by The scopolamine market consists of scopolamine products that are highly effective in treating motion sickness. Scopolamine works by blocking the action of acetylcholine, a chemical messenger in the body that is implicated in motion-induced nausea. It is available in various formulations such as tablets, patches, and gels and provides quick relief from symptoms of motion sickness including dizziness, nausea and vomiting. The transdermal patches have gained widespread acceptance owing to their non-invasive delivery and longer duration of action compared to oral formulations. The global scopolamine market is witnessing strong demand from travelers, military personnel and healthcare providers.
The global Scopolamine Market is estimated to be valued at US$ 3676.85 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the scopolamine market is the introduction of newer delivery formats. Traditionally, scopolamine was available only in oral and injectable forms with short duration of action. However, recent developments have led to availability of scopolamine patches and gels which offer sustained and convenient delivery. Transdermal scopolamine patches have revolutionized the treatment of motion sickness. Their user-friendliness and longer duration of activity compared to oral tablets have boosted their popularity. Aside from new delivery formats, companies are also focusing on developing combination products containing scopolamine along with other antiemetic agents in order to provide enhanced efficacy.
Porter’s Analysis
Threat of new entrants: The scopolamine market requires large R&D investments and established distribution channels. This makes the entry of new players difficult.
Bargaining power of buyers: The bargaining power of buyers is moderate as scopolamine has applications in several therapeutic areas. Buyers can negotiate on price and quality.
Bargaining power of suppliers: A few players dominate the supply of scopolamine. This gives them significant bargaining power over buyers.
Threat of new substitutes: There exist substitutes for scopolamine-based products in certain applications. This poses a moderate threat from substitutes.
Competitive rivalry: The scopolamine market is consolidated with major players competing on drug innovation.
Key Takeaways
The Global Scopolamine Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach a value of US$ 5676.85 Bn by 2030, expanding at a CAGR of 4.8% during the forecast period.
Regional analysis
North America currently dominates the scopolamine market and is expected to continue its dominance over the forecast period. This can be attributed to established healthcare systems and high healthcare spending in the region. Asia Pacific is poised to witness the fastest growth owing to rising healthcare expenditure, growing populations and improving economic conditions in various countries.
Key players
Key players operating in the scopolamine market are Baxter International Inc., GlaxoSmithKline plc, Novartis AG, Perrigo Company plc, Caleb Pharmaceuticals, Inc., Myungmoon Pharma Co. LTD., Alchem International, Phytex Australia, Centroflora-Cms, Alkaloids of Australia, and Fine Chemicals Corporation. Key players are focusing on drug innovation and expanding their geographic presence through strategic collaborations to gain market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
