Global Antispasmodics Drug Market - 2022-2029
The global antispasmodics drug market size was valued US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Antispasmodics are a medicine that can help control some symptoms caused by the gut (intestines), specifically gut spasms. Antispasmodic medications treat symptoms like stomach pain and cramping (spasm). They are most commonly used to treat irritable bowel syndrome symptoms.
The global antispasmodics drugs market is driven by factors such as the high prevalence of irritable bowel syndrome and the adoption of a sedentary lifestyle. Furthermore, high patient awareness and treatment advancements are influencing factors driving the market growth. Increasing research and development and increasing funding and investment in the field of life science research will drive the market growth
The pharmaceutical industry's expansion is expected to propel the antispasmodics medicines market forward in the upcoming years. An increase in the prevalence of irritable bowel syndrome is expected to help the antispasmodics medications industry in the coming years. In addition, the increasing rate of investment in the antispasmodics medication market is predicted to boost growth prospects soon. In 2019, the pharmaceutical sector spent $83 billion on research and development. These costs were used to fund several operations, including the discovery and testing of novel medications, the development of incremental advancements such as product expansions, and clinical testing for safety and marketing considerations. After adjusting for inflation, that sum is around ten times the industry spent in the 1980s.
The quality of medications and their use has increased throughout time due to the growing number of medical research projects. This has benefited in comprehending the benefits of various medications in the treatment of various chronic conditions. Furthermore, the market expansion is expected to increase research and development.
Furthermore, the number of adults and the elderly population is growing, which means that the challenges that older people confront are also growing. This has resulted in the use of medications that aid in treating a variety of ailments. As a result, the market for antispasmodics medications is expected to expand. The proportion of the world's population aged 60 and up will nearly double from 12 percent to 22 percent between 2015 and 2050.By 2023, the number of persons aged 60 and more will outweigh youngsters under five.By 2050, 80% of the world's elderly will live in low- and middle-income countries.The population is aging at a considerably higher rate than in the past.(Source :World Health Organization)
Furthermore, the area of medicine is evolving, and new drugs are being produced to speed up the treatment process better and improve the quality of the therapy so that side effects are reduced. Rapid medical research and development and a better understanding of pharmacological characteristics and their usage in treating chronic diseases are expected to drive market growth. These advances will aid the market's future growth by creating better pharmaceuticals to treat life-threatening disorders. These factors, as mentioned above, have a significant impact on the overall antispasmodics drug market.
Side effects caused by antispasmodics drugs is likely to hamper the market growth
Dizziness, drowsiness, weakness, blurred vision, dry eyes, dry mouth, nausea, constipation, and abdominal bloating are all side effects of antispasmodics medications. Any drug's use is restricted because the government establishes guidelines to monitor how and where the medications are utilized. This is expected to influence the market for anticholinergic medications negatively. Furthermore, these medicines have negative effects that may cause them to be used less frequently. To overcome these limitations, the market must continue to develop and upgrade.
COVID-19 Impact Analysis
During the COVID-19 pandemic, the antispasmodics drugs market had shrunk significantly. The pandemic has made it tougher to bring new medications to market in the hopes of earning market share or reaching sales projections. Aside from new diagnoses and regimen switching, marketing channels aren't as strong as before the epidemic. The few open channels continue to be dominated by COVID-19 programming. COVID-19 has slowed down clinical trials across the board, notably those in the early stages of development. As traditional study sites closed, researchers were often unable to collect data remotely, and many patients became less willing to participate. Some therapeutic fields were particularly heavily damaged. While some development time can be made up, there are concerns about resource allocation and digital technology expenditures to keep trials running now and in the future.
The irritable bowel syndrome segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
Irritable bowel syndrome(IBS) is a collection of symptoms that affect your digestive system. It is a common but unpleasant gastrointestinal disorder. Irritable bowel syndrome patients experience excessive gas, abdominal pain, and cramping. The highest rates of irritable bowel syndrome are assumed to be in developed countries, while the lowest are in developing regions; colder climate regions and urban areas have a higher rate of irritable bowel syndrome than warmer climate regions and rural areas. Internationally, the incidence of irritable bowel syndrome ranges from 0.5-24.5 cases for ulcerative colitis to 0.1-16 cases per 100,000 person-years for Crohn's disease. Irritable bowel syndrome has a prevalence of 396 cases per 100,000 people in the United States each year. In the United States, in 2020, there will be approximately 2.5 million people suffering from inflammatory bowel disease. The prevalence of irritable bowel disease in the US population is expected to rise to around 3.5 million by 2030.(Source:World Health Organization).
Antispasmodics drugs like Alverine citrate, in combination with simethicone, effectively reduced abdominal pain and discomfort; while otilonium bromide also improved defecation problems. An increasing number of populations facing these irritable bowel syndrome is a major factor contributing to the significant growth of the segment in the forecast period.
North America region holds the largest market share of global antispasmodics drug market
The North American antispasmodics drugs market is expected to have a considerable market share because of its well-established healthcare infrastructure and the growing number of organized healthcare systems. Some of the factors propelling the market in these regions are the rising prevalence of gastrointestinal problems and increased government measures that look toward shorter periods of patent exclusivity for new medication applications. Furthermore, the industry is being driven by a huge population, rising disposable income, and increased patient awareness, to name a few aspects.
The Asia-Pacific economy is expanding rapidly. India, China, Japan, and Australia are propelling the region's economic development. The main source of concern in this region is the provision of adequate healthcare for the region's rapidly rising population. With the opening of new hospitals and pharmacies in this area. Medication research, development, production, and distribution are all handled by the pharmaceutical business. Pharmaceutical industries revenues worldwide were 1.27 trillion US dollars in 2020, indicating that the market has grown significantly over the last two decades. Additionally, rising healthcare spending and increased government initiatives are two aspects supporting the industry.
The global market for antispasmodics drugs is moderately competitive, with several major players. Allergan, Hikma Pharmaceuticals, Lannett, Mylan, Novartis AG, Pfizer Inc, Aurobindo Pharma, Sanofi , Teva Pharmaceuticals and Astellas Pharma Inc are among the market's major players. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the antispasmodics drug market globally. For instance, in May 27 2020, The FDA approves VESIcare LSTM (solifenacin succinate) Oral Suspension for Pediatric Patients.
Allergan Ltd (Allergan), an AbbVie Inc subsidiary, is a specialty pharmaceutical company that develops and sells branded pharmaceuticals, biosimilars, and over-the-counter (OTC) pharmaceutical products. It provides products in the following categories: eye care, medical aesthetics, dermatology, central nervous system, gastroenterology, women's health, urology, and anti-infective therapeutics. The company's products are sold to retailers, drug wholesalers, and distributors, including national retail drug and food store chains, mail order retailers, hospitals, clinics, government agencies, and managed healthcare providers such as health maintenance organizations and other institutions. It is present in the Americas, Europe, Asia-Pacific, the Middle East, and Africa. The company's headquarters are in Dublin, Ireland.
Bentyl: Dicyclomine(Bentyl) is used to treat irritable bowel syndrome, an intestinal problem. It aids in the relief of stomach and intestinal cramping symptoms. This medication works by slowing the gut's natural movements and relaxing the muscles in the stomach and intestines. Dicyclomine belongs to the anticholinergic/antispasmodic drug class.
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