The Naloxone market is estimated to witness high growth owing to increasing opioid addiction

 

The Naloxone Market is estimated to be valued at US$ 1234.6 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Naloxone is an opioid antagonist used for the complete or partial reversal of opioid overdose such as respiratory depression. It competes with opioids and rapidly binds to the opioid receptors without activating them, effectively reversing the effects of the opioids. It provides fast reversal of respiratory depression and other effects of opioid overdose, allowing for proper breathing to be restored.

Market key trends:

One of the key trends contributing to the growth of the Naloxone Market Size is the increasing prevalence of opioid overdose. According to the Center for Disease Control and Prevention (CDC), more than 93,000 people died due to drug overdose in 2020 in the United States, out of which majority were related to synthetic opioids like fentanyl. The rising opioid addiction and overdose cases have propelled the demand for easy to use nasal spray and auto-injector forms of naloxone that can provide immediate reversal effect at the time of need. The increasing awareness about opioid overdose emergency response through naloxone administration is also fueling the growth of the market.

Porter’s Analysis

Threat of new entrants: The Naloxone market has high capital requirements and regulations which make it difficult for new companies to enter the market. Bargaining power of buyers: Buyers have moderate bargaining power as they have a few existing companies to choose from for naloxone products. Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute raw materials and suppliers. Threat of new substitutes: There is a low threat from substitutes as currently naloxone is considered the gold standard for opioid overdose treatment. Competitive rivalry: Intense as major companies compete for a share in the growing market.

SWOT Analysis

Strength: Naloxone is easily administered and effective in reversing opioid overdoses. Growing cases of opioid addiction and overdoses present a large market opportunity.
Weakness: Requires prescription and administration by medical professionals. Potential abuse of naloxone products.
Opportunity: Alternative delivery methods like auto-injectors and intranasal sprays present new revenue streams. Emerging markets and government programs expanding access.
Threats: Stringent regulations around opioids increase compliance costs. Patent expiries of branded products allow generic competition.

Key Takeaways

The global Naloxone market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing prevalence of opioid addiction and overdoses. According to WHO, 4.7 million Americans aged 12 or older battled a substance use disorder involving prescription opioids or heroin in 2020. North America dominates the Naloxone market currently due to the high burden of the opioid crisis and supportive initiatives to expand access. The Asia Pacific region also shows high growth potential with developments to address growing non-medical use of prescription drugs.

Key players operating in the Naloxone market are Viatris Inc., Opiant Pharmaceuticals, Akorn Operating Company LLC, Pfizer, Inc., Novartis AG, Indivior Plc., Emergent BioSolutions Inc., Amphastar Pharmaceuticals, Inc., Kern Pharma, S.L., Hikma Pharmaceuticals PLC, Mundipharma International Limited, and Kaleo, Inc. Major players focus on developing innovative drug delivery technologies and expanding geographic presence through collaborations.

Read Our More Blogs :  https://www.dailyprbulletin.com/naloxone-market-forecast-outlook-trend-2023-2030/