April 10, 2018
WELLESLEY, Mass., April 10, 2018–The global muscle relaxant market is at a critical stage, according to a report by BCC Research, with mounting pressures to reduce costs, adhere to stringent regulations and provide quality drugs to patients.
This worldwide market is expected to see a compound annual growth rate (CAGR) of 5.8% through 2022, when it could be worth $24.4 billion, according to the report Muscle Relaxants: Global Markets to 2022.
Demand for muscle relaxants is being driven by a growth in emerging markets, an aging population, an increase of surgeries and an increase in healthcare spending.
Major players in the market include Mylan, Pfizer Inc., Teva Pharmaceutical Industries Ltd., Sanofi, Novartis, Richter Gedeon Plc., Endo Pharmaceuticals Inc., Abbott Laboratories and Allergan Plc.
“North America was the largest region in the muscle relaxants market in 2017, accounting for $5.7 billion or 30.7% of the total,” said Robert G. Hunter, BCC Research senior editor, healthcare. “This is mainly due to a high healthcare spending and a well-regulated healthcare system in the U.S. and Canada. Asia-Pacific was the second largest region, accounting for $5.0 billion or 27.1% of the total, which can be attributed to the growing elderly population in countries such as China and India.”
Market Challenges Include Severe Side Effects and High Medication Costs
While growth in the industry is generally positive, there are several factors conspiring to limit growth. These include the potential side effects of muscle relaxants and the need for a doctor to find a medication which matches an individual’s specific medical conditions increases costs. Average anti-aging muscle relaxant treatment costs for some brand-name drugs can reach $1,000 per session, the report notes, and some patients require six or more sessions. These high costs make it hard for large segments of the global population to afford these drugs.
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Muscle Relaxants: Global Markets to 2022( PHM196A )
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