NEWARK, Del, July 10, 2024 (GLOBE NEWSWIRE) -- The rise of opioid misuse is driving a critical market – the Alexipharmic Drug Market, which acts as an antidote in overdose situations. A recent report highlights a concerning trend, with the alexipharmic drug market valued at USD 3.80 billion in 2024 and projected to reach USD 6.50 billion by 2034. This signifies a significant growth trajectory at a CAGR (Compound Annual Growth Rate) of 5.40%.
According to a survey, opiate-related drug poisoning deaths in England and Wales have increased by 388% since 1993. However, with the help of positive government intervention and reduced stigma around drug addiction, alexipharmic drugs can pave the way for a future where opioid abuse is no longer a crisis.
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Governments worldwide have started taking positive steps to combat the opioid crisis. For instance, the United Kingdom government has launched a comprehensive strategy to tackle the opioid epidemic and reduce the stigma associated with drug addiction. These steps will help to shape the future of the alexipharmic drug market, making it more accessible to those in need.
“Key players in the alexipharmic drug market are collaborating with government and non-government organizations to spread awareness regarding the use of these drugs in case of opioid over abuse. This has not only increased brand awareness but also highlighted the importance of responsible medication usage ”, Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Alexipharmic Drug Market Study
- The opioid overdose segment dominates the alexipharmic drug market with an expected share of 39% in 2024.
- Based on the distribution channels, the hospital pharmacies segment leads the alexipharmic drug market with an anticipated share of 42% in 2024.
- The market in South Korea is anticipated to grow at a CAGR of 8.00% through 2034.
- The market in Japan is estimated to rise at a 7.10% CAGR through 2034.
- The market in the United Kingdom has the potential to increase at a 6.70% CAGR through 2034.
- The market in China is predicted to rise at a 6.30% CAGR through 2034.
- The market in the United States is in line to grow at a CAGR of 5.70% through 2034.
Alexipharmic Drug Market Competitive Landscape
The alexipharmic drugs industry has numerous companies competing for global market dominance.
- These companies have been operating in the pharmaceutical industry for a long time and have expanded their market reach beyond national borders.
- The market has benefited from the growth of online medicine platforms, telemedicine, and last-mile delivery services in developed and developing countries.
- Prominent companies in the market include Alkermes, Inc., B. Braun Melsungen AG, Bausch Health Companies Inc., Emergent BioSolutions, and Ethypharm S. A.
Alexipharmic Drug Market Recent Developments:
- Novo Nordisk acquired Alkermes’s Irish plant in Athlone for $92.5m on December 14, 2023.
- Rockwell Medical announced a 3-year co-promotional collaboration with B. Braun Medical on June 29, 2023.
- Emergent BioSolutions expanded access to OTC naloxone on March 28, 2024, distributing 22 million doses.
- Ethypharm acquired Altan Pharma on June 18, 2021, expanding into the Spanish market.
- Emergent BioSolutions extended the shelf life of naloxone nasal spray on January 23, 2024, approved by FDA for OTC use in spring 2023.
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Alexipharmic Drug Market Key Companies:
- Alkermes, Inc.
- B. Braun Melsungen AG
- Bausch Health Companies Inc.
- Emergent BioSolutions
- Ethypharm S.A.
Key Segments of the Alexipharmic Drug Market:
By Application:
- Alcoholic Overdose
- Opioid Overdose
- Benzodiazepine Overdose
- Others
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author by:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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