Market Overview:
Naloxone is an opioid antagonist used for the complete or partial reversal of opioid depression, including respiratory depression. It is commonly injected into muscles or veins, or administered as a nasal spray. Naloxone works by blocking or reversing the effects of opioids.
The global 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 key trends:
Growing prevalence of opioid overdoses is expected to drive the market growth of Global Naloxone Market Size over the forecast period. According to the National Institute on Drug Abuse, over 67,000 drug overdose deaths occurred in the United States in 2020, out of which 75% involved an opioid. The rising cases of opioid dependency and overdoses have prompted governments worldwide to ease regulations for use of naloxone, making the drug more accessible. For instance, in 2018, the U.S. Surgeon General advised more Americans to carry naloxone and identify the signs of opioid overdose. This has led to increased demand and adoption of easily administered forms of naloxone like nasal spray formulations.
SWOT Analysis
Strength: Naloxone is an opioid antagonist that can reverse the effects of opioid overdose, thereby saving lives. It has a strong safety profile and is easy to administer.
Weakness: Naloxone comes with potential side effects like abdominal pain, nausea, dyspnea, etc. It also needs to be administered immediately to reverse an overdose.
Opportunity: The opioid epidemic has led to a rise in overdose cases, creating demand for overdose reversal drugs like naloxone. Community programs promoting its use also support market growth.
Threats: Alternate treatment options and preventive measures for addiction may reduce dependence on naloxone over the long run. Stringent regulations pertaining to opioid drugs also pose challenges.
Key Takeaways
The global naloxone market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of opioid overdose cases. According to the UN, around 275 million people globally used drugs at least once during 2020.
Regional analysis: North America currently dominates the naloxone market, owing to the growing opioid crisis in the US. Several programs have been launched by the government and health agencies in the region to make naloxone more accessible. Europe is also a major market backed by initiatives raising awareness about naloxone’s role in reducing opioid overdose deaths.
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. Several new players are also developing generic and heat-stable versions to tackle low accessibility issues.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it