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Alexipharmic Drugs Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Alexipharmic Drugs Global Market Report 2024
According to The Business Research Company's, The alexipharmic drugs market size has grown strongly in recent years. It will grow from $2.90 billion in 2023 to $3.05 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to the increased prevalence of poisoning cases worldwide, regulatory approvals for new antidote formulations, rise in awareness about the importance of poison management, improvements in emergency medical services and poison control centers, and development of novel antidote delivery systems.
The alexipharmic drugs market size is expected to see strong growth in the next few years. It will grow to $3.80 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to increasing incidence of drug overdoses and substance abuse, expanding applications of antidotes in various medical specialties, rising demand for fast-acting and potent antidote formulations, growing adoption of antidote kits in home healthcare settings, healthcare reforms emphasizing poison prevention and management initiatives. Major trends in the forecast period include personalized antidote therapies tailored to individual patient needs, integration of digital health technologies in poison management solutions, increasing use of nanotechnology in antidote formulation and delivery, emphasis on eco-friendly and sustainable antidote manufacturing practices, and expansion of telemedicine services for poison consultation and management.
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Market Drivers and Trends:
The rise in the death rate due to drug overdose is expected to propel the growth of the alexipharmic drugs market going forward. Drug overdose refers to the consumption of a substance beyond the body's tolerance level, often resulting in adverse effects or death. Drug overdose death includes accessibility to potent substances, socioeconomic disparities, mental health issues, and inadequate access to addiction treatment and harm reduction services. Alexipharmic drugs play a crucial role in minimizing the death rate by counteracting the toxic effects of drugs in cases of overdose, thereby preventing or reducing fatalities. For instance, in December 2023, according to the Office for National Statistics, the UK-based executive office of the UK Statistics Authority, in England and Wales, there were 4,907 drug poisoning deaths in 2022 compared to 4,859 in 2021, with nearly half involving opiates (46.1%; 2,261 deaths), while related deaths rose by 2.0% to 857, marking a consecutive annual increase. Therefore, the rise in the death rate due to drug overdose is driving the alexipharmic drugs market.
Major companies operating in the alexipharmic drugs market are increasing their focus on developing advanced solutions, such as the first over-the-counter (OTC) opioid overdose reversal medication, to gain a competitive edge in the market. The first over-the-counter (OTC) opioid overdose reversal medication refers to a medication available without a prescription that can counteract the effects of opioid overdose, providing life-saving treatment in emergencies. For instance, in August 2023, Emergent BioSolutions, a US-based biopharmaceutical company, announced that NARCAN Naloxone HCl Nasal Spray 4 mg will be available over-the-counter (OTC). This includes its same safe and effective 4 mg formulation, device design, and original prescription strength, offering convenient and easy two-step intranasal administration to reverse opioid effects, including fentanyl. This solution significantly expands access to naloxone, reducing stigma and encouraging public preparedness, thereby empowering more individuals to respond effectively in opioid emergencies, ultimately contributing to saving lives and addressing the opioid crisis in the alexipharmic drugs market.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, Roche Holding AG, Merck & Co. Inc., Sanofi S.A., Bristol Myers Squibb Company (Bristol-Myers Squibb Company), AstraZeneca, Novartis AG, GlaxoSmithKline plc, Gilead Sciences Inc., Teva Pharmaceutical Industries Ltd., Fresenius SE & Co. KGaA (Fresenius Kabi), Bausch Health Companies Inc., UCB S.A., Sun Pharmaceutical Industries Ltd., B. Braun SE, Aurobindo Pharma, Purdue Pharma L.P., Cipla Inc., Hikma Pharmaceuticals, Amneal Pharmaceuticals, Vifor Pharma Group, Lupin Limited, Alkermes Inc., Emergent BioSolutions, Ethypharm S.A., Alpharma Pharmaceuticals Inc., Accord Healthcare, BTG plc, Gavis Pharmaceuticals, Apotex Inc.
Alexipharmic Drugs Market 2024 Key Insights:
• The alexipharmic drugs market size is expected to see strong growth in the next few years. It will grow to $3.80 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Rise In The Death Rate Due To Drug Overdose Driving The Alexipharmic Drugs Market
• Innovative Solutions In The Alexipharmic Drugs Market
• North America was the largest region in the alexipharmic drugs market in 2023
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