Metaxalone Market Size Estimated to Reach $5,770 Million by 2026
The chemical name of metaxalone is oxazolidinone which acts in the central nervous system to produce the muscle relaxant effects. Growing number of musculoskeletal disorders among people and growing number of road accidents is the major factor driving the growth of this market. Furthermore, increasing research and development activities regarding drugs and rising geriatric population is set to further enhance the overall market demand for Metaxalone Market for the period 2021-2026.
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Metaxalone Segment Analysis – By Indication
The global Metaxalone Market based on Indication can be further segmented into Bone Pain, Muscle Pain, Tunnel Syndrome, Joint Pain, and Others. The Bone Pain segment is the major segment generating revenue in 2020. This is owing to increasing cases of arthritis owing to unhealthy lifestyle. Moreover, increasing outdoor activities increases the demand of metaxalone. The Muscle Pain segment is estimated to register the fastest CAGR of 2.5% for the period 2021-2026. Metaxalone is considered as muscle relaxant which is used to reduce musculoskeletal pain and hence the growth of the segment is rising.
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Metaxalone Segment Analysis – By End-Use Industry
The global Metaxalone Market based on End-Use Industry can be further segmented into Hospitals, Clinics, and Others. The Hospital segment registers for the Metaxalone highest market share in 2020. This is owing to easy accessibility of hospital and higher selling capacity. Moreover, owing to the availability of skilled professionals, patients can prefer hospitals and are rising the growth of this segment. The Clinics segment is estimated to register the fastest CAGR of 1.5% over 2021-2026. This is mainly owing to clinics that are opened for more time increasing the selling capacity and also provide fast service which increases the demand of metaxalone and leading to market growth.
Metaxalone Segment Analysis – By Geography
North America dominated the Metaxalone Market with major share of 40% in 2020. This is owing to presence of advanced healthcare system and rising development in pharmaceutical industry. According to American Hospital Association, in 2019 about 6,090 hospitals are identified that focus on the development in healthcare system and are leading to the rising the growth of this segment. However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 2% during the forecast period 2021-2026 owing to rising population and increasing development in healthcare.
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Metaxalone Market Drivers
Growing Number of Musculoskeletal Disorders
Growing number of patients associated with musculoskeletal disorders such as arthritis increases the growth of the Metaxalone Market. According to World Health Organization, about 1.71 billion people may have musculoskeletal conditions in 2021 that increases the demand of metaxalone market. Moreover, increasing number of incidents resulting in injury and growing number of athlete gym is rising the demand of treatment and are increasing the growth of the Metaxalone Market over 2021-2026.
Growing Number of Road Accidents
Rising number of road accidents owing to lack of adequate facilities increases the growth of the Metaxalone Market. According to World Health Organization, about 1.35 million are injured owing to road accidents in 2020 that increases the use of oxazolidinone for the treatment of pain and are increases the growth of Metaxalone Market over 2021-2026.
COVID-19 pandemic had greatly affected the Metaxalone Market. Owing to pandemic, there is lockdown that reduces the vehicles on the road which reduces accidents that hamper the growth of this market. Moreover, reduction of numerous outdoor activities including sports and gymnasiums has significantly impacted demand for metaxalone as it provides muscle relaxation and are negatively impacted the growth of this market.
Metaxalone Market Challenges
Increasing Side Effects
The factors that is set to impede the growth of the Metaxalone Market are increasing side effects such as vomiting, headache, nausea, and irritability etc. Moreover, stringent government approval is set to create hurdles for the Metaxalone Market.
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Metaxalone Market. Metaxalone top 10 companies include, Biosynth, Chunghwa Chemical Synthesis & Biotech Co., Ltd., Sigma-Aldrich Co. LLC, CDI Technology, Angelini S.p.A., Pfizer Inc., Aurum Pharmatech LLC, Finetech Industry Limited, Biocore, and Oxchem Corporation.
In 30 July 2019, Chunghwa Chemical Synthesis & Biotech Co., Ltd is working on the development of metaxalone in order to reduce musculoskeletal pain and are rising the growth of this market.
Geographically, in 2020, North America dominated the Metaxalone Market owing to presence of advanced healthcare system and rising development in pharmaceutical industry.
Growing number of musculoskeletal disorders among people and growing number of road accidents are likely to aid in the market growth of the Metaxalone.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Metaxalone Market report.
Increasing side effects is set to create hurdles for the Metaxalone Market.
Related Reports :
A. Musculoskeletal Diseases Market
B. Topical Pain Relief Market
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