In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS· October 14, 2020- Revance Therapeutics, Inc. reported positive results from its ASPEN-1 Phase 3 trial of DaxibotulinumtoxinA for injection in treating cervical dystonia, which is a chronic condition affecting neck muscles.
The global dystonia drugs market is estimated to garner a large amount of revenue by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing prevalence of dystonia disorders, increasing number of incidences of musculoskeletal disorders, and rise in healthcare expenditure in developed nations. According to the World Health Organization, approximately 1.71 billion people have musculoskeletal conditions worldwide. Among musculoskeletal disorders, low back pain causes the highest burden with a prevalence of 568 million people. Apart from these, surge in demand for novel therapies for the treatment of metabolic disorders and rise in investments to improve the overall course of diagnosis and treatment of dystonia are also expected to be crucial factors driving market growth in the forthcoming years. Furthermore, escalating public awareness about the disease, and improvements in healthcare infrastructure in emerging economies are projected to offer profitable growth opportunities to the market in the near future.
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The market is segmented by treatment into oral therapy, intravenous, surgery and others, out of which, the oral therapy segment is anticipated to hold the largest share in the global dystonia drugs market on account of the fact that most of the medications for dystonia such as Valium, trihexyphenidyl and Klonopin are prescribed via oral mode of dosage, and the non-invasiveness, patient compliance and convenience of this type of drug administration. Moreover, on the basis of end user, the segment for hospitals is predicted to acquire the largest share over the forecast period, which can be credited to the high preference of patients to choose hospital facilities for treatment as a result of patient satisfaction and rising outpatient services. Larger patient admission in hospitals is also evaluated to drive growth to the market segment by the end of the year 2030.
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 dystonia drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increase in the geriatric population, large patient pool, and rapid growth of pharmaceutical sector in countries such as China, Japan and India. As per another report by the WHO, the total percentage of people aged 60 or above was 9.8 percent in 2017, which is evaluated to increase up to 13.7 percent and 20.3 percent by the end of 2030 and 2050. Additionally, the market in North America is projected to grab the largest share during the forecast period, which can be ascribed to the rising private and venture funding in the healthcare sector in the United States, and growing improvements in reimbursement policies. Along with these, strong presence of prominent medical companies is also anticipated to boost the growth of the region’s market in the coming years.
The global dystonia drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the global dystonia drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing prevalence of dystonia disorders and increasing number of incidences of musculoskeletal disorders.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Low awareness about dystonia in lower economic regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increase in the geriatric population, and large patient pool of the region.
The major players in the market are Pfizer, Inc., Ipsen Biopharmaceuticals, Inc., Revance Therapeutics, Inc., Solstice Neurosciences LLC, US Worldmeds, LLC, 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 drug type, treatment, end user, and by region.
The oral therapy segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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