by Muscle spasticity is a condition in which certain muscles are continuously contracted and have hypertonicity. It is a common symptom of various neurological disorders such as multiple sclerosis, cerebral palsy, spinal cord injuries and stroke. The rising prevalence of these neurological disorders globally is fueling the growth of the muscle spasticity treatment market. The key products available in the market are botulinum toxins, baclofen, dantrolene sodium and others. Botulinum toxins are most widely used biologics for the treatment of muscle spasticity owing to their high effectiveness. The growing awareness regarding muscle spasticity therapy options and strong product pipeline are further boosting the demand.
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 Growth 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. These players are focusing on new product approvals and launches to strengthen their market position.
The key opportunities in the market include rising healthcare expenditure in emerging countries, need for rehabilitation and physical therapy to treat muscle spasticity, and new product approvals. Furthermore, favorable government initiatives for disability management are supporting the global expansion of the muscle spasticity treatment market.
The muscle spasticity treatment market is expanding globally, especially in Asia Pacific and Latin America. Factors such as growing geriatric population, increasing prevalence of neurological disorders, and improving healthcare infrastructure in developing regions are boosting the market growth. Additionally, emerging markets provide significant growth opportunities for major players for partnering with local players and establishing manufacturing facilities.
Market Drivers
Rising prevalence of neurological disorders globally is the major market driver. The incidence of conditions such as cerebral palsy, multiple sclerosis, spinal cord injuries and stroke has increased substantially over the past few decades. This has significantly driven the demand for muscle spasticity treatment drugs and therapies. As per estimates, neurological disorders affect over a billion people worldwide annually, making it one of the leading causes of disability. This high disease burden creates sustained demand for effective spasticity management options, thereby propelling market revenue growth.
PEST Analysis
Political: Changes in healthcare reimbursement policies by the governments can impact the muscle spasticity market. Organizations operating in this space need to keep themselves updated with the latest regulations.
Economic: Fluctuations in the global economy can affect the spending power of consumers on muscle spasticity treatment and medicines. Additionally, the development of novel treatment options requires substantial R&D investments.
Social: Growing social awareness about muscle spasticity disorders and available treatment options is increasing the demand for effective management. Population aging is also contributing to the rising incidence of such conditions.
Technological: Advancements in neuromodulation therapies like botox injections and development of novel oral drugs are expanding treatment pathways for muscle spasticity. Further innovations can help address unmet needs more effectively.
North America accounts for the largest share of the global muscle spasticity market currently in terms of value. This can be attributed to the rising prevalence of conditions like cerebral palsy and multiple sclerosis in countries like the US and Canada. Additionally, the region has a highly developed healthcare system and reimbursement framework.
The Asia Pacific region is poised to witness the fastest growth over the forecast period for the muscle spasticity market. This growth can be credited to improving access to diagnosis and treatments, rising healthcare expenditures, and continuously expanding medical infrastructure in developing countries of the region. A growing aging population also contributes to the increasing disease burden.
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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
