The global scopolamine market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The major factors expected to augment the market growth include a rise in the number of people suffering from motion sickness and mental disorders such as anxiety. According to the Anxiety and Depression Association of America, anxiety disorders are the most common mental illness in the U.S. It affects 40 million adults in the country aged 18 years and older, or 18.1% of the population every year. Furthermore, novel drug delivery systems such as transdermal patches and growing adoption of these dosage forms are expected to grow, which in turn is also anticipated to drive market growth over the forecast period. Additionally, the growing number of travelers globally and an increasing number of surgeries as a result of chronic conditions such as cardiovascular diseases, cancer is expected to boost the market growth in the upcoming years.
The global scopolamine market is segmented based on dosage form into oral, injection, and patches. Nowadays, scopolamine patches are widely adopted to treat nausea and vomiting due to motion sickness or post-surgery resulting from anesthesia. These patches are being highly preferred owing to their cost-effectiveness, rising availability, and ease of use. Ascribing to these factors, the segment for patches is projected to garner the largest share over the forecast period. Additionally, on the basis of application, the retail pharmacies segment in the market is projected to grow with a significant CAGR over the forecast period, which can be attributed to the fact that retail pharmacies have a more extensive customer base and a wider presence. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.74 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.31 in 2008 to USD 1,110.84 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10,623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centres for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 4.5% in 2019. Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
The market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in Asia Pacific region is anticipated to grow at significant rate ascribing to the increased healthcare expenditure, presence of medium and small-sized market players, and increasing medical tourism for the purpose of surgeries in the region. According to the World Bank, for China, the share of health expenditure as a percentage of GDP has risen to 5.4% in 2018, up from 4.2% in 2010. Furthermore, the North American region is anticipated to occupy a notable market share during the forecast peri0od owing to its well-established healthcare and pharmaceutical infrastructure, and the strong presence of crucial market companies. Additionally, a growing number of surgeries performed in the region, increasing number of travelers, along with rise in product launches are also anticipated to lead to market growth in the near future. For instance, domestic travel in the U.S increased by 1.9% in 2018, which is a total of 2.3-billion-person trips, as per the reports of U.S. Travel Association.
The global scopolamine market is further classified on the basis of region as follows:
Our in-depth analysis of the global scopolamine market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing number of surgical interventions as a result of chronic diseases and rising healthcare expenditure are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Side effects and misuse of scopolamine is estimated to hamper market growth.
The market in Asia Pacific will provide ample growth opportunities owing to the increased expenditure on healthcare, presence of medium and small-sized market players and growing medical tourism for the surgeries in the region.
The major players dominating the scopolamine market are Baxter International Inc., Myungmoon Pharm Co Ltd, Alchem International Pvt. Ltd., Caleb Pharmaceuticals, Inc., GlaxoSmithKline plc., Phytex Australia among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by dosage form, distribution channel, and by region.
With respect to distribution channel, the retail pharmacies segment is anticipated to hold the largest market share owing to the fact that retail pharmacies have a larger customer base and a wide presence.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization