Scopolamine is an alkaloid drug derived from plants in the nightshade family, primarily used to treat motion sickness and postoperative nausea. Scopolamine patches and tablets are frequently prescribed medication used to prevent nausea, vomiting, and dizziness caused by motion sickness. It works by blocking signals in the brain's vomiting center that cause nausea and vomiting. With increasing maritime and air travel as well as prevalence of nausea and vomiting related diseases, the demand for antiemetic drugs like scopolamine is surging substantially.
The global scopolamine market is estimated to be valued at US$ 3676.85 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The opportunity for treatment of motion sickness through scopolamine lies in the burgeoning maritime and aviation sectors. According to statistics, around 75% of civilian airline passengers and half of all cruise passengers experience motion sickness symptoms. With globalization and rising incomes, air travel and cruise tourism is growing each year. Only in 2018, over 4 billion people traveled by air. Similarly, nearly 28 million passengers take cruise holidays annually witnessing year on year growth. The inability to work or enjoy the travel due to nausea and vomiting results in significant economic losses. Scopolamine patches and tablets provide effective prevention and treatment of motion sickness symptoms allowing individuals to lead normal active lives even during travel. This represents a major market opportunity for scopolamine drugs to capture larger market share through increased prescription in prophylaxis of motion sickness associated with different modes of transport.
Porter's Five Forces Analysis
Threat of New Entrants: The threat of new entrants in the scopolamine market is moderate due to the high R&D costs for drug development and regulatory hurdles. However, the large market size provides opportunities for new players.
Bargaining Power of Buyers: The bargaining power of buyers in the scopolamine market is high due to the presence of generic players and substitutes. Buyers can negotiate on price, easily switch between suppliers, and purchase formulations at a lower price.
Bargaining Power of Suppliers: The bargaining power of suppliers is moderate as there are many suppliers in the market. However, suppliers of key raw materials have some control over pricing.
Threat of New Substitutes: The threat of new substitutes for scopolamine is moderate as there are several alternatives available for treating motion sickness and spasms.
Competitive Rivalry: The competitive rivalry in the market is high due to the presence of many generic players.
SWOT Analysis
Strengths: Large market size and high demand for motion sickness treatment and spasms. Established distribution channels.
Weaknesses: Presence of generic competition. Stringent regulations delay drug approval.
Opportunities: Increasing incidence of motion sickness. Untapped growth potential in emerging markets. New product launches.
Threats: Threat from substitute products. Patent expiries of branded drugs. Price erosion due to low entry barriers.
Key Takeaways
The global Scopolamine Market Growth is expected to witness high growth during the forecast period due to increasing prevalence of motion sickness. The global scopolamine market is estimated to be valued at US$ 3676.85 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
North America is expected to dominate the market throughout the forecast period due to the rising number of patients seeking treatment in the region. Europe is also estimated to account for a significant share in the global market due to the high demand for scopolamine patches.
Key players: Key players operating in the scopolamine market include Baxter International Inc., GlaxoSmithKline plc, Novartis AG, Perrigo Company plc, Caleb Pharmaceuticals, Inc., Myungmoon Pharma Co. LTD., Alchem International, Phytex Australia, Centroflora-Cms, Alkaloids of Australia, and Fine Chemicals Corporation. Key players are focusing on new product launches and geographical expansion to strengthen their market position.
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The Scopolamine market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the scopolamine market include Alchem International, Alkaloids of Australia, Baxter International Inc., Caleb Pharmaceuticals, Inc., Centroflora-Cms, Fine Chemicals Corporation, GlaxoSmithKline plc., Myungmoon Pharma Co. LTD., Novartis AG, Perrigo Company plc.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Scopolamine Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/scopolamine-market/download-sampleMarket DynamicsAn increasing number of domestic and international travelers undergoing motion sickness is driving the market growth.
Also, growing nmber of surgeries leading into rise in demand of product to control postoperative nausea and hyper salivary secretion is again pushing the market growth uphill.
However, stringent regulation on production in various regions is likely to hinder the market growth.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
