The global Muscle Spasticity Market is estimated to be valued at US$ 4,167.6 million in 2023 and is expected to exhibit a 8.9% CAGR over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Muscle spasticity refers to painful muscle spasms and contractions which limit normal movement. It is typically caused by damage to the brain or spinal cord such as spinal cord injury, multiple sclerosis or cerebral palsy. Muscle spasticity treatments aim to reduce spasms and stiffness, improve flexibility and movement and reduce pain. Common treatments include medicals such as medication, botulinum toxin injections, physical therapy and surgery. The need for effective muscle spasticity treatments is increasing owing to rising prevalence of conditions that cause spasticity such as spinal cord injuries, multiple sclerosis and cerebral palsy.
Market key trends:
One of the key trends in the muscle spasticity market isrising number of spinal cord injuries. According to the National Spinal Cord Injury Statistical Center, there are an estimated 17,700 new spinal cord injury cases each year in the U.S. Spinal cord injuries are a leading cause of spasticity and paralysis. The availability of advanced and effective muscle spasticity treatments is helping improve the quality of life for people suffering from spasticity caused by spinal cord injuries. Another key trend is the growing popularity of botulinum toxin injections. Botulinum toxin injections have emerged as an effective non-surgical treatment for focal muscle spasticity and are gaining increasing acceptance due to advantages such as localized effect, reversibility and repeatability of treatment.
Porter's Analysis
Threat of new entrants: The biopharmaceutical industry requires large capital investments and stringent regulatory approvals which act as barriers for new companies to enter the market.
Bargaining power of buyers: The presence of many treatment alternatives limits the bargaining power of individual buyers in the market.
Bargaining power of suppliers: Licensed technology and patented products give significant bargaining power to the suppliers in the market.
Threat of new substitutes: Limited substitute treatment options provide less threat of substitution in the muscle spasticity market.
Competitive rivalry: The established players intensely compete on the basis of innovation in treatment formulations and delivery mechanisms.
Key Takeaways
The Global Muscle Spasticity Market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period 2023-2030, due to increasing prevalence of neurodegenerative disorders and rising healthcare expenditure.
The US dominates the global muscle spasticity market due to large patient population, high acceptance of newly launched drugs, and presence of major market players. Europe holds the second largest position owing to rising government focus on effective treatment of neurological disorders. Asia Pacific is poised to exhibit the fastest growth rate during the forecast period due to growing population, increasing healthcare spending, and presence of generic drug manufacturers in the region.
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.
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Spinal cord injury results in dysfunction in the overall body and requires Physiotherapy Treatment.
Learn more about various Spinal injuries.
Read more: https://painfreephysiotherapy.com/how-spinal-cord-injuries-affect-the-body/Spinal Cord Injury
