The global Naloxone Spray Market is expected to reach USD 1.41 Billion by 2028, according to a new report by Reports and Data. Naloxone Nasal Spray is used for treating an opioid emergency or a likely opioid overdose with symptoms such as breathing problems and severe sleepiness or inability to respond.
Naloxone Nasal Spray is used to reverse the effects of opioid medicines for a temporary period. The medicine in this nasal Spray does not affect people who are not exposed to opioid medications. It is necessary to provide emergency medical help to the patient after giving the first dose of the nasal spray. According to the Centers for Disease Control and Prevention, approximately 400,000 people died as a result of an opioid overdose in the period 1999 to 2017. Also, on average, over 130 people in America die every day owing to overdoses involving opioids, a class of drugs that comprise prescription medications like oxycodone, fentanyl, morphine, and hydrocodone, along with illegal drugs including heroin or drugs sold as heroin.
Increase in launches and approval of new naloxone spray products is anticipated to be a significant driver boosting the growth of the market in the upcoming years. For instance, in April 2019, Pfizer, a major pharmaceutical company, launched a generic nasal spray of naloxone which is expected to significantly fuel market demand.
Additionally, with an increase in the prevalence of opioid overdoses, several of efforts are being taken to make this emergency overdose reversal medication more readily available and accessible to the people who may require it. The FDA has also taken the unprecedented step of assisting manufacturers to pursue approval of an over-the-counter naloxone spray product and is exploring other ways to increase the availability of naloxone products intended for use in the community. As naloxone is a fairly new product, the high cost associated with this product coupled with the serious side-effects may create hindrances in the market growth.
Further key findings from the report suggest:
- On the basis of dosage, the 4 mg/actuation is expected to witness significant growth rate in the forecast period.
- Hospitals dominated the market in 2020 and are estimated to grow at a rate of 22.5% in the forecast period.
- In terms of geography, North America held the largest share in the global naloxone market owing to growing opioid crises in the region. The S. is the dominant market in North America with high incidences of opioid overdose and increasing prevalence of victims with dependency on opioid and morphine.
- In April 2019, the U.S. Food and Drug Administration on Friday said it gave approval to Teva Pharmaceutical Industries Ltd. to market generic naloxone nasal spray to treat opioid overdoses.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Emergent BioSolutions, Pfizer, and Teva Pharmaceuticals Industries Ltd.
Naloxone Spray Market Segmentation:
Dosage Outlook (Revenue, USD Million; 2020-2028)
- 2 mg/actuation
- 4 mg/actuation
Distribution Channel Outlook (Revenue, USD Million; 2020-2028)
- Hospitals
- Clinics
- Retail Pharmacies
- Online Pharmacies
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Naloxone Spray market over the forecast period?
- What are the major factors driving the growth of the Global Naloxone Spray Market?
- What are the key challenges impacting the global Naloxone Spray market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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