Market overview
According to a report published by Market
Research Future (MRFR), the global hemifacial
spasm market size is projected to reach USD 3170 million by 2030 at a CAGR of
5.4% over the forecast period of 2022 to 2030.
Hemifacial spasm is a painless neurological
disorder consisting of persistent or fleeting involuntary contractions or
twitches of the muscles innervated by the touching of a blood vessel to a
facial nerve, or due to a facial nerve injury, or in severe cases, a tumor.
The influential factors driving the growth
of the global hemifacial spasm market is the improvement of the healthcare
sector globally, owing to the developing economic conditions, government
efforts such as favorable regulations and expenditure towards research and
development for providing better healthcare facilities, and the growing
awareness among consumers regarding healthcare.
Additionally, technological advancements in
medical science have risen the chances of treatment for almost all disorders.
On the other hand, challenges faced by the
global hemifacial spasm market are the cost of treatment, side effects of the
botulinum toxin which is used during treatment, and the presence of counterfeit
drugs or treatment methods.
Key
Players
global hemifacial
spasm market players are US WorldMeds (U.S.), Abbott (U.S.), Cephalon Inc.
(U.S.), Shire plc (U.S.), Stryker (U.S.), Sunovion Pharmaceuticals, Inc.
(U.S.), Pfizer (U.S.), Revance Therapeutics, Inc. (U.S.), Johnson & Johnson
Services, Inc. (U.S.), Valeant Pharmaceuticals International, Inc., (Canada), GlaxoSmithKline
plc (UK), Merz Pharma GmbH and Co. KGaA (Germany), Sanofi S.A (France), UCB
S.A. (Belgium), Ipsen Group (France), Novartis AG (Switzerland), Allergan, Inc.
(Ireland), Roche (Switzerland), Medytox,Inc. (South Korea), and LLC. (UAE).
Segmental
Analysis
The global hemifacial spasm market is
segmented on the basis of diagnosis, treatment, end user, and region.
Based on the diagnosis, the market has been
segmented into magnetic resonance imaging (MRI), angiography (arteriography),
computed tomography (CT or CAT scan), and others.
Based on treatment, the hemifacial spasm
market has been segmented into medical treatment, surgical treatment, physical
therapy, combinational therapy, transcutaneous electric nerve stimulation
(TENS) therapy, and others. The medical treatment segment has been sub-segmented
into Botulinum Neurotoxin (BoNT) injections, and pharmaceuticals. The
surgical treatment is sub-segmented into microvascular decompression (MVD), and
others.
Based on end-users, the market for hemifacial
spasm has been segmented into hospitals, clinics, diagnostic centers, drug
stores, pharmacies, and others.
Based on regions, the market has been
segmented into the Americas, Europe, Asia Pacific, and the Middle East And
Africa.
Regional
Analysis
The Americas are the largest regional
market for hemifacial spasms and are assessed to account for the leading market
share over the forecast period. North America is the hub for technological
advancements, and the governments provide favorable regulations and expenditure
towards the development of the healthcare sector, consequently driving the
growth of the hemifacial spasm market in the region.
Europe has the second highest market share
and is estimated to be a lucrative region over the forecast period for the hemifacial
spasm market due to the investments made by the governments towards research
and development for healthcare and improving reimbursement policies, and the
presence of significant market players.
The Asia Pacific has been accounted for the
fastest growing region in the global hemifacial spasm market and has been
estimated to witness substantial growth over the forecast period, owing to the
rise in the patient population, and the development of healthcare sector across
emerging economies such as China, India and Japan.
The middle east and Africa is an emerging
region in the global hemifacial spasm market and is expected to showcase slow,
gradual growth over the forecast period.
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