The 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 Overview:
Naloxone is an opioid antagonist used for the complete or partial reversal of opioid overdose, in particular life-threatening depression of the central nervous system and respiratory system. It has been deemed as an essential medicine by World Health Organization. Naloxone comes in different formulations including nasal spray, ampoules for injection, and auto-injectors. It works by blocking the effects of opioids on the brain and respiratory system in the case of an opioid overdose.
Market Dynamics:
Rising Prevalence of Opioid Overdose: According to the Centers for Disease Control and Prevention (CDC), more than 93,000 people died due to drug overdose in 2020 in the U.S., out of which majority were due to synthetic opioids including fentanyl. This has resulted in growing demand for naloxone to reverse the effects of overdose.
Increasing Support by Government Initiatives: Several governments are undertaking initiatives to distribute naloxone kits for public use and first responders. For instance, in April 2021, the White House launched the National Roadmap to Increase Access to Naloxone and Reduce Overdose Deaths. This is expected to support the growth of naloxone market.
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Segment Analysis
The Naloxone Market Size is dominated by the intramuscular/subcutaneous injection segment. This segment captures over 70% share due to high adoption of naloxone injection products by healthcare professionals, hospitals and clinics for emergency treatment. Naloxone injections work rapidly within 2-5 minutes to reverse opioid overdose. The nasal spray segment is gaining market traction owing to ease of self or buddy administration in overdose situations outside of clinical settings.
PEST Analysis
Political: Governmental support through various programs to expand access to naloxone and limit legal barriers is boosting the market growth. Economic: Rise in disposable incomes especially in developing nations is increasing healthcare spending which is driving the naloxone demand. Social: Growing prevalence of opioid overdose and rising awareness about opioid-related harms is creating need for expanded use of naloxone. Technological: Development of auto-injector and easy to administer nasal spray formulations are improving accessibility of naloxone treatment.
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 and government initiatives to expand access to overdose reversal medications. Regionally, North America dominated the naloxone market and captured over 60% share in 2023 owing to high consumption of opioid drugs and supportive legislative reforms to make naloxone widely available in the U.S. and Canada.
The nasal spray segment is anticipated to grow at a fastest pace during the forecast period ascribed to benefits like ease of use that allow self or buddy administration without need for medical training. As per projections, the U.S. naloxone market will surpass US$ 990 Mn by 2030 driven by initiatives like increasing public funding allocations to support procurement of naloxone products and implementing standing orders for naloxone dispensing without prescription.
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. Majority of companies are focusing on expanding product portfolios through approval and commercial launch of more consumer-friendly forms like nasal spray and auto-injector to cater to rising naloxone demand in community settings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
