The global Bell’s palsy treatment market is estimated to grow at a CAGR of ~9% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rising prevalence of viral infections, such as, chickenpox, rubella, herpes, and others, which are the primary cause of Bell’s palsy. According to the data by the U.S. National Library of Medicine, around 23 out of every 100,000 people are affected by Bell’s palsy per year across the globe. In this disease, inflammation occurs in the nerve that controls facial muscles, causing partial or even complete face paralysis. In most cases, control of either side of the face is lost, due to which one side droops down. Though, in most cases, the inflammation reduces in a few days or weeks, in some rare cases, it can be permanent or recurring. According to the report by the National Organization for Rare Disorders (NORD), approximately 80% of all cases are cured within three months. Targeting the viral infection is the most common treatment method adopted by doctors. The increasing cases of diabetes, AIDS, and other diseases which reduce or compromise the immunity of the patients, are estimated to boost the market growth, along with the unhealthy lifestyle of the population.
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The market is segmented by treatment into medication, physical therapy, and surgery, out of which, the medication segment is anticipated to hold the largest revenue share in the global Bell’s palsy treatment market over the forecast period on the back of increasing prevalence of this disease, as most doctors opt drugs and medications for treating the neurological condition, and the viral infection. Surgery is required only in most critical cases.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global Bell’s palsy treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness substantial growth over the forecast period on the back of emergent healthcare infrastructure and improved medical facilities available in developing nations, such as, India, Bangladesh, and Indonesia. Moreover, lack of sanitation and health awareness is a major issue in developing countries, which can be a cause for viral infection. This is estimated to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of high healthcare expenditure, presence of major pharmaceutical companies, and increasing research activities for the development of new drugs. According to the statistics by the World Bank, in 2018, North America spent USD 10,050.516 for the healthcare of every individual. The total healthcare expenditure accounted for 16.415% of the total GDP of North America.
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The global Bell’s palsy treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global Bell’s palsy treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing prevalence of viral infection due to poor immunity and unhealthy lifestyle is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2030.
The increasing circulation of generic drugs is estimated to hamper the market growth.
The market in the North America is estimated to witness growth with highest CAGR over the forecast period, owing to the high health awareness and advanced healthcare facilities in the region.
The major players in the market are tVNS Technologies GmbH, Novartis AG, Sanofi-aventis Groupe, Abbott Laboratories, Merck & Co., Inc., Siemens Healthcare GmbH, Pfizer Inc., Eli Lilly and Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by diagnosis, treatment, end-user, and by region.
The medication segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
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