Muscle Relaxant Drugs Market Overview
The global muscle relaxant drugs market is predicted to grow at a CAGR of 5.5% during the forecast period (2015–2020). The progress of the market is due to various factors, such as the increasing prevalence of skin diseases and harmful effects of ultraviolet radiation, rise in the usage of neuromuscular blocking agents in surgeries, growing geriatric population, and increase in disposable income leading to an increase in spends on facial aesthetic therapies.
On the basis of type, the muscle relaxant drugs market is divided into facial aesthetics relaxants, neuromuscular blocking agents, and skeletal muscle relaxants. Out of these, facial aesthetics relaxants accounted for the largest share of the market throughout the historical period (2011–2014). Further, this category is also expected to witness the highest CAGR during the forecast period, primarily due to the high safety and efficiency of these relaxants.
The facial aesthetics relaxant drugs are further classified into botox, dysport, and others. Among these, botox accounted for the largest share of the muscle relaxant drugs market during the historical period and is further predicted to remain the top drug in the market during the forecast period.
Geographically, North America contributed the highest revenue to the muscle relaxant drugs market during the historical period. This was due to the increasing usage of facial muscle relaxants and growing geriatric population in the region. Asia is predicted to witness the fastest growth during the forecast period owing to the rising surgery volume and bettering healthcare infrastructure.
Muscle Relaxant Drugs Market Dynamics
The key trends being observed in the muscle relaxant drugs market are the increasing popularity of muscle relaxant treatments in the cosmetic industry and rising online retailing of such drugs. Muscle relaxant drugs such as carisoprodol, metaxalone, and baclofen, have been made available online to the public by numerous retailers and pharma firms. Online retailing increases the drug accessibility, is more time saving and convenient, and offers discounted prices, thereby becoming a key trend in the market.
The key factors driving the growth of the muscle relaxant drugs market are the increasing prevalence of skin diseases and harmful effects of ultraviolet radiation, rising disposable income leading to increasing spending on facial aesthetics therapy, growing geriatric population, and increasing application of neuromuscular blocking agents in surgeries.
Due to the increasing pollution, excessive alcohol and tobacco consumption, and ultraviolet radiation, the skin elasticity reduces and it becomes prone to sunburns. Furthermore, acne, the most common dermatological condition, affects the majority of the world population. Botulinum toxin-based muscle relaxant procedures are used to treat these skin diseases, which leads to the growth of the muscle relaxant drugs market.
The rise in the disposable income, which further leads to an increase in expenditure on facial aesthetic therapies, is another key factor driving the growth of the muscle relaxant drugs market. The awareness about personal skin care is growing worldwide, in addition to the rise in the disposable income. For example, the National Bureau of Statistics of China stated that the annual per capita disposable income of urban households in China was $2,271 in 2008, and it grew to $3,408.5 in 2012.
Factors, such as the stringent regulatory requirements, risks associated with muscle relaxants, and high capital expenditure, are obstructing the growth of the muscle relaxant drugs market.
The manufacturing of muscle relaxant drugs requires high capital. Further, the usage, isolation, and production of raw material for pharmaceutical and biopharmaceutical drug production, being a complex process, requires skilled and trained workforce. Furthermore, the development and approval of muscle relaxant drugs are time-consuming processes. All these factors lead to high capital expenditure, which hinders the growth of the muscle relaxant drugs market.
Muscle Relaxant Drugs Market Competitive Landscape
The construction of new facilities across the world is being taken up by the major muscle relaxant drugs market players to expand their reach and augment their production capacities. For instance, GlaxoSmithKline PLC commenced building a large tablet manufacturing plant in Vemgal, Karnataka, India in September 2015.
Other key companies operating in the global muscle relaxant drugs market include Pfizer Inc., Johnson & Johnson, Merck & Co. Inc., Intas Pharmaceuticals Ltd., Galderma S.A., and F. Hoffmann-La Roche Ltd.