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Antispasmodics Drugs Market Trends, Demand, and Insights 2024-2033
Antispasmodics Drugs Market Trends
According to The Business Research Company's, 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 in the historic period can be attributed to rising prevalence of spasmodic conditions, advancements in medical research, growing aging population, changing lifestyles, improvements in diagnosis.
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 growth in the forecast period can be attributed to increasing healthcare expenditure, personalized medicine, global population growth, emerging markets, clinical trials and research. Major trends in the forecast period include expanding indications for antispasmodics, healthcare infrastructure development, advancements in drug development, increasing awareness and diagnosis, preference for non-invasive treatment options.
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Market Drivers and Trends:
An increasing elderly population is expected to propel the growth of the antispasmodic drug market going forward. People of 65 years and older are considered to be elderly and are associated with a host of physical and psychological health issues. Antispasmodic drugs are helpful for elderly populations in managing symptoms related to various conditions that can cause muscle spasms or cramping and also could be used for some conditions like irritable bowel syndrome (IBS), gastroesophageal reflux disease (GERD), interstitial cystitis, and uterine cramping. For instance, in October 2022, according to the World Health Organization (WHO), a Switzerland-based organization responsible for international public health, the global proportion of the population aged 60 and up will rise to 1.4 billion in 2030. The world's population of persons aged 60 and over will double by 2050 (2.1 billion). The number of people aged 80 or more is predicted to increase substantially by 2050, reaching 426 million. Therefore, an increase in the elderly population will drive the antispasmodic drug market.
Product innovations are a key trend in gaining popularity in the antispasmodic drugs market. Major companies operating in the antispasmodic drugs market are focused on developing innovative solutions to strengthen their position in the market. For instance, in April 2022, Ardelyx Inc., a US-based biopharmaceutical firm, announced the introduction of IBSRELA, an NHE-3 inhibitor used to treat individuals with irritable bowel syndrome with constipation (IBS-C). The product offers a unique new therapeutic option with a novel mode of action and remarkable effective results to address constipation and numerous abdominal symptoms typical in IBS-C patients, as established in Phase 3 clinical studies.
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Major Key Players of the Market:
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.
Antispasmodics Drugs Market 2024 Key Insights:
• The antispasmodics drugs market will grow to $20.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Elderly Population Boom Fuels Growth In Antispasmodic Drug Market
• Product Innovation Transforms The Market
• North America was the largest region in the antispasmodics drugs market in 2023
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