At 8.3% CAGR Epinephrine Market to reach US$ 4,207.88 Mn in 2027 COVID-19 Impacts and Global Analysis By Geography
According to The Insight Partners market research titled ‘Epinephrine Market to 2027 – Global Analysis and Forecasts by Form, Nutrient Composition and Distribution Channel.’ The global Epinephrine market is anticipated to reach US$ 4,207.88 Mn in 2027 from US$ 2,247.87 Mn in 2019. The market is anticipated to grow with a CAGR of 8.3 % from 2020-2027. The report provides the trends prevailing in the global epinephrine market and the factors driving the market along with those that act as hindrances.
Epinephrine Market: Competition Landscape and Key Developments
The epinephrine market majorly consists of the players such as MYLAN N.V., Abbott, ALK ABELLO, Amneal Pharma, Kaleo, LINCOLN MEDICAL LTD (BioProject), Teva Pharmaceuticals Ltd, Adamis Pharmaceuticals Corporation (Novartis AG), Emirade, and Aurum Pharma (Ethypharm Group Company). Various companies are focusing on organic strategies such as product launches, expansion, investments among other strategies. Inorganic growth strategies witnessed in the market were acquisition, agreement and partnerships & collaborations. For instance, in July 2019, Novartis AG launched SYMJEPI autoinjectors in the US market. The product was launched through Sandoz which is part of Novartis.
The report provides trends prevailing in the global epinephrine market and the factors driving the market along with those that act as hindrances. The increasing anaphylaxis cases and the introduction of the generic versions of epinephrine are expected to boost market growth over the years. However, the lack of availability of epinephrine auto-injectors and their low-cost alternatives are likely to restrain the growth of the market.
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Increasing Demand for Auto-injectors
During recent years, the demand for the auto-injectors have increased due to the advantages offered by the device. It helps in faster administration and helps in reducing allergic reactions quickly. Based on the application, anaphylaxis is the larger contributor for the growth of epinephrine market. And the market for epinephrine is growing due to wide on-line distribution of the product. The on-line distribution helps people to buy product and keep it in stock, and assist them to be prepared for an allergic reaction anywhere at any time.
The incidence of anaphylaxis is increasing worldwide; according to the NICE, the UK registers an estimated death count of 20 due to anaphylaxis, every year. Moreover, as per the European Academy of Allergy and Clinical Immunology data, ~150 million Europeans suffer from chronic allergic diseases, every year. Anaphylaxis is a generalized allergic reaction; thus the rising incidence of allergies is also leading to the surge in the number of anaphylaxis cases. A large population suffers from various allergies worldwide. For example, as per Allergy Facts by the American College of Allergy, Asthma & Immunology, more than 50 million Americans experience different types of allergies every year. Moreover, it also lists allergies as the sixth-leading cause of chronic illness in the US and the most common health issues in children. In 2015, 8.2% of adults and 8.4% of children were diagnosed with hay fever. According to the Asthma and Allergy Foundation of America, in the last few years, hospital visits have also increased due to food allergic reaction. According to Food Allergy Research & Education, ~32 million Americans are living with life-threatening food allergies, and there are 200,000 visits to the emergency room every year due to food allergies. Allergies put an economic burden on healthcare systems in many countries; for example, according to Allergy Facts, the annual cost of managing the cases of allergies is more than USD 18 billion in the US. Anaphylaxis requires immediate medical treatment, and it can turn lethal if not treated properly. Approximately 90 to100 Americans die every year due to anaphylaxis caused by insect stings.
Epinephrine is the first-line treatment in anaphylaxis cases. As per studies, it prevents or reduces upper airway mucosal edema, i.e., laryngeal edema, hypotension, and shock through vasoconstrictor effects. Additionally, it has important bronchodilator effects and cardiac inotropic as well as chronotropic effects. Thus, increasing anaphylactic incidences drive the growth of the market.
Epinephrine Market: Segmental Overview
The epinephrine market on the basis of type is segmented into auto-injectors, prefilled syringes and ampoules & vials. In 2019, the auto-injectors segment accounted for the largest market share in the global epinephrine market by type. The auto-injectors are easy to administer and carry, and children can use the product during emergency. Furthermore, the auto-injectors is also expected to show faster growth during the forecast period.
Some of the activities undertaken by the companies, which have promoted its growth are, majorly organic developments. Companies such as Amneal Pharmaceuticals, Inc., Kaleo Inc., and Novartis AG among others have been implementing various organic strategies that have helped the growth of the company and in turn have brought about various changes in the epinephrine market. The companies have utilized strategies such as product launches, expansion, investments among other strategies that has enabled them to strengthen their product portfolio and area expansion for their own and market’s growth.
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