The Naloxone Market is meant to grow on a splendid note in the next decade. With technology creeping in, the time-consuming routine is being taken over by telehealth/e-Health records. Almost everything that was happening in person has been taken over by remote monitoring. This has helped in transcending the geographical barriers as well. These would be the trends concerning the Naloxone Market in the future.
Naloxone is an opioid antagonist medicine used in treatment of opioid overdose. Opioids are analgesics which are used for treatment of chronic pain but non-medical use of opioid is rapidly increasing. Opioids produces euphoria along with pain relieving action and hence opioid abuse is increasing worldwide. As per National Institute on Drug Abuse, approximately 130 people die every day as a result of opioid abuse in the United States alone.
Naloxone is used for the treatment of opioid overdose. The economic burden of prescription opioid misuse is more than US$ 78.5 billion per year in the United States, which represent significant economic burden and extent of opioid misuse. In 2017, more than 1.7 million people in the United States suffered from substance use disorder related to opioids and currently naloxone is the only effective medicine available for the treatment of the opioid overdose.
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Increasing prevalence of opioids overdose expected to fuel the growth of naloxone market. Increasing incidence of opioid drug abuse in the developed as well as developing world expected to drive the growth of naloxone market. The use of opioids for chronic pain management is increasing worldwide and subsequently use of non-medical use of opioids is also increasing which in turn expected to drive the growth of naloxone market.
Increasing awareness about availability of naloxone for the treatment of the opioid overdose further expected to drive the growth of the market. Naloxone when administered shows early onset of the therapeutic action which helps to increase the patient compliance, driving the growth of naloxone market.
Easy to administer and measured dose formulations further increases patients as well as healthcare professionals compliance which in turn expected to drive the growth of the naloxone market.
Significant amount of the clinical trials undergoing for manufacturing novel dosage form for opioid abuse management expected to drive the growth of the naloxone market. Increasing efforts by healthcare professionals, advocacy groups Non-profit Organizations and government about opioid abuse and availability of the treatment expected to drive the growth of the naloxone market.
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Market Segmentation
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The global naloxone market is expected to be dominated by the North America due to higher incidence of opioid overdose in the region. Europe is expected to be second most lucrative naloxone market due to increasing awareness about the treatment for opioid overdose. Latin America expected to experience steady growth in naloxone market owing to gradually increasing use of naloxone for opioid overdose management in the region.
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Asia-Pacific is emerging market in the global naloxone market due to increasing availability and regional manufacturers in the region. Middle East & Africa is the least lucrative market due to low market penetration of the product in the region. Globally increasing availability of the naloxone and awareness about the opioid overdose expected to be the major drivers in the market.
The key market players in the global naloxone market are: ADAPT Pharma, Inc., kaleo, Inc., Amphastar Pharmaceuticals, Inc., Pfizer Inc., Sandoz, SG Pharma Pvt. Ltd., Troikaa Pharmaceuticals Ltd., Samarth Life Sciences Pvt. Ltd., Somerset Therapeutics LLC, and others.
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