Spasticity Treatment Market – 41% of Growth to Originate from North America| Evolving Opportunities with Allergan Plc & Alembic Pharmaceuticals Ltd. | Technavio

NEW YORK, April 22, 2022 /PRNewswire/ — Spasticity Treatment Market Facts at a Glance-

  • Total Pages: 120
  • Companies: 10+ – Including Allergan Plc, Alembic Pharmaceuticals Ltd., Amneal Pharmaceuticals Inc., Covis Pharma BV, Dr. Reddys Laboratories Ltd., Endo International Plc, F. Hoffmann La Roche Ltd., Hikma Pharmaceuticals Plc, Ipsen Pharma, Jazz Pharmaceuticals Plc, Mayne Pharma Group Ltd., Merz Pharma GmbH and Co. KGaA, Pfizer Inc., Piramal Enterprises Ltd., Sun Pharmaceutical Industries Ltd., Unichem Laboratories Ltd., US WorldMeds, Cadila Healthcare Ltd., Medtronic Plc, and JPN Pharma Pvt. Ltd. among others.
  • Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
  • Segments: Type (drug therapy and physical therapy)
  • Geographies: North America, Europe, Asia, and Rest of World (ROW)

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The Spasticity Treatment Market size is expected to increase by USD 1.11 billion from 2021 to 2026, at an accelerating CAGR of 4.17% per the latest market report by Technavio. 41% of the market’s growth will originate from North America during the forecast period. The US is the key market for spasticity treatment market in North America. Market growth in this region will be slower than the growth of the market in Asia. The increase in the high-risk factors for spasticity in the region will facilitate the spasticity treatment market growth in North America over the forecast period.

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Vendor Insights-

The Spasticity Treatment Market is fragmented, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.

  •  Alembic Pharmaceuticals Ltd. – The company offers BOTOX which takes a different approach than oral medications. BOTOX is injected by a doctor into specific muscles within the body that have been affected by Spasticity which helps reduce muscle stiffness. 

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Latest Drivers & Trends Driving the Market-

  • Spasticity Treatment Market Driver:
    • Growing incidence of chronic diseases & health conditions :

      The growing incidence of chronic diseases and health conditions is one of the key drivers supporting the spasticity treatment market growth. The prevalence of chronic neuro-musculoskeletal disorders is increasing worldwide, which in turn, is increasing the incidence of spasticity. For instance, as per the Multiple Sclerosis Trust, about 2.5 million people around the world suffer from multiple sclerosis. Also, spinal cord injury and traumatic brain injury are caused by external conditions that cause damage to the spinal cord and brain, respectively. Moreover, the high prevalence of these conditions globally is because of the increase in the number of falls, road accidents, assaults, and other causes. Spasticity was diagnosed in more than 50%-60% of these cases. Thus, the strong correlation between the above chronic conditions and spasticity helps the global spasticity treatment market benefit from the increasing incidence of these chronic conditions. Such growing incidence will drive market growth during the forecast period.
  • Spasticity Treatment Market Trend:
    • The advent of neurostimulation devices:

      The advent of neurostimulation devices is a major trend supporting the spasticity treatment market growth. The management of spasticity sometimes poses an unresolvable challenge due to the unmet need in the market. In addition, drug and physical treatments for the management of spasticity only offer short-term efficacy. These therapies are sometimes compounded by adverse side effects, which are often unpleasant for the patient. Hence, to overcome this situation, many vendors in the market are developing devices, specifically neurostimulation devices, to treat spasticity in combination with the medications available. Thus, the introduction of such new devices in the global spasticity treatment market will attract the attention of the patients and healthcare practitioners and hence, drive the market in the future.

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