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Increasing prevalence of opioid overdose is the most significant factor estimated to stimulate market demand.
NEW YORK, NY, UNITED STATES, December 2, 2021 /EINPresswire.com/ — The global Naloxone Spray Market is expected to reach USD 1.41 Billion by 2028, according to a new report by Reports and Data. Naloxone Nasal Spray is used for treating an opioid emergency or a likely opioid overdose with symptoms such as breathing problems and severe sleepiness or inability to respond.
Naloxone Nasal Spray is used to reverse the effects of opioid medicines for a temporary period. The medicine in this nasal Spray does not affect people who are not exposed to opioid medications. It is necessary to provide emergency medical help to the patient after giving the first dose of the nasal spray. According to the Centers for Disease Control and Prevention, approximately 400,000 people died as a result of an opioid overdose in the period 1999 to 2017. Also, on average, over 130 people in America die every day owing to overdoses involving opioids, a class of drugs that comprise prescription medications like oxycodone, fentanyl, morphine, and hydrocodone, along with illegal drugs including heroin or drugs sold as heroin.
Increase in launches and approval of new naloxone spray products is anticipated to be a significant driver boosting the growth of the market in the upcoming years. For instance, in April 2019, Pfizer, a major pharmaceutical company, launched a generic nasal spray of naloxone which is expected to significantly fuel market demand.
Additionally, with an increase in the prevalence of opioid overdoses, several of efforts are being taken to make this emergency overdose reversal medication more readily available and accessible to the people who may require it. The FDA has also taken the unprecedented step of assisting manufacturers to pursue approval of an over-the-counter naloxone spray product and is exploring other ways to increase the availability of naloxone products intended for use in the community. As naloxone is a fairly new product, the high cost associated with this product coupled with the serious side-effects may create hindrances in the market growth.
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Key Offerings of the Global Naloxone Spray Market Report:
• Deep insights into the Naloxone Spray market landscape
• Key details about the regional segmentation of the Naloxone Spray market
• Analysis of the crucial market trends with regards to both current and emerging trends
• Extensive overview of the key manufacturers and prominent players of the industry
• Comprehensive study of the market segmentation and recent developments
Ongoing efforts of key players to develop advanced therapeutics and drugs, rapid adoption of advanced technologies such as artificial intelligence, additive manufacturing, ad blockchain technologies, among others, and growing focus on precision medicine have led to rapid changes in the pharma and healthcare industry. Legalization and acceptance of medical marijuana, rising focus on connected devices in healthcare sector, and popularization of beyond-the-pill have further revolutionized the healthcare industry. The emergence of COVID-19 pandemic has played a crucial role in the progress of healthcare industry with rapid shift in focus on preventive healthcare, increasing awareness about health and wellness, growth of telemedicine and teleconsultation, and rapid adoption of advanced technologies to cater to the growing patient pool.
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The report offers a comprehensive overview of the competitive landscape of the market to offer key insights about the key companies operating in the market. The section discusses in detail the initiatives and innovations adopted by the key players to gain a strong foothold in the market. It also provides insights into mergers and acquisitions, joint ventures, collaborations, partnerships, and agreements, among others to offer a better understanding of the market.
Key companies in the market include:
Emergent BioSolutions, Pfizer, and Teva Pharmaceuticals Industries Ltd.
Further key findings from the report suggest
• On the basis of dosage, the 4 mg/actuation is expected to witness significant growth rate in the forecast period.
• Hospitals dominated the market in 2020 and are estimated to grow at a rate of 22.5% in the forecast period.
• In terms of geography, North America held the largest share in the global naloxone market owing to growing opioid crises in the region. The S. is the dominant market in North America with high incidences of opioid overdose and increasing prevalence of victims with dependency on opioid and morphine.
• In April 2019, the U.S. Food and Drug Administration on Friday said it gave approval to Teva Pharmaceutical Industries Ltd. to market generic naloxone nasal spray to treat opioid overdoses.
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For the purpose of this report, Reports and Data have segmented global Naloxone Spray market on the basis of dosage, distribution channel, and region:
Dosage Outlook (Revenue, USD Million; 2020-2028)
• 2 mg/actuation
• 4 mg/actuation
Distribution Channel Outlook (Revenue, USD Million; 2020-2028)
• Retail Pharmacies
• Online Pharmacies
The section covers a comprehensive analysis of key regions for production and consumption ratio, import/export analysis, supply and demand dynamics, regional trends and demands, and presence of prominent players in each region. The regional analysis segments also offers a country-wise analysis to offer panoramic view of the market and help investors, clients, stakeholders, and businesses better understand the opportunities and growth scope of the Naloxone Spray market.
The regional analysis covers:
• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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About Reports and Data
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