Global Naloxone Hydrochloride Market is expected to grow at a CAGR of 5.6% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Naloxone Hydrochloride Market by Type (Less than 98% and More than 98%), Application (Tablets, Injection and Others), End-Users, Region and Global Forecast 2020-2027.
The global naloxone hydrochloride market is expected to grow from USD 267.89 million in 2019 to USD 414.25 million by 2027, at a CAGR of 5.6% during the forecast period 2020-2027. North America is the dominant region in terms of market share. The rising prevalence of opioid disorder is the primary factor contributing to the market growth. The opioid epidemic of 2017 has created a vast market for naloxone hydrochlorides. Further, the growing dependency on opioids has increased market demand. Apart from this, Asia-Pacific is expected to hold a significant market share. The market growth of the region can be attributed to the growing use of opioids in the region.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the naloxone hydrochloride market are VAV Life Sciences, Siegfried, Xinhua Pharma, Sun Pharmaceutical, Gaobo Jingband Pharmaceutical, Teva Pharmaceutical Aoxing Group Pharmaceutical, PUAN Pharmaceutical, YaoPharma and others. The dominant player, Teva Pharmaceutical Industries Ltd., received the approval of U.S. Food and Drug Administration for manufacture and sale of naloxone nasal sprays. These nasal sprays will be sprayed on the nose of the patient, the effects of which will be for about half an hour on the patient.
The type segment includes less than 98% and more than 98%. The less than 98% segment holds a major market share. It is mostly used for the treatment of the opioid disorder as it is effective in restricting the side effects of opioids. The application segment includes tablets, injection and others. Out of these, injection accounts for major market share. The injections are widely used in hospitals. These injections are available in the form of kits, and thus they are easy to use. Naloxone hydrochloride is effective when injected in the muscles. The end-users segment includes hospital pharmacies, online pharmacies and retail pharmacies. The hospital pharmacies constitute the majority of the market shares. Hospital pharmacies have more significant supplies than the other segment as they supply product in the hospitals in huge quantity. Apart from this, online pharmacies are expected to grow at a substantial rate over the forecasted years. The growing e-commerce industry has been a significant factor for growth. The ease of availability is increasing the popularity of e-commerce pharmacies among consumers.
Naloxone hydrochlorides have been effective in treating the potential side effects of opioids. The rising prevalence of cancer has increased the use of opioids in the recent past. This has led to the increment in cases of the opioid disorder in many countries. The use of naloxone as an antidote for reversing the effects of opioids has increased in several countries. There have been several pieces of research done on naloxone, which shows that it is by the time the most effective drug for restriction of opioid effects. It has been successful in reducing the number of deaths caused by an overdose of opioids.
About the report:
The global naloxone hydrochloride market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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