Albany, NY -- (SBWIRE) -- 09/22/2017 -- The opportunity in the global transdermal scopolamine market was pegged at US$330.0 mn in 2015 and is poised to reach a valuation of US$585.3 mn by the end of 2024, progressing at a healthy CAGR of 6.70% between 2016 and 2024.
Increasing Number of Surgeries Performed Worldwide to Stir up Uptake of Transdermal Scopolamine
The global market for transdermal scopolamine is gaining significant momentum, thanks to the increasing awareness among consumers regarding its high effectiveness in treating motion sickness. The growing number of travelers worldwide are, therefore, shot in the arm for the global market. "Transdermal scopolamine is also being increasingly used in surgeries as it aids in controlling hyper salivation and helps in recovering from anesthesia-induced and postoperative vomiting and nausea," says a TMR analyst. Hence, the dramatic rise in the number of people undergoing surgeries every year is reflecting positively on the global sales of transdermal scopolamine patches. Researchers anticipate that the market will continue to post phenomenal growth in the coming years as well.
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Side-effects of Transdermal Scopolamine to Limit their Widespread Adoption
On the flip side, the upward growth of the market is marred by the side-effects caused by the consumption of these patches, such as retarded motion, drowsiness, and diluted pupils. Besides this, the rising reporting of cases of adverse withdrawal symptoms for these patches and the presence of stringent rules and regulations pertaining to the manufacturing and marketing of these products are limiting the global transdermal scopolamine market from realizing its utmost potential.
Nevertheless, emerging countries are expected to offer lucrative growth opportunities. The proliferation of small- and medium- scale players in developing regions is boosting the scope of market expansion. The improving healthcare sector and booming medical tourism are providing the immense potential to these countries, which in turn is likely attract the attention of key global players.
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North America to Stay Ahead through 2024, thanks to Robust Healthcare Facilities
Geographically, North America will continue to be at the forefront of the growth of the global market for transdermal scopolamine until 2024. The presence of an advanced healthcare infrastructure along with the increasing consumer healthcare spending is acting as the primary factor driving the regional market. The market in North America is witnessing increased usage of transdermal scopolamine in surgeries and post-operative treatments. However, the growth of the region is impeded by the limited availability of generics. Owing to these factors, the region will exhibit a CAGR of 6.40% during the forecast period.
Europe and Asia Pacific are expected to register strong growth during the same period. The growth of Europe can be attributed to the widening pool of travelers and the presence of a state-of-art healthcare industry.
A new study by Transparency Market Research (TMR) indicates that Novartis AG, alone, contributed nearly 41.0% of the overall revenue of the global transdermal scopolamine market in 2016. Other two torch bearers in the market, namely, GlaxoSmithKline Plc and Baxter International Inc., commanded a cumulative share of 49.0% in the same year. Even though, the number of small players in the market is less, the degree of competition within the arena will remain low over the forthcoming years. "The leading participants are focusing towards acquiring small companies in order to consolidate their position in the market," says the author of the report.
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