July 21, 2024

The Muscle Spasticity Market Is Estimated To Driven By Growing Geriatric Population

Muscle spasticity refers to a neurological movement disorder where muscles tense or stiffen abnormally. It is commonly seen in cerebral palsy, multiple sclerosis, spinal cord injury, and stroke patients. Drugs used to treat spasticity work by relaxing stiff or tight muscles. Baclofen, dantrolene sodium, and tizanidine are some of the commonly prescribed oral medications, while botulinum toxin (Botox) injections are effective for focal spasticity. The global demand for anti-spasticity medications and therapies is rising due to the growing prevalence of conditions that cause muscle spasticity. With an increasing geriatric population being more susceptible to neurological disorders, the muscle spasticity market is expected to grow steadily in the coming years.

The global Muscle Spasticity Market is estimated to be valued at Us$ 4942.44 Mn in 2023 and is expected to exhibit a CAGR Of 7.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The muscle spasticity market has witnessed increasing R&D activities for developing novel drug formulations in recent years. Oral liquid formulations provide an alternative to patients who have difficulty swallowing tablets. Companies are also developing long-acting injectable formulations of drugs like baclofen and botulinum toxin to reduce treatment frequency and improve patient compliance. With the advancement of nerve blockade and neurostimulation techniques, the use of neuromodulation devices for managing focal muscle spasticity is on the rise. Devices like InterStim therapy deliver mild electric pulses to block pain signals. Researchers are also investigating gene therapy and regenerative medicine approaches for achieving long-term relief from muscle spasticity. As life expectancy increases worldwide, the demand for advanced treatment options for age-related neurological conditions will continue to drive innovations in the muscle spasticity market over the forecast period.

Porter’s Analysis

Threat of new entrants: Low as substantial investment is required to setup manufacturing facilities and R&D. Also established brands hold strong brand recognition and distribution network.

Bargaining power of buyers: Moderate as buyers have options to switch to alternative brands but high quality standards and certifications limit options.

Bargaining power of suppliers: Low due to availability of substitutes and less differentiation in raw materials. Suppliers do not influence pricing.

Threat of new substitutes: High as alternative therapies like physiotherapy, medication and surgery can treat muscle spasticity conditions.

Competitive rivalry: Intense as major players compete on the basis of product quality, innovation, brand image and distribution.

Key Takeaways

The Global Muscle Spasticity Market Demand is expected to witness high growth. The global Muscle Spasticity Market is estimated to be valued at US$ 4942.44 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.

Asia Pacific region is expected to be the fastest growing market owing to growing awareness and rising healthcare expenditure. China and India are expected to dominate the APAC market. North America region currently holds the largest share in the global market led by the US due to high awareness levels and increasing adoption of herbal supplements. Presence of major players and advanced healthcare infrastructure also supports market growth.

Key players operating in the muscle spasticity market are Blackmores Limited, Vitaco Holdings Limited, Integria Healthcare, Bioglan, Deep Blue Health (NZ) Co. Limited, Phytomed, NZ Herbals. Players compete on the basis of brands, quality and innovation in product portfolio. Partnerships with distributors and emphasis on promotional campaigns are some key strategies adopted.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it