Global Scopolamine Market Size
Scopolamine is an anticholinergic alkaloid drug which works by blocking the
neurotransmitter acetylcholine in the brain. It is widely used to treat motion
sickness, gastrointestinal disorders, and other conditions. Scopolamine-based
transdermal patches and gels are commonly used products to prevent motion
sickness caused while travelling via sea, road, air etc. as they provide
consistent drug delivery over an extended period of time with minimum side
effects. The global rise in recreational and business travel has significantly
increased the incidences of motion sickness, thereby driving the demand for
scopolamine-based pharmaceutical products.
The global
scopolamine market is estimated to be valued at US$ 3,676.85 Bn in 2023 and is
expected to exhibit a CAGR of 3.8% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity
The growing travel and tourism industry presents a major market opportunity for
scopolamine products. According to the United Nations World Tourism
Organization (UNWTO), international tourist arrivals grew by 4% in 2019 to
reach 1.5 billion globally. Countries in Asia Pacific such as China, India and
Southeast Asian nations are witnessing strong growth in domestic and
international travel. As motion sickness commonly occurs while travelling via
road, air or sea, the rising tourism business is expected to significantly
drive the demand for scopolamine-based formulations for preventing nausea,
vomiting and dizziness associated with it. Key players can leverage this
opportunity by introducing novel drug delivery systems such as transdermal
patches and gels targeting tourists and business travelers in Asia Pacific and
other fast growing travel markets.
Porter's Analysis
Threat of new entrants: The scopolamine market is moderately competitive due to
stringent regulations. New entrants need significant R&D investments and
clinical trials to penetrate this market.
Bargaining power of buyers: The bargaining power of buyers is low due to lack
of substitution and specialized nature of products in this market.
Bargaining power of suppliers: Major suppliers like Integra LifeSciences hold
significant bargaining power due to their established product offerings and
manufacturing capabilities.
Threat of new substitutes: Threat of substitutes is low as scopolamine offers
unique benefits in treating motion sickness with minimal side effects.
Competitive rivalry: The market is dominated by few large players who compete
on the basis of portfolio expansion, pricing, and innovation.
SWOT Analysis
Strengths: Growing incidence of motion sickness and post-surgical care is
driving the market. Scopolamine offers effective relief without drowsiness.
Weaknesses: Availability of alternative medicines and generics poses pricing
pressure. Side effects associated with overdose like blurred vision and dry
mouth.
Opportunities: Introduction of advanced drug delivery technologies and
combination therapies presents new avenues. Emerging markets like Asia Pacific
offer high growth potential.
Threats: Stringent regulations delay product approvals. Exposure to price
erosion due to patent expiries of major drugs.
Key Takeaways
Global
Scopolamine Market Size is expected to witness high growth over the
forecast period supported by rising incidence of motion sickness worldwide. The
global scopolamine market is estimated to be valued at US$ 3,676.85 Bn in 2023
and is expected to exhibit a CAGR of
3.8% over the forecast period 2023 to 2030.
The North
America region currently dominates the market owing to well-established
healthcare system and growing adoption of advanced anti-emetic therapies in the
US and Canada. Asia Pacific is expected to be the fastest growing regional
market for scopolamine driven by large patient population, low-cost
manufacturing, and improving access to healthcare in India and China. Other
emerging nations like South Korea, Japan, and Southeast Asian countries will
further aid the growth of this regional market.
Key players: Key players operating in the scopolamine market are Integra
LifeSciences Corporation, AbbVie Inc., Johnson & Johnson, Becton, Dickinson
and Company, Smith & Nephew Plc., Organogenesis Holdings Inc., Tissue
Regenix, Zimmer Biomet Holdings, Inc., Stryker Corporation, Baxter
International Inc., and 3M.
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