market.
Key players operating in the global carpal tunnel syndrome treatment market are Pfizer, Inc., GlaxoSmithKline plc, Novartis AG, Bristol-Myers Squibb and Company, Wockhardt Ltd., Teva Pharmaceutical Industries Ltd, Johnson & Johnson, Mylan Pharmaceuticals, Inc. and Aurobindo Pharma Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.