Global Naloxone Spray Market is expected to grow at a CAGR of 22.91% during the forecast period 2019-2026
A new research report published by Fior Markets with the title Naloxone Spray Market by Dosage (2 mg/actuation, 4 mg/actuation ), Distribution Channel, Regions, and Global Forecast 2019-2026.
As per the report published by Fior Markets, the global naloxone spray market is expected to grow from USD 181.16 Million in 2018 to USD 943.62 Million by 2026, at a CAGR of 22.91% during the forecast period 2019-2026. The North America region led the global naloxone spray market with a 52.76% share of market revenue in 2018 due to increasing consumption of the naloxone spray, presence of key leading players, and medical reimbursement. However, the Europe region held a healthy share of the global naloxone market in 2018.
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Major players in the global naloxone spray market are Emergent BioSolutions, Pfizer, and Teva Pharmaceuticals Industries Ltd. The companies are adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership to maintain their presence in the global naloxone spray market. For instance, in 2018, Emergent BioSolutions acquired Adapt Pharma in USD 735 Million. This acquisition added Adapt’s Narcan (Naloxone HCl) Nasal Spray, the only nasal form of naloxone for emergency treatment of known or suspected opioid overdose approved by the U.S. Food and Drug Administration (FDA).
The global naloxone spray market has been segmented on the basis of dosage and distribution channel. The dosage segment is divided into 2 mg/actuation and 4 mg/actuation. Due to the increasing prevalence of opioid drug overdose, the 4 mg/actuation segment emerged as the leader in the global naloxone spray market with a 67.92% share of market revenue in 2018. The dosage should be given in the limited mg as the over dosage may cause the damage to the central nervous system or even death. The contents of the dosage differ for the adults and pediatric patients. However, in case of the emergency medical assistance the 2 mg/actuation is provided till the actual treatment of the pain is started. The distribution channel segment contains hospitals, clinics, retail pharmacies, online pharmacies, and others. The hospitals are the first point of call in case of any drug overdose related emergencies. As a result, the hospital segment is projected to grow at an accelerated CAGR of 25.16% over the forecast period. The hospitals with emergency departments and urgent care centers has increased the use of the naloxone spray due to the ease of availability.
Naloxone is a medication which is mainly used to treat the opioid overdose such as morphine and heroine. Naloxone nasal spray is rapidly emerging as an alternative to the intravenous administration due to its ease of use as it can be administrated by anyone in case of emergency. In 2016, the U.S. Department of Health and Human Services published a report that mentions approximately 11.5 million people has misused prescription of pain relievers drugs and around 948,000 Americans has used heroin as well as 641,000 people were dual abusers of prescription opioids and heroin. This number is increasing year by year and thus more people are undergoing negative health effects due to the repeated use. Dynamics driving the growth of the market include increasing prevalence of opioid overdose, global rise in the drug epidemic as well as favorable regulatory support for limiting the opioids over dosage. However, the high cost associated with the naloxone spray, stringent regulatory approval process and detrimental side effects of the naloxone are expected to restrain the market growth over the forecast period. Nevertheless, potential USFDA approval of an over-the-counter naloxone spray product and favorable reimbursement scenario is expected to open new opportunities for the market growth in the upcoming years.
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