The muscle spasticity market has gained significant prominence over the past decade, owing to the rising prevalence of neurological disorders such as cerebral palsy, multiple sclerosis, spina bifida and spinal cord injuries among others. Physiotherapeutic drugs play a pivotal role in managing muscle spasticity and improving patients’ quality of life. These drugs work by reducing communication between nerves and muscles, thereby lowering involuntary muscle contractions.
The Global muscle spasticity market is estimated to be valued at US$ 5693.7 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the muscle spasticity market are Accenture PLC,Cisco Systems Inc.,Cognizant Technology Solutions Corporation,Capgemini,Computer Sciences Corporation (CSC),HCL Technologies Ltd.,IBM Corporation,Infosys Ltd.,Intel Corporation,Jabil Circuits,Micron Technology,NTT Data Corporation,Tata Consultancy Services,Tech Mahindra Ltd.,Wipro Ltd. Key players are focusing on developing novel pipeline drugs with improved efficacy and lower side effects. Emergence of new oral drugs with novel mechanisms of action is expected to further accelerate market growth over the coming years. Major pharmaceutical companies are collaborating with research institutes to discover new targets and develop innovative therapeutics to treat muscle spasticity.
The Muscle Spasticity Market Growth provides significant lucrative opportunities with rising R&D investments from both private and public bodies. Major opportunities lie in developing oral drugs, topical formulations and botulinum toxin therapies. Continuous technological advancements in drug delivery systems including transdermal and intra-thecal routes also provide new avenues for market players. Emergence of improved techniques for drug targeting such as intrathecal baclofen delivery systems has boosted the availability of therapy options.
Market drivers
Increasing research grants for finding improved treatment solutions along with rising awareness about available therapies among patients are the major factors driving the muscle spasticity market. According to the NIH, grants worth $43 million were awarded globally for muscle spasticity research in financial year 2020 alone. Growing global geriatric population also presents strong demand for anti-spasticity drugs and rehabilitation services. Favorable reimbursement policies in developed countries and economic growth in emerging nations further support market expansion.
Current Challenges in Muscle Spasticity Market
Some of the key current challenges in the Muscle Spasticity Market include rising cases of cerebral palsy among children, high costs associated with treatment equipment and procedures, lack of awareness regarding available treatment options, and low adoption of novel drugs and therapies in developing regions. Additionally, concerns regarding side effects of certain medications and incomplete or partial results from some therapies are also limiting growth prospects. However, increased funding and research into new drugs and devices as well as initiatives to spread awareness are expected to help overcome many of these hurdles going forward.
SWOT Analysis
Strengths: Growing awareness and patient education programs, increasing demand for minimally invasive treatment procedures.
Weaknesses: High costs of therapies, lack of insurance coverage in some countries, incomplete efficacy of existing treatment options.
Opportunities: Expanding role of neurotoxins, favorable research funding scenario, emerging economies presenting new patient pools.
Threats: Stiff competition, safety issues pertaining to certain drugs, challenging regulatory environment.
Geographically, North America currently accounts for the largest share of the global Muscle Spasticity Market due to rising incidence rates, strong reimbursement structure, and rapid adoption of novel therapies. Asia Pacific is poised to grow at the fastest pace over the coming years supported by enhancing healthcare infrastructures, growing medical tourism, and increasing disposable incomes in several countries.
In terms of value as well, North America is estimated to retain its dominant position with the United States at the forefront, owing to super specialty hospitals, advanced treatments, and supportive insurance framework. Europe holds the second largest geographical share attributed to huge patient population and constant upgrades in healthcare standards across major countries.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it