Fort Collins, Colorado, April 16, 2024 (GLOBE NEWSWIRE) --
The growing cases of opioid addiction are expected to drive the naloxone market.
The alarming rise in opioid addiction and related fatalities significantly drives the demand for naloxone. According to the Centers for Disease Control and Prevention (CDC), drug use contributed to an estimated 600,000 deaths in 2019, with approximately 25% of these fatalities attributed to opioid overdoses, accounting for nearly 80% of all opioid-related deaths. The urgent need for naloxone, a life-saving medication, has surged in response to the expanding opioid crisis. To combat this issue, the U.S. Department of Health and Human Services (HHS) has allocated approximately USD 1.5 billion to support state and local initiatives addressing the opioid epidemic in 2022. Additionally, governments and healthcare organizations are actively striving to enhance access to naloxone as part of comprehensive efforts to mitigate the opioid crisis.
The market for naloxone has experienced substantial growth due to increased awareness of its effectiveness in reversing opioid overdose. Public health campaigns and educational programs have played a crucial role in reducing the stigma surrounding opioid addiction and promoting naloxone carrying among the general population. Furthermore, supportive government policies, such as the U.S. Surgeon General's advisory in 2018 advocating for expanded naloxone access, have further propelled market expansion. Many states have enacted standing orders and collaborative practice agreements, enabling pharmacists to dispense naloxone without a prescription, enhancing accessibility for needy individuals.
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Segmentation Overview:
The naloxone market has been segmented into strength, route of administration, distribution channel, and region.
Injectables accounted for a significant share in 2023.
- Based on the market segmentation by route of administration, the largest sub-segment in 2023 was likely injectable primarily due to its long-standing use in hospital settings and by emergency medical services (EMS) personnel. Injectable naloxone has been the standard formulation for reversing opioid overdose for decades, and healthcare professionals are well-trained in its administration.
The 2.0 mg/ml is the fast-growing segment attributed to the growing adoption.
- The 1 mg/ml strength is commonly used in hospital settings and by emergency responders, contributing to its dominant market position. 2.0 mg/ml sub-segment is expected to be the fastest-growing strength category. This growth can be attributed to the increasing adoption of intranasal naloxone formulations, which typically utilize the 2.0 mg/ml strength.
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Naloxone Market Report Highlights:
- The naloxone market growth is anticipated at a CAGR of 9.7% by 2032.
- The rise in cases of opioid addiction is expected to fuel demand for naloxone.
- Asia Pacific is the leading region in the naloxone market and is projected to retain its position in the coming years.
- Some prominent players in the Naloxone market report include Amneal Pharmaceuticals Inc., Kaleo Inc., Adapt Pharma (now a part of Emergent BioSolutions), Pfizer Inc., Teva Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, Mylan N.V. (now a part of Viatris Inc.), Amphastar Pharmaceuticals Inc., Akorn Inc., Mundipharma International Limited, and Orexo AB.
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