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.
Epinephrine, also known as adrenaline, is a hormone and neurotransmitter produced by the adrenal glands in the body. It is commonly used in the treatment of anaphylaxis, a severe allergic reaction that can be life-threatening. Epinephrine auto-injectors are widely prescribed and used by individuals with a history of severe allergic reactions to be self-administered in emergency situations. The growing prevalence of anaphylaxis, along with increasing awareness regarding the importance of epinephrine auto-injectors, is driving the demand for epinephrine in the market.
The epinephrine market is driven by two major factors:
1. Rising Cases of Anaphylaxis: The prevalence of anaphylaxis is increasing globally, mainly due to the rising incidence of allergies, particularly food allergies. According to the Food Allergy Research Education (FARE), an estimated 32 million people in the United States have food allergies, and every three minutes, someone visits the emergency room due to a food-related allergic reaction.
2. Increasing Awareness Regarding Epinephrine Auto-Injectors: With growing awareness among the general population and healthcare professionals about the potential severity of allergic reactions and the importance of immediate treatment, there has been a significant increase in the demand for epinephrine auto-injectors. Various awareness campaigns and initiatives by organizations such as the World Allergy Organization (WAO) and the American Academy of Allergy, Asthma Immunology (AAAAI) are contributing to the market growth.
1. Life-saving Treatment: Epinephrine auto-injectors provide immediate relief in anaphylactic reactions, making them a life-saving treatment option.
2. Wide Availability: Epinephrine auto-injectors are widely available and can be easily obtained with a prescription.
1. Short Shelf Life: Epinephrine has a relatively short shelf life, which can be a challenge for patients who may need to replace their auto-injectors frequently.
2. Limited Awareness in Developing Regions: The awareness regarding anaphylaxis and the availability of epinephrine auto-injectors is relatively lower in developing regions, impacting the market growth potential.
1. Technological Advancements: Continuous advancements in epinephrine auto-injector technology, such as the development of smaller and more user-friendly devices, can expand the market opportunities.
2. Emerging Economies: The increasing prevalence of allergies and growing disposable incomes in emerging economies present untapped opportunities for market growth.
1. Low Adherence to Epinephrine Usage: Some individuals may fail to adhere to the recommended use of epinephrine auto-injectors due to fear, lack of understanding, or discomfort in administering the injection.
2. Stringent Regulatory Requirements: The regulatory requirements for the approval and marketing of epinephrine auto-injectors can pose challenges for manufacturers.
- The Global Epinephrine Market Demand is expected to witness high growth, exhibiting a CAGR of 11.0% over the forecast period, due to increasing cases of anaphylaxis and rising awareness regarding the importance of epinephrine auto-injectors.
- North America is expected to dominate the market, driven by the high prevalence of allergies and the availability of advanced healthcare infrastructure.
- 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.
In conclusion, the global Epinephrine market is witnessing significant growth due to the increasing cases of anaphylaxis and the growing awareness regarding the importance of epinephrine auto-injectors. However, challenges such as low adherence and stringent regulatory requirements need to be addressed to capitalize on the market's full potential.
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