Dublin, April 24, 2024 (GLOBE NEWSWIRE) -- The "Antispasmodics Drugs Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The antispasmodics drugs market size has grown strongly in recent years. It will grow from $12.69 billion in 2023 to $13.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth observed during the historical period in the field of antispasmodic drugs can be attributed to several factors. These include the increasing prevalence of conditions associated with spasms, advancements in medical research leading to better understanding and treatment options, a growing aging population with associated healthcare needs, changes in lifestyles impacting health conditions, and improvements in diagnostic capabilities. These factors collectively contributed to the demand and development of antispasmodic drugs during the historic period.
The antispasmodics drugs market size is expected to see strong growth in the next few years. It will grow to $20.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period in the field of antispasmodic drugs can be attributed to several factors. These include the increasing expenditure on healthcare, the trend towards personalized medicine, global population growth leading to higher healthcare demands, the emergence of new markets for pharmaceuticals, and ongoing clinical trials and research in the field. Major trends expected in the forecast period encompass the expansion of indications for antispasmodics, ongoing development of healthcare infrastructure, advancements in drug development processes, increasing awareness and diagnosis of spasmodic conditions, and a growing preference for non-invasive treatment options. These trends collectively contribute to the continued evolution and growth of the antispasmodic drugs market.
The anticipated rise in the elderly population stands as a driving force behind the growth of the antispasmodic drug market. In October 2022, the World Health Organization (WHO) projected a substantial increase in the global population aged 60 and above, expected to reach 1.4 billion by 2030 and double to 2.1 billion by 2050. This demographic shift, including a significant rise in those aged 80 or older, estimated to reach 426 million by 2050, underscores the impetus driving the antispasmodic drug market linked to an expanding elderly populace.
The burgeoning prevalence of irritable bowel syndrome (IBS) is poised to fuel the growth of the antispasmodic drugs market. For example, statistics from The Public Health Agency of Canada in July 2021 revealed approximately 260,000 Canadians affected by Inflammatory Bowel Disease (IBD), commonly identified in adults in their twenties and older teens. This escalation in the prevalence of IBS underscores the driving force behind the expansion of the antispasmodic drugs market, addressing the growing need for effective remedies catering to digestive health.
Innovative product developments emerge as a pivotal trend fueling the ascent of the antispasmodic drugs market. Key players in this domain prioritize pioneering solutions to fortify their market positions. For instance, in April 2022, Ardelyx Inc., a US-based biopharmaceutical company, unveiled IBSRELA, an NHE-3 inhibitor tailored for individuals grappling with irritable bowel syndrome with constipation (IBS-C). This product represents a breakthrough therapeutic option boasting a novel mode of action, yielding significant efficacy in addressing constipation and assorted abdominal symptoms prevalent in IBS-C patients, as substantiated by Phase 3 clinical studies. This innovative approach underscores the market's trend towards developing impactful solutions catering to specific conditions within the antispasmodic drugs segment.
Prominent entities within the antispasmodics drugs market are unveiling new products as part of their strategy to fortify their market presence. For example, in January 2023, Lupin Limited, an India-based pharmaceutical company, introduced Fesoterodine Fumarate, an FDA-approved generic antispasmodic drug. This medication is specifically designed to address certain bladder issues such as overactive bladder and neurogenic detrusor overactivity. Belonging to the antispasmodic drug class, Fesoterodine Fumarate functions by relaxing the muscles in the bladder. It is available in extended-release tablet form, representing a new addition to Lupin Limited's repertoire in addressing bladder-related ailments.
In October 2022, Silo Wellness Inc., a US-based company specializing in psychedelic therapy, concluded the acquisition of Dyscovry Science Ltd. for an undisclosed amount. This strategic acquisition enables Silo Wellness to consolidate its presence in the psychedelic business landscape. Dyscovry Science Ltd., a Canada-based biotechnology firm, specializes in biosynthetic production of psilocybin and its derivatives for treating irritable bowel syndrome. By incorporating Dyscovry Science Ltd., Silo Wellness aims to encompass both facets of the psychedelic industry, augmenting its capabilities in research and biosynthetic development for innovative treatment solutions.
North America was the largest region in the antispasmodics drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the antispasmodics drugs market report during the forecast period. The regions covered in the antispasmodics drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the antispasmodics drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Scope
Markets Covered:
1) By Drug: Dicyclomine Hydrochloride; Loperamide Hydrochloride; Other Drugs
2) By Indication: Irritable Bowel Syndrome; Stomach Cramps; Other Indications
3) By Route of Administration: Oral; Parenteral; Other Modes of Administrations
4) By Distribution Channel: Hospital Pharmacy; Online Pharmacy; Retail Pharmacy
5) By End-User: Hospitals; Homecare; Specialty Clinics; Other End-Users
Key Companies Mentioned: Daiichi Sankyo Company Limited; Fresenius Kabi AG; Hikma Pharmaceuticals plc; Johnson & Johnson Services Inc.; Pfizer Inc.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes, but is not limited to:
- Daiichi Sankyo Company Limited
- Fresenius Kabi AG
- Hikma Pharmaceuticals plc
- Johnson & Johnson Services Inc.
- Pfizer Inc.
- Shanghai Fosun Pharmaceutical Co. Ltd.
- Takeda Pharmaceutical Company Limited
- Akorn Inc.
- Aurobindo Pharma Limited
- Lannett Company Inc.
- Nexus Pharmaceuticals Inc.
- Actiza Pharmaceutical Private Limited
- Blue Cross Laboratories Pvt. Ltd.
- Dr. Reddy's Laboratories Ltd.
- Lexicare Pharma Pvt. Ltd.
- Solitaire Pharmacia Private Limited
- Strides Pharma Science Limited
- Wellona Pharma Private Limited
- SunGen Pharma LLC
- GlaxoSmithKline plc
- Novartis AG
- Sanofi SA
- AstraZeneca plc
- Merck & Co. Inc.
- Bayer AG
- Teva Pharmaceutical Industries Ltd.
- Endo Pharmaceuticals Inc.
- Sun Pharmaceutical Industries Ltd.
- Cipla Ltd.
- Lupin Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/wyrnke
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