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 drug primarily used for the complete or partial reversal of opioid overdose. It works by blocking the effects of opioids in brain which prevents fatal respiratory depression associated with overdoses. It is available in both injectable and nasal spray formulations for emergency use in opioid overdose events. The rising prevalence of opioid abuse and addiction cases worldwide has spurred the demand for naloxone products.
Market Dynamics:
The Naloxone Market Size is primarily driven by the increasing rate of opioid overdoses across regions. According to the United Nations Office on Drugs and Crime, around 269 million people worldwide used drugs globally in 2018, out of which 35 million suffer from drug use disorders. Further, the global annual prevalence of opioid use reached 53 million people in 2020. As per the National Institute on Drug Abuse, overdose deaths in the United States involving opioids jumped from 21,000 to 46,802 in 2018. This has created immense pressure on governments worldwide to increase access to naloxone products to counter opioid overdose cases. Additionally, favorable regulatory policies and guidelines from health agencies promoting naloxone accessibility are expected to contribute to the market growth over the forecast period.
SWOT Analysis
Strength: Naloxone is an extremely effective treatment for opioid overdose. It works rapidly to reverse the effects of an opioid overdose within minutes. Naloxone has an excellent safety profile and little to no side effects. The rising cases of opioid overdose have increased the demand for naloxone.
Weakness: Naloxone does not treat the underlying addiction and may only mask symptoms temporarily. Repeated administration may be required if the opioid is long-acting or involves multiple drugs. Some abusers intentionally overdose to get high from naloxone.
Opportunity: With increasing awareness about opioid overdose and initiatives to make naloxone more accessible, the scope for growth is immense. The approval and launch of naloxone injection and nasal spray devices have simplified administration without requiring medical expertise.
Threats: Non-medical use and diversion of prescription medications and illicit drugs continue to pose major health risks. Stigma associated with opioid abuse prevents people from seeking timely treatment. Alternative non-opioid therapies may impact the naloxone market adversely.
Key Takeaways
The global naloxone market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing prevalence of opioid overdose and initiatives to make naloxone accessible. The naloxone market size for 2023 is estimated at US$ 1234.6 Mn.
Regional analysis:
North America currently dominates the global naloxone market owing to a major opioid epidemic and supportive reimbursement policies promoting use of naloxone. The Asia Pacific region is poised to grow the fastest over the next few years led by improving access to naloxone in countries like India, China, and Japan.
Key players:
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.
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