Scopolamine Market Is Estimated To Witness High Growth Owing To Rising Demand In Motion Sickness And Other Medical Applications
Scopolamine is an alkaloid drug derived from plants in the Solanaceae family such as Datura stramonium and Atropa belladonna. Scopolamine is primarily used as an antiparkinson agent, anticholinergic, antiemetic, and as a mydriatic. Scopolamine is available in formulations such as tablets, transdermal patches, gels, and injections. The drug is highly effective in treating motion sickness and postoperative nausea and vomiting.
The global scopolamine market 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.
Market Dynamics
Rising demand for effective motion sickness and postoperative nausea and vomiting treatments is the major driver contributing to the growth of the scopolamine market. Scopolamine transdermal patches and tablets provide long-lasting relief from nausea and motion sickness associated with travelling via sea, land, and air modes of transportation. Furthermore, increasing use of scopolamine pre-procedural administrations to reduce postoperative nausea and vomiting associated with surgeries is also propelling market growth. According to a study published in the Korean Journal of Anesthesiology in 2018, administration of scopolamine patches 1 to 2 hours before surgery was found to be an effective method to control postoperative nausea and vomiting.
SWOT Analysis
Strength: Scopolamine market has a well-established supply chain and distribution network. Strong brand recognition and recall value among consumers for established players. Growing geriatric population suffering from motion sickness and other conditions is driving the growth of this market.
Weakness: Presence of alternative treatment options for motion sickness and other conditions limits the growth potential of scopolamine market. Side effects associated with scopolamine formulations such as dry mouth, blurred vision, dizziness act as a restraint.
Opportunity: Untapped growth opportunities in developing regions of Asia Pacific and Latin America. Rising awareness about scopolamine formulations for treating various medical conditions. Introduction of advanced drug delivery technologies can help overcome limitations of conventional dosage forms.
Threats: Stringent regulatory norms for approval of new drugs. Patent cliff of major drugs increases the threat from generic competitions. Vulnerability to global economic slowdown affecting the disposable income of customers.
Key Takeaways
The global Scopolamine Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The market size was valued at US$ 3676.85 Bn in 2023 and is projected to reach over US$ 5000 Bn by 2030 growing at a CAGR of 4.8%.
Regional analysis
North America dominates the global scopolamine market currently owing to growing prevalence of motion sickness and other conditions. The region accounts for over 40% share of the global market revenue led by US and Canada. Asia Pacific is expected to witness fastest growth over the forecast period supported by expanding medical infrastructure and rising healthcare spending in China, India. The growth in Asian markets is attributed to growing use of scopolamine products for gynecological and ophthalmic conditions.
Key players
Key players operating in the Scopolamine market are Baxter International Inc., GlaxoSmithKline plc, Novartis AG, Perrigo Company plc.
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