Introduction to Atropine Sulfate
Atropine sulfate is the sulfate salt of atropine, which belongs to the naturally occurring alkaloids class of compounds. Atropine is found naturally in belladonna (Atropa belladonna). Atropine sulfate is one of the drug names under which atropine medication is used to treat a certain type of nerve agent and pesticide poisonings along with to reduce saliva, mucus, and other secretions during surgery. Atropine finds its applications in many modern medicines. Atropine is applied to the eye to increase the size of the pupil during the examination of uveitis and early amblyopia. Additionally, it is given intravenously or intramuscularly for the treatment of bradycardia as the intravenous solution usually begins working within a minute and lasts for half an hour to one hour. Larger doses may be required to treat some poisonings. Atropine also acts as an antidote over poisoning caused by an organophosphate nerve toxin. However, it is not an actual antidote for organophosphate poisoning, it serves as a treatment for poisoning by blocking the action of acetylcholine at muscarinic acetylcholine receptor.
Market Size and Forecast
The global atropine sulfate drug market is expected to expand at a significant CAGR during the forecast period i.e., 2020-2028. The atropine sulfate drug market is thriving on the back of the increased volume of surgical services worldwide along with the expansion of major applications of drug in the body such as gastrointestinal, ophthalmology, neurology, and others. The rising number of key market players has caught the attention of investors around the world, allowing them to invest in the atropine sulfate drug market to increase growth. These are some of the major factors that are anticipated to drive the growth of the market during the forecast period. The atropine sulfate market is segmented by product, by application, by distribution channel and by region. Based on product, the atropine sulfate market is segmented into injection and ointment, out of which, the segment for injections is anticipated to dominate the market owing to the properties such as ease of administration since the drug is directly injected into veins and it starts working within a minute and the effect lasts for about an hour. Based on distribution channel, the market is further divided into hospital pharmacies, retail pharmacies and online pharmacies. Out of these, the segment for hospital pharmacy is estimated to hold the largest market share owing to the large number of ophthalmic surgeries taking place around the world.
Growth Drivers
The steady growth of the APAC market over the years
Asia Pacific (APAC) healthcare market is displaying steady growth with no signs of stopping as a result of revised and improved access to healthcare facilities amidst increased government and private investments. Further, the increasing government initiatives to improve the healthcare market in Asia are responsible for escalating the market growth. Technological contributions are also leading to progress, such as digital medical records, telemedicine, robot nurses, and more. Advanced technologies have changed the condition of hospitals and medical services. Cumulatively, this has resulted in a rise in the demand for healthcare services and pharmaceutical products in the Asia Pacific region. This factor is anticipated to lead to the growth of the atropine sulfate drug market at a significant rate in the coming years.
Increase in the rate of surgical services
Surgical services are recognized to be an essential component of the public health system. Surgical services occur in every setting, from developed countries to underdeveloped countries, and the worldwide necessity of surgeries has increased greatly with the shifting patterns of disease. Little is known about the actual worldwide need and availability of surgical volumes since only circumstantial evidence exists. However, surgery is anticipated to have an increased role in public health owing to epidemiological transition. The worldwide volume of surgery is large and increasing along with high number of deaths and major surgical procedures rates. With the increasing demand for surgical services, the market growth of the atropine sulfate is anticipated to flourish in the coming years.
Restraints
Falling demand due to lethal side effects
Association of various lethal side-effects and contraindications of atropine sulfate has hampered with the market growth of the drug. Adverse reactions of atropine include ventricular fibrillation (a life-threatening situation with inadequate heart rhythm), ventricular tachycardia (a condition in which the ventricles beat very quickly), extreme confusion, photophobia, and others. Additionally, it contraindicated in people with glaucoma, pyloric stenosis, or benign prostatic hyperplasia. In spite of all the advantages, contraindications and adverse effects of the atropine sulfate are threatening to the lives of patients. This factor is estimated to restrict the growth of the atropine sulfate drug market over the forecast period.
Leaner demand and negative growth in past to restrict market growth
Atropine was earlier included in international resuscitation guidelines for use in cardiac arrest but was later removed in 2010 due to a lack of effectiveness. Additionally, the low cost of production and less profit margin led to a shortage of atropine sulfate supply globally. Many companies shut down their production of atropine due to incurred losses. This factor is predicted to hamper the future growth of the atropine sulfate drug market.
Market Segmentation
In-depth analysis of the global atropine sulfate market includes the following segments:
By Product Type:
- Injection
- Ointment
By Application Type:
- Ophthalmology
- Gastrointestinal
- Neurology
- Other
By Distribution Channel Type:
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
By Region Type
On the basis of regional analysis, the global atropine sulfate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The markets in North America and Europe are expected to hold significant market shares owing to the presence of some of the major market key players that are also traditional suppliers of medicinal drugs. Additionally, the presence of some of the major economies in these regions includes the US, Germany, UK, France, Canada, Italy, Spain, and others. The markets in Asia Pacific and the Middle East & Africa regions are projected to register substantial growth in the atropine sulfate market in the coming years. This rise in demand can be attributed to the growth of major end-use industries. Globally, the market has a strong potential for growth. There have been an increasing number of investments by global companies in these regions to strengthen their presence.
The global atropine sulfate market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating the Market
- Meridian Medical Technologies, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Novartis AG
- Teligent
- C²PHARMA
- RESONANCE LABORATORIES
- China Resources Double-crane Pharmaceutical Co., Ltd.
- Albany Molecular Research Inc.
- Alchem International Pvt. Ltd.
- Saurav Chemicals Ltd.
- Wuhan senwayer century chemical Co., Ltd.
