by The Global Epinephrine Market is estimated to be valued at US$ 2,040 million in 2017 and is expected to exhibit a CAGR of 11.0% over the forecast period 2018-2026, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Epinephrine, also known as adrenaline, is a hormone and medication used to treat a number of conditions including anaphylaxis, cardiac arrest, and superficial bleeding. It is primarily used in emergency situations to counteract the severe symptoms of allergic reactions. Epinephrine acts by causing the blood vessels to constrict, which helps in reducing swelling and improving breathing. The growing incidence of anaphylaxis, a severe and life-threatening allergic reaction, is one of the major factors driving the growth of the global epinephrine market.
Market Dynamics:
The global epinephrine market is driven by two primary factors, namely increasing incidences of anaphylaxis and improved awareness about the condition. Anaphylaxis is a severe allergic reaction that can be triggered by allergens such as food, medications, insect stings, and latex. The prevalence of anaphylaxis has been increasing across the globe, thus driving the demand for epinephrine products. Additionally, there has been a significant increase in public awareness regarding the importance of carrying epinephrine auto-injectors, especially among individuals with known allergies, schools, and healthcare professionals.
Furthermore, advancements in technology have led to the development of user-friendly epinephrine auto-injectors, which are easy to use even for individuals without any medical training. These factors are expected to contribute to the growth of the global epinephrine market.
Segment Analysis:
The epinephrine market can be segmented based on product type and end-user. By product type, the market can be further segmented into epinephrine auto-injectors and prefilled syringes. Epinephrine auto-injectors dominate the market owing to their ease of use and convenience in emergency situations. Among the end-users, the hospital and clinics segment is expected to dominate the market. The increase in hospital admissions due to anaphylaxis cases and the availability of emergency medical services in hospitals contribute to the dominance of this segment.
PEST Analysis:
– Political: The government’s increasing focus on improving healthcare infrastructure and ensuring the availability of emergency medical services is expected to contribute to the growth of the epinephrine market.
– Economic: Rising healthcare expenditure and increasing insurance coverage for emergencies and chronic diseases are factors that drive the growth of the market.
– Social: Growing awareness about allergies and anaphylaxis, along with the importance of carrying epinephrine auto-injectors, has a positive impact on the market.
– Technological: Advancements in technology have led to the development of innovative, easy-to-use epinephrine auto-injectors, thereby driving market growth.
Key Takeaways:
– The Global Epinephrine Market Demand is expected to witness high growth, exhibiting a CAGR of 11.0% over the forecast period, due to increasing incidences of anaphylaxis and improved awareness about the condition.
– Regionally, North America is expected to dominate the market due to the high prevalence of anaphylaxis and the presence of key market players in the region.
– Key players operating in the global epinephrine market include Mylan N.V., Pfizer, Inc., Teva Pharmaceuticals Industries Ltd., Impax Laboratories, Inc., Kaleo, Inc., Adamis Pharmaceuticals Corporation, Bausch Health Companies, and ALK- Abello A/S. These players focus on product launches, collaborations, and mergers to maintain their market position.
In conclusion, the global epinephrine market is poised to grow significantly in the coming years, driven by increasing awareness about anaphylaxis and technological advancements in epinephrine delivery devices. The market offers opportunities for key players to expand their product portfolios and cater to the growing demand for epinephrine products.
