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Muscle Relaxant Drugs Market: Size, Share, Revenue Trends, and Growth Forecast
Muscle Relaxant Drugs Global Market Report 2024
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According to The Business Research Company's, The muscle relaxant drugs market size has grown strongly in recent years. It will grow from $4.46 billion in 2023 to $4.83 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to shift in treatment approaches, chronic pain management, pharmaceutical innovation in drug formulations, rise in surgical procedures, expansion in physical rehabilitation practices.
The muscle relaxant drugs market size is expected to see strong growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to multidisciplinary pain management approaches, aging population and chronic conditions, research in targeted therapies, focus on non-pharmacological pain relief, advancements in pain management therapies. Major trends in the forecast period include advancements in side effect profiles, personalized medicine approach, research in alternative therapies, integration of muscle relaxants in pain management protocols, advent of botulinum toxin injections.
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Market Drivers and Trends:
An increase in the number of sports injuries is expected to propel the growth of the muscle relaxant drugs market going forward. Sports injuries refer to a range of physical injuries that occur as a result of participating in various athletic activities or sports, and these injuries affect different parts of the body, including muscles, bones, tendons, ligaments, and joints. Muscle relaxants, commonly employed in treating muscle spasms and injuries, function by influencing the central nervous system to alleviate muscle tension and induce relaxation. For instance, in September 2022, according to the data published by the National Safety Council, a US-based public health and safety organization, the low number of reported sports and recreational injuries in the US increased by 20% in 2021 and eventually by 12% in 2022. Moreover, in 2022, a total of 3.6 million individuals received medical treatment in emergency departments for injuries related to sports and recreational equipment. Therefore, an increase in the number of sports injuries will drive the growth of muscle relaxant drugs market.
Product innovations are the key trend gaining popularity in the muscle relaxant drug market going forward. Major companies operating in the market are developing innovative drugs for specific medical applications, such as generic versions of muscle relaxant drugs, muscle relaxants for animals, drugs that provide flexible, customized dosing, and others, to sustain their position in the market. For instance, in June 2022, Amneal Pharmaceuticals Inc., a US-based integrated specialty pharmaceutical company, launched LYVISPAH, a baclofen oral granule (5, 10, and 20 mg) specialty product approved by the US Food and Drug Administration for the treatment of spasticity associated with multiple sclerosis and other spinal cord disorders. LYVISPAHI offers flexible, customized dosing with 5 mg, 10 mg, and 20 mg single-dose packets of granules that are used in treating muscle stiffness, spasms, and pain from multiple sclerosis. The rapidly dissolving flavored granules offer an alternative for patients with spasticity who also have difficulty swallowing pills. The product can be administered in three ways: directly into the patient's mouth with or without water, mixed with liquids or foods, or through an enteral feeding tube.
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Major Key Players of the Market:
Pfizer Inc., Ipsen Pharma SA, Teijin Limited, Par Pharmaceutical Companies Inc., Orient Phaarma Co. Ltd., Novartis AG, Accord Healthcare Ltd., Amneal Pharmaceuticals LLC, Fresenius Kabi India Pvt. Ltd., Aurobindo Pharma Ltd., Mylan NV, Hikma Pharmaceuticals plc, Lupin Chemicals Ltd., Akorn Incorporated, Merck & Co. Inc., Teva Pharmaceuticals Industries Ltd., Lifesciences Limited, Neurana Pharmaceuticals Inc., Dr. Reddy's Laboratories, Lannett Company Inc., Unichem Laboratories, SteriMax Inc., Endo Pharmaceuticals Inc., Abbvie Inc., Merz Pharmaceuticals LLC, Vertical Pharmaceuticals LLC, Mallinckrodt Pharmaceuticals, Eisai Co. Ltd., Metacel Pharmaceuticals LLC, Sun Pharmaceutical Industries Ltd., Cadila Healthcare Ltd., Torrent Pharmaceuticals Ltd., Alembic Pharmaceuticals Ltd., Wockhardt Ltd., Glenmark Pharmaceuticals Ltd., Cipla Ltd., Lupin Ltd., Intas Pharmaceuticals Ltd., Alkem Laboratories Ltd.
Muscle Relaxant Drugs Market 2024 Key Insights:
• The muscle relaxant drugs market size is expected to see strong growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Muscle Relaxant Drugs Market Thrives On The Surge In Geriatric Population Globally
• Innovative Muscle Relaxant With Flexible Dosage, Demonstrating Market Trends
• North America was the largest region in the muscle relaxant drugs market share in 2023
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