The Muscle Spasticity Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Neurological Disorders
Muscle spasticity refers to stiffness or tightness of the muscles. It is a common symptom of diseases related to motor function like cerebral palsy, multiple sclerosis, spinal cord injuries etc. Muscle spasticity products like medicated creams and pills help reduce stiffness and relax muscles. These products are commonly recommended after surgery or when there is injury to nerves that control voluntary movement.
The global Muscle Spasticity Market is estimated to be valued at Us$ 4942.44 Mn or 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 Dynamics:
Increasing prevalence of neurological disorders due to sedentary lifestyle and aging population is one of the major drivers of this market. According to WHO, neurological disorders affect over 1 billion people worldwide with neurological and mental disorders representing 6.8% of global disability. rise in disorders further increases demand for treatment of associated conditions like muscle spasticity. Furthermore, increasing R&D investment from key players for advanced treatment options is also fueling market growth. For instance, Blackmores Limited is conducting clinical trials for CBD based products for spasticity treatment.
SWOT Analysis
Strengths: Muscle spasticity market is growing due to increased prevalence of neurological disorders such as cerebral palsy, multiple sclerosis, stroke etc. With growing geriatric population, prevalence of these disorders is expected to rise further in turn driving growth of the market. Manufacturers are developing innovative treatment options such as intrathecal baclofen therapy which is more effective in managing muscle spasticity symptoms.
Weaknesses: High costs associated with treatment of spasticity poses a challenge for mass adoption. Lack of availability and awareness about treatment options in underdeveloped regions restricts market growth. Side effects of medications can discourage patients from long term usage.
Opportunities: Emerging economies offer lucrative opportunities for market players owing to rapid economic growth and rising healthcare standards. Investment in R&D for new therapies and combination treatments will expand treatment landscape. Formulation of favorable reimbursement policies can induce patients to opt for pharmacological interventions.
Threats: Patent expiries of blockbuster drugs expose them to price erosion from generics. Strong regulatory norms and long approval timelines impact entry of innovative therapies. Alternative therapies such as physiotherapy and occupational therapy pose substitutive threat.
Key Takeaways
The Global Muscle Spasticity Market Demand is expected to witness high growth over the forecast period owing to increasing prevalence of neurological disorders worldwide along with rising geriatric population. 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.
Regionally, North America dominates the market currently and is expected to continue its dominance led by the US market. Growing awareness, healthcare penetration, and favorable reimbursement policies will support market growth in the region. Europe is the second largest market globally for muscle spasticity driven by high disease burden and availability of advanced treatment options. The Asia Pacific region is anticipated to witness fastest growth owing to rapid economic development, rising healthcare standards, increasing disposable incomes, and expanding patient population base in major countries such as China and India.
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, and Sanderson. These players are focusing on expansions, new product launches, and collaborations to strengthen their market position. For instance, in January 2021, US based Supernus Pharmaceuticals completed the acquisition of US commercial rights for POZEN's product candidate UTI-112 to treat adults with spasticity due to stroke or multiple sclerosis.
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