by The Muscle Spasticity Market is estimated to be valued at US$ 4,167.6 million in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Muscle spasticity refers to tightness or stiffness of the muscles which can interfere with normal movement and speech. It is commonly seen in patients suffering from neurological conditions like spinal cord injury, multiple sclerosis and cerebral palsy. Currently, several pharmacological treatments like baclofen, tizanidine and dantrolene sodium are available to manage symptoms of muscle spasticity.
Market Dynamics:
Rising prevalence of chronic neurological diseases is a key factor driving growth of the global muscle spasticity market. For instance, according to the World Health Organization (WHO), multiple sclerosis affected around 2.3 million people globally in 2020. Furthermore, advancements in treatment options for muscle spasticity management also augments market growth. Recently, oral liquid formulations of baclofen has been approved in the U.S. to provide flexible dosing and better tolerability in pediatric patients. This offers non-invasive treatment alternative over other modes like injections and surgeries.
SWOT Analysis
Strength: Muscle spasticity drugs exhibit high efficacy and safety. Growing research and development activities are improving treatment outcomes. Increased adoption of combination therapies is positively impacting the market.
Weakness: Presence of alternative treatment modalities such as physical therapy restrains market growth. High costs associated with newer drug development poses challenges.
Opportunity: Rising geriatric population suffering from neurological disorders fuels demand. Growing healthcare expenditure in emerging nations creates avenues.
Threats: Stringent regulations for drug approval delays market launch. Patent expiries of blockbuster drugs hamper market revenue.
Key Takeaways
The Global Muscle Spasticity Market Demand is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing prevalence of neurological disorders.
Regional analysis
North America dominates the global market and is expected to remain the highest revenue generator due to presence of advanced healthcare facilities and favorable reimbursement policies. The Asia Pacific market is poised to exhibit the fastest growth owing to improving access to healthcare.
Key players
Key players operating in the muscle spasticity market are Ipsen Pharma, Allergan, Acorda Therapeutics, Inc., Merz Pharma, Teva Pharmaceutical Industries Ltd., Novartis AG, Sun Pharmaceutical Industries Ltd., Beximco Pharmaceuticals Ltd., Johnson & Johnson Private Limited, Zydus Cadila, F. Hoffmann-La Roche Ltd., and Elite Pharmaceuticals Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
