Press release
Hemifacial Spasm Market Key Highlights on Major Eminent Players-Abbott, Allergan, Inc., Cephalon Inc., GlaxoSmithKline plc, Ipsen Group, Johnson & Johnson Services, Inc., ect. with CAGR of 7.5% to 2023
Hemifacial spasm is a condition that causes frequent muscle spasms, on one side of the face. The condition can affect both men and women, but it is most prevalent in middle-aged or older women. Its incidence rate is also found to be higher among the Asian population.
A number of factors such as increasing technological advancements, rising public awareness, increased incidence of craniofacial tremor, and facial chorea, unmet medical needs, increasing government assistance, improving regulatory framework, increasing adoption rate, and improvement in funding and reimbursement policies are propelling the growth of the global hemifacial spasm market.
However, difficult diagnosis, cost of treatment, side-effects of botulinum toxin, the presence of misbranded and spurious drugs, and poor healthcare system in low and middle-income countries may hamper the growth of the market over the review period.
It is estimated that the hemifacial spasm market is expected to grow at a CAGR 7.5% during the forecast period of 2017-2023.
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Hemifacial Spasm Market Regional Analysis
The Americas dominate the hemifacial spasm market owing to the rising technological advancements and high healthcare expenditure. According to the Centers for Disease Control and Prevention in 2015, the total health expenditure in the United States was reported to be USD 3.2 trillion, and hospital care accounted for a share of 32.3%.
Europe holds the second position in the hemifacial spasm market. It is expected that the support provided by the government bodies for research & development and improvement in reimbursement policies in the healthcare is likely to drive the European market.
The Asia Pacific is the fastest growing hemifacial spasm market owing to a huge patient pool and developing healthcare technology. Healthcare expenditure is also improving in various Asia Pacific countries. According to the Australian Institute of Health and Welfare in the years 2015-2016, the total health expenditure was USD 170.4 billion, which is 3.6% higher than the expenditure of 2014-2015. An increasing prevalence rate among Asian population is also propelling the growth of the market.
The Middle East & Africa holds the lowest share of the global market due to lack of technical knowledge and poor medical facilities.
Hemifacial Spasm Market Segmentation
The global hemifacial spasm market is segmented on the basis of diagnosis, treatment, and end user.
On the basis of the diagnosis, the market is classified as a magnetic resonance imaging (MRI), computed tomography (CT or CAT scan), angiography (Arteriography), and others.
On the basis of the treatment, the market is classified as medical treatment, surgical treatment, combinational therapy, transcutaneous electric nerve stimulation (TENS) therapy, physical therapy, and others. The medical treatment is further classified into Botulinum Neurotoxin (BoNT) Injections and Pharmaceuticals. The sub-segment of Botulinum Neurotoxin (BoNT) Injections includes BoNT-A, BoNT-B, onabotulinumtoxinA, incobotulinumtoxinA, and rimabotulinumtoxinB. The sub-segment of pharmaceuticals include anticonvulsants, and GABAergic drugs. The surgical treatment is further classified into microvascular decompression (MVD), and others.
On the basis of the end user, the market is segmented into hospitals, clinics, diagnostic centers, drug stores, pharmacies, and others.
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Key Players
Some of key the players in the global hemifacial spasm market are Abbott, Allergan, Inc., Cephalon Inc., GlaxoSmithKline plc, Ipsen Group, Johnson & Johnson Services, Inc., Medytox,Inc., Merz Pharma GmbH and Co. KGaA, Novartis AG, Pfizer, Revance Therapeutics, Inc., ROCHE, Sanofi S.A, Shire plc, Stryker, Sunovion Pharmaceuticals, Inc., UCB S.A., US WorldMeds, LLC., and Valeant Pharmaceuticals International, Inc.
Intended Audience
Pharmaceutical Companies
Research and Development (R&D) Companies
Diagnostic Laboratories
Government Research Institute
Academic Institutes and Universities
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Market Highlights:
Hemifacial spasm is a condition that causes frequent muscle spasms, on one side of the face. The condition can affect both men and women, but it is most prevalent in middle-aged or older women. Its incidence rate is also found to be higher among the Asian population.
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