Transdermal Scopolamine Market
Transdermal Scopolamine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
Transdermal Scopolamine Market: Snapshot
Transdermal Scopolamine market is showing remarkable growth in healthcare owing to advantages offered by transdermal scopolamine. The skin patch helps prevent nausea and vomiting caused due to motion sickness by balancing norepinephrine and acetylcholine (hormones) in the body.
Application of transdermal scopolamine post-surgical procedure is propelling growth of transdermal scopolamine. It is prescribed by doctors to mitigate the effect of anesthesia, or while recovering from any surgery. Simple usability and effectiveness of the patch is making its popular among patients.
Increase in the incidence of cancer and surgeries is major driver of the transdermal scopolamine market. As transdermal scopolamine helps in recovery from anesthesia-induced as well as post-operative vomiting and nausea, the demand for transdermal scopolamine is increasing substantially around the globe. This demand accounts for market expansion at a CAGR of 6.70% between 2016 and 2024. As per the estimation by Transparency Market Research (TMR), the market value is projected to reach US$585.3 mn by the end of 2024.
The published report provides insights about the market growth. It offers detailed study of drivers and trends that will be contributing to the expansion of transdermal Scopolamine market in the duration of forecast period. The market intelligence report also gives description about the restraining factors that are likely to produce hindrance in the market. Besides, it also highlight segments which will be contributing dominantly in growth of the market globally.
The medicine can be easily self-administered at home which makes it desirable among increasing geriatric population. Increasing in geriatric population across the globe is likely to drive transdermal scopolamine market globally. Also, there is no drug administration cost involved.
Increasing Awareness about Usage of Transdermal Scopolamine among Traveler bolstering the Market
There is growth in the number of travelers around the globe. And, awareness about the benefits of transdermal scopolamine market among the travelers is bolstering the expansion of the global transdermal scopolamine market.
One of the major benefit offered by transdermal scopolamine is it can be removed when the drug is not required in the body, this factor is boosting the demand of transdermal scopolamine, thereby, pushing the horizon of transdermal scopolamine market. On the other hand, removal of transdermal scopolamine market leaves withdrawal symptoms which are found to be adverse. This is likely to produce hindrance in the growth of transdermal scopolamine market.
Owing to the increase in number of travelers in North America, the region is contribute majorly in the global transdermal scopolamine market. Also, the region has well-established healthcare infrastructure which adds in the expansion of the transdermal scopolamine market. Registering the number of surgeries occurring in Europe, the region is likely to hold second position as a contributor in the global transdermal scopolamine market.
Some of the prominent players operating in the transdermal scopolamine market are GlaxoSmithKline Plc, Caleb Pharmaceuticals Inc, Baxter International Inc., Myungmoon Pharma Co. Ltd., Novartis AG, and Perrigo Co. Plc.
Among all the key players, Novartis AG alone contributed 41.0% of the global revenue in the year 2016. At the same time, Baxter International Inc. and GlaxoSmithKline Plc., accounted for 49% of the total share cumulatively. Presence of small companies are intensifying the competition in the market.
Global Transdermal Scopolamine Market: Overview
Scopolamine is an alkaloid, a secondary metabolite produced by plants of nightshade family such as henbane, Datura, Duboisia, etc. Scopolamine is used to treat motion sickness, and post-operative and anesthesia induced nausea and vomiting. It is often used to treat gastrointestinal spasm, irritable bowel syndrome and eye inflammation. Scopolamine is also used for nausea and vomiting prevention in chemotherapy for cancer treatment. Scopolamine can be administered orally as tablets or syrups, intravenously as injections and solutions, or as transdermal in form of patch or gel. Transdermal scopolamine is a scopolamine patch used to treat motion sickness and post-operative nausea and vomiting. Transdermal scopolamine available today are reservoir patches which can be used for up to 3 days. These patches are applied at back side of ear. These patches are applied 20 minutes to 4 hours before the intended use such as travel, surgery etc.
The first transdermal scopolamine patch was approved in 1979, manufactured by Alza Corporation and marketed by Novartis AG by brand name Transderm Scop. There are very few generics approved by FDA for Transderm Scop, which makes the market less competitive. Though there are few small players operating on regional level, however they hold a meager share in global transdermal scopolamine market. The global market for transdermal scopolamine is expected to grow at CAGR of 6.7% over the forecast period from 2016 to 2024. The launch of recently approved generics and projected expansion of international players is expected to drive the growth for this market. Moreover many of the industry players and researchers are investing on development of new transdermal scopolamine products.
Transdermal scopolamine is a preferred choice to treat motion sickness owing to its ease in administration, cost effectiveness and availability. Rise in number of travelers across globe is expected to drive the growth for transdermal scopolamine market over the forecast period. Moreover some of the industry players and researchers are investing on development of improved transdermal scopolamine patch on material, adhesion, drug bioavailability and other aspects. Expected introduction of such improved products coupled with launch of new entrants is expected to trigger the growth for transdermal scopolamine market. However there are few concern factors with transdermal scopolamine such as adverse effects, specifically the withdrawal symptoms which are anticipated to restrain growth.
Global Transdermal Scopolamine Market: Regional Outlook
Geographically, the transdermal scopolamine market has been segmented into five regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. These regions have been further segmented to country and sub-regional level. North America is expected to contribute largest share in global transdermal scopolamine market owing to high number of travelers, well established healthcare industry. Europe is expected to hold second position in global transdermal scopolamine market with growing number of surgeries and rising number of travelers.
The competition matrix section included in the report is likely to assist the existing players to increase their market shares and new companies to establish their presence in the global transdermal scopolamine market.
Companies Mentioned in the Report
The report also profiles major players in the market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Key companies profiled in the report include Novartis AG, GlaxoSmithKline plc, Baxter International Inc., Perrigo Company plc, Caleb Pharmaceuticals, Inc., and Myungmoon Pharma Co. Ltd.
The global transdermal scopolamine market has been segmented as follows: