Market Challenges And Opportunities

Global Flavoxate Hydrochloride Tablets Market Drivers

Key players are focusing on manufacturing of drugs in the global flavoxate hydrochloride tablets market. Several generic players have launched their products after the patent expiration of Urispas in the year 2004, manufactured by Janssen Pharmaceuticals, Inc. For instance, companies such as Paddock Laboratories LLC and Epic Pharma LLC launched generic products for Urispas, which are cheaper than branded products in the year 2004 and 2011, respectively.

Increasing incidence of lower urinary tract dysfunction such as prolonged micturition, incomplete bladder emptying, and others are expected to support growth of the market. For instance, according to a review article by Investigative and Clinical Urology, 2017, globally, around 10% of the geriatric population is suffering from urine incontinency while it is estimated to reach 20% by 2050. According to the same source, in South Korea, in population aged 70 years above, 48% of men and 12% of women are expected to suffer from detrusor contractile dysfunction in 2017. As per the Central Medicare and Medicaid Services (CMS), U.S., around US$ 8,800 million of flavoxate hydrochloride tablets have been consumed in the year 2017 by patients in U.S. suffering from insomnia. These factors are expected to support the global flavoxate hydrochloride tablets market growth over the forecast period.

Global Flavoxate Hydrochloride Tablets Market Restraints

Following factors are expected to restrain the global flavoxate hydrochloride tablets market growth over the forecast period. New medicines have been introduced in the market which belong to different chemical class than flavoxate hydrochloride which is expected to restrain growth of the flavoxate hydrochloride market. For instance, Merck & Co. Inc., received approval for Recabrio by U.S. Food and Drug Administration (FDA) in the year 2019. Recabrio is the combination of three different drugs i.e. Imipenem (antibacterial agent), Cilastatin (dehydropeptidase inhibitor), and Relebactam (beta lactamase inhibitor), a multifunctional drug useful for the treatment of urinary tract infection while flavoxate hydrochloride is a muscle relaxant.