ALBANY, New York, April 5, 2017 /PRNewswire/ --
Dominated by Novartis AG, the global transdermal scopolamine market is highly consolidated in nature, states a report by Transparency Market Research (TMR). Novartis alone held 41% of the overall market in 2016. Other two leading players, namely, Baxter International Inc. and GlaxoSmithKline Plc, accounted for a share of 49% in this market the same year. Even though there are a number of small players in this market, the degree of competition within it will remain low over the next few years. The leading partcipants would focus on acquiring small players in a bid to increase consolidation activities, notes the study.
TMR estimates the opportunity in the global market for transdermal scopolamine to increase from US$330.0 mn in 2015 to US$585.3 mn by 2024, proliferating at a CAGR of 6.70% over the period from 2016 to 2024.
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Supported by High Healthcare Expenditure, North America to Maintain Dominance
In this research report, the worldwide market for transdermal scopolamine is primarily analyzed on the basis of its geographical presence. As per the study, Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific are the primary geographical segments of this market. North America, among these, has emerged as key contributor to this market, thanks to the presence of an advanced healthcare industry. Driven by the high healthcare expenditure and increased usage of transdermal scopolamine in surgeries and post-operative recovery, this regional market is likely to remain dominant throughout the forecast period, rising at a 6.40% CAGR.
Although the North America market will retain its position, the market stagnancy caused by the availably of limited generics is expected to reflect negatively on its growth rate in the near future. Europe, on the other hand, is anticipated to witness a significant rise in its transdermal scopolamine market in the years to come, thanks to the presence of a state-of-art healthcare industry and the rising pool of travelers. Western Europe is projected to surface as the key domestic market in the European market for transdermal scopolamine over the next few years.
Among other regional markets, Asia Pacific is projected to offer lucrative growth opportunities to market players in the near future on the grounds of the rising expenditure on healthcare, infrastructural advancements in the healthcare industry, and the growing focus on community healthcare in developing markets, such as China and India, reports the research study.
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Increasing Awareness Regarding Effectiveness of Transdermal Scopolamine to Drive Demand
The increasing awareness among consumers pertaining to the high efficiency of transdermal scopolamine in treating motion sickness is influencing the global market for transdermal scopolamine substantially, says a TMR analyst. With the increasing number of travelers across the world, the cases of motion sickness are on a rise, reflecting positively on the demand for transdermal scopolamine patches, globally.
Since these patches are also utilized while surgeries to prevent hyper salivation and to speed-up the recovery from post-operative and anesthesia induced vomiting and nausea, the upswing in the number of surgeries performed worldwide is likely to boost the global transdermal scopolamine market considerably over the forecast period. However, the increasing reports of side-effects caused by these patches, such as retarted motion, drowsiness, and diluted pupils, may restrict their usage to some extent in the coming years. Beside this, the enforcement of strict norms and regulations in manufacturing and marketing of transdermal scopolamine patches and products may also hinder the growth of this market over the next few years, states the report.
The study presented here is based on a report by Transparency Market Research (TMR), titled "Transdermal Scopolamine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
The global transdermal scopolamine market has been segmented as follows:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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