The latest market report published by Credence Research, Inc. “Naloxone Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global naloxone market was valued at US$ 2,602.3 Mn in 2017 expanding at a CAGR of 9.7% from 2018 to 2026.
Naloxone is an opioid antagonist medication used to counter the effects of opioid overdose, for instance morphine and heroin overdose. Naloxone is a nonscheduled prescription drug to counteract depression of central nervous system and respiratory during an overdose, normalizing the victim. Some countries such as Australia and Italy have categorized naloxone as over-the-counter (OTC) medication. Rise in the naloxone product launches in the last three years have been the major driving factor for the growth of this market. Mylan N.V. received Food and Drug Administration (FDA) approval for sublingual Suboxone in 2016. The company had already received FDA approval for naloxone hydrochloride injection in 2014. Moreover, FDA approved Adapt Pharma’s NARCAN nasal spray 4mg and 2mg in 2016 and 2017 respectively. Mundipharma International Limited received European marketing authorization for intranasal naloxone product. Growing prices of naloxone is a serious concern faced in the developed countries due to growing demand of naloxone globally. For instance, Evzio by Kaleo was priced at US$ 575 for a pack of two in 2014 has now reached at a price of US$ 4,100. Moreover, Hospira’s generic naloxone has tripled the price by US$ 3.75 per dose in 2012 to US$ 11.87 per dose in 2018. Rising cases of opioid overdose cases and growing awareness regarding naloxone is the major reason for the growth in the prices from the manufacturers.
In terms of formulation type, parenteral type held the largest share in the global naloxone market owing to the number of products available in injections to be administered intravenous and intramuscular. The intranasal formulation is projected to grow at fastest rate during the forecast period due to launch of intranasal drug delivery solutions. For instance, NARCAN nasal spray 2mg and 4mg were the latest entry to the market and expected to drive the market during the forecast period. In terms end-user, hospitals end-user emerged as the largest market owing to high admission of patients with opioid overdose. According to U.S. Department of Health, the rate of people hospitalized for opioid overdose grew at a steady rate since 2000, while the number deaths saw humongous leap from 4.3 per 1,000 in 2000 to 20.2 per 1,000 in 2014; which is expected to increase further during the forecast period. It is estimated that more than 64,070 deaths occurred in 2016 in U.S. alone. This growth in hospitalization and treatment for opioid overdose will drive the market during 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. U.S. emerged as the leading market in the region with high incidences of opioid overdose and growing prevalence of victims with opioid and morphine dependence. Moreover, the country is witnessing a state of epidemic as the number deaths increased by 21 percent in 2016. The U.S. Federal Government has classified this opioid crises as Public Health Emergency in 2017 which would boost the demand for naloxone market in the coming years. Europe is projected to grow at fastest rate during the forecast period. It is estimated there are 1.3 million high-risk opioid users in Europe. The number of overdose related mortality has surged alarmingly in the last five years and abuse of synthetic illegal opioid is becoming a public health threat. The key players currently engaged in naloxone market include Hospira (Pfizer, Inc.), Mylan N.V., Adapt Pharma, Kaleo, Inc., Amphastar Pharmaceuticals, Inc., Mundipharma International Limited among others.
Browse the full report https://www.credenceresearch.com/report/naloxone-market
Key Market Movements:
- Growing opioid crises in the U.S. and other regions of the globe
- Growing approvals of generic naloxone and introduction of novel formulation and delivery options
- Growing governmental initiative for increasing awareness and accessibility of naloxone
- Skyrocketing prices of naloxone in the last two years is hindering the market growth