Scopolamine Market Estimated To Witness High Growth Owing To Rising Prevalence Of Motion Sickness
Market Overview:
Scopolamine is an anticholinergic alkaloid drug that is used to treat motion sickness and postoperative nausea and vomiting. It acts by blocking the neurotransmitter acetylcholine in the brain and peripheral nervous system. Scopolamine patches and tablets are most commonly used for prevention and treatment of motion sickness during travel by air, sea or land. The drug is also used to treat nausea and vomiting after surgery.
Market Dynamics:
Rising sea trade and increasing air passenger traffic is fueling the demand for scopolamine drugs for prevention of motion sickness. According to World Health Organization, around 10-30% of the general population experiences motion sickness during travel. Growing incidence of postoperative nausea and vomiting after surgical procedures is also boosting the scopolamine market growth. Moreover, advancements in transdermal drug delivery technologies have led to the development of scopolamine patches and films which provide sustained drug release and improve patient compliance compared to tablets. This is anticipated to drive the scopolamine market growth over the forecast period.
SWOT Analysis
Strength: Scopolamine Market has strong potential for growth owing to widespread clinical applications of scopolamine in treating motion sickness, post-operative nausea and vomiting.
Additionally, rising awareness regarding adverse health effects of nausea and vomiting will boost demand for scopolamine-based drugs over the forecast period. Increasing research & development initiatives by market players for developing novel dosage forms will enhance product accessibility and drive market revenues.
Weakness: Side effects associated with scopolamine such as blurred vision, dry mouth, constipation and drowsiness restrict its use especially in elderly patients. High costs involved in new drug development poses significant challenge for market players.
Opportunity: Untapped growth opportunities exist in the emerging economies of Asia Pacific and Latin America owing to increasing healthcare expenditure, rising affordability and growing population. Moreover, ongoing clinical trials evaluating effectiveness of scopolamine for additional therapeutic applications will present new revenue streams.
Threats: Availability of alternative treatment therapies limits overall demand for scopolamine drugs. Stringent regulatory framework delays product approval and market entry.
The global Scopolamine Market Share is estimated to be valued at US$ 3676.85 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global Scopolamine Market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing prevalence of motion sickness across industries including cruise lines, railways and automotive. The market was valued at US$ 3676.85 Bn in 2023.
Market size related content comprises:
The global Scopolamine market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing prevalence of motion sickness across industries including cruise lines, railways and automotive.
Regional analysis related content comprises
The Asia Pacific region is expected to dominate the global scopolamine market during the forecast period. This is attributed to growing awareness regarding motion sickness, rising healthcare spending, increasing collaborations between regional and international pharmaceutical players, and rapidly developing healthcare infrastructure.
Key players related content comprises
Key players operating in the Scopolamine market are Baxter International Inc., GlaxoSmithKline plc, Novartis AG, Perrigo Company plc, Caleb Pharmaceuticals, Inc., Myungmoon Pharma Co. LTD., Alchem International, Phytex Australia, Centroflora-Cms, Alkaloids of Australia, and Fine Chemicals Corporation.
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