Transdermal Scopolamine Market Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024
Albany, NY -- (SBWire) -- 06/14/2018 --Transdermal Scopolamine Market: Snapshot
The global market for transdermal scopolamine is witnessing a remarkable rise, thanks to rising awareness among consumers regarding it being highly effective in treating motion sickness. The increasing number of travelers across the world is adding substantially to the growth of this market. Transdermal scopolamine also finds application during surgeries as it helps in avoiding hyper salivation and aids in recovery from post-operative and anesthesia-induced nausea and vomiting. As a result of the noticeable rise in the number of surgeries performed globally, the demand for transdermal scopolamine has also increased considerably across the world.
Researchers expect this market to remain registering exceptional growth over the forthcoming years. However, the rising reports of side-effects, such as drowsiness, retarded motion, and diluted pupils while using transdermal scopolamine patches, may limit their uptake to some extent in the near future. Apart from this, the increasing cases of adverse withdrawal symptoms for transdermal scopolamine patches and the presence of stringent laws and regulations in manufacturing and marketing of transdermal scopolamine products may hinder the market’s growth in the long run. The market, which stood at a value of US$330.0 mn in 2015, is estimated to expand at a CAGR of 6.70% from 2016 to 2024 and reach US$585.3 mn by the end of 2024.
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North America to Remain Dominant Regional Market
Geographically, the worldwide transdermal scopolamine market is classified into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. With a well-established healthcare industry, high healthcare expenditure, and soaring usage of transdermal scopolamine in surgeries and post-operative recovery, North America has been leading the global market.
Progressing at a CAGR of 6.40% between 2016 and 2024, the regional market is likely to retain its lead over the forthcoming years. Although transdermal scopolamine is off patent now – it was introduced in 1981 – it has very few generics available in the market, which is leading to a stagnancy in the North American market, pointing towards a moderate future growth. Europe, however, is expected to contribute significantly to the growth of the global market in the years to come. With a massive number of travelers and a state-of-art healthcare industry, Western Europe is projected to drive the Europe transdermal scopolamine market over the next few years.
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Asia Pacific to Provide Most Promising Opportunities for Growth
With the increasing expenditure on healthcare, infrastructural developments in the healthcare industry, and the rising emphasis on community healthcare in emerging economies, such as China and India, Asia Pacific is expected to provide the most promising growth opportunities to players in the near future. The number of small- and medium- scale players, offering their transdermal scopolamine patches in this region, has increased substantially, making a competitive environment, which is likely to drive the Asia Pacific market for transdermal scopolamine further in the years to come. Amongst other, Latin America and the Middle East and Africa are anticipated to witness steady growth in their markets for transdermal scopolamine over the coming years, thanks to the rising number of travelers and the increasing focus of key industry players on these regions.
Baxter International Inc., GlaxoSmithKline Plc, Novartis AG, Perrigo Co. Plc, Caleb Pharmaceuticals Inc, and Myungmoon Pharma Co. Ltd. are the leading players operational in the global transdermal scopolamine market.
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