Tuesday, 02 January 2024 12:17 GMT

Naloxone Spray Market To Expand At A 24.5% CAGR By 2029, Reaching US $1946.99 Billion


(MENAFN- EIN Presswire) EINPresswire/ -- How Much Is The Naloxone Spray Market Worth?
In recent times, the market size for naloxone spray has experienced a drastic rise. Predictions indicate a growth from $661.87 billion in 2024 to $810.65 billion in 2025, showing a compound annual growth rate (CAGR) of 22.5%. The market's expansion during the historic period can be associated with an elevated occurrence of opioid overdoses, increased instances of opioid drug misuse in developed nations, advancements in pharmaceutical development, heightened awareness regarding the significance of naloxone spray, along with a general rise in healthcare spending.

The market size for the naloxone spray is predicted to experience substantial growth in the upcoming years, increasing to ""$1946.99 billion in 2029"" with a CAGR of 24.5%. The expected rise within the forecast period can be tied back to initiatives supported by the government for distributing naloxone, scaling up programs for ease of naloxone access, an increment in prescription rates for opioid analgesics, as well as continuous attempts and vigilance to address the opioid crisis. Noteworthy trends likely to emerge within the forecast period encompass the embrace of intranasal naloxone formulations, the advancement of user-friendly naloxone devices, incorporating naloxone education into opioid prescription practices, and adding naloxone into community-focused harm reduction initiatives.

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What Are The Factors Driving The Naloxone Spray Market?
The rising instances of opioid overdoses are fueling the expansion of the naloxone spray market. Opioids, which encompass drugs like morphine, fentanyl, and tramadol, are primarily used in pain management. Nonetheless, non-medical consumption, chronic usage, misuse, and unsupervised usage could lead to opioid addiction, breathing issues, or even death and other health-related complications. For example, the data released by the Office for National Statistics, a government department in Wales, show that in England and Wales, there were 4,907 deaths attributed to drug poisoning registered in 2022, equivalent to a rate of 84.4 deaths per million population. The rate among men was significantly higher at 114.3 drug-poisoning deaths per million (equating to 3,240 deaths), whereas women faced a rate of 55.8 deaths per million (leading to 1,667 deaths). The surge in opioid overdoses, therefore, bolsters the growth of the naloxone spray market.

Who Are The Major Players In The Naloxone Spray Market?
Major players in the Naloxone Spray include:
. Emergent BioSolutions Inc.
. Amphastar Pharmaceuticals Inc.
. Hikma Pharmaceuticals plc
. Indivior plc
. Nasus Pharma LLC
. Opiant Pharmaceuticals Inc.
. Pfizer Inc.
. Samarth Pharma Pvt. Ltd.
. Teva Pharmaceutical Industries Ltd.
. Adapt Pharma Inc.

What Are The Key Trends And Market Opportunities In The Naloxone Spray Sector?
The naloxone spray market is evolving due to an upsurge in product approvals. Major naloxone spray producers are prioritizing approval of new products to diversify their offerings and grow their market share. Walgreens, an American company, is an example of this trend, launching their own Walgreens Brand Naloxone HCl Nasal Spray in May 2024. This product, available over-the-counter, is specifically developed to quickly counteract opioid overdoses, emerging as a vital resource in the fight against the opioid crisis. Naloxone's mechanism of action involves blocking the opioid effects on the brain, reinstating normal respiration, and averting fatality if given promptly. However, despite the validated efficacy of Naloxone, some communities lack easy access to it, underlining the significance of this product launch in boosting availability and mindfulness.

Which Segment Accounted For The Largest Naloxone Spray Market Share?
The naloxone spray market covered in this report is segmented –
1) By Dosage: 2 mg Or Actuation, 4 mg Or Actuation
2) By Distribution Channel: Hospitals, Clinics, Retail Pharmacies, Online Pharmacies, Other distribution channels

Subsegments:
1) By 2 Mg Or Actuation: Prescription Naloxone Spray, Over-The-Counter Naloxone Spray
2) By 4 Mg Or Actuation: Prescription Naloxone Spray, Over-The-Counter Naloxone Spray

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What Are The Regional Trends In The Naloxone Spray Market?
In 2024, North America held the highest market share for naloxone spray. The expected growth status of this market is outlined for each region in the study, which include Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.

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