The Naloxone Market is expected to grow by leaps and bounds in the forecast period. Nanotechnology’s medical application is on the anvil. As such, nanomedicine is an outcome of the technology operating at the molecular, atomic, or supramolecular scale. The broad application areas of nanomedicine include sensing, imaging, diagnosis, and delivery via medical devices. This would certainly keep the healthcare vertical upgraded continuously.
Naloxone is used for the treatment of opioid overdose. The economic burden of prescription opioid misuse is more than US$ 78.5 billion per year in the United States, which represent significant economic burden and extent of opioid misuse. In 2017, more than 1.7 million people in the United States suffered from substance use disorder related to opioids and currently naloxone is the only effective medicine available for the treatment of the opioid overdose.
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Increasing prevalence of opioids overdose expected to fuel the growth of naloxone market. Increasing incidence of opioid drug abuse in the developed as well as developing world expected to drive the growth of naloxone market. The use of opioids for chronic pain management is increasing worldwide and subsequently use of non-medical use of opioids is also increasing which in turn expected to drive the growth of naloxone market.
Increasing awareness about availability of naloxone for the treatment of the opioid overdose further expected to drive the growth of the market. Naloxone when administered shows early onset of the therapeutic action which helps to increase the patient compliance, driving the growth of naloxone market.
Easy to administer and measured dose formulations further increases patients as well as healthcare professionals compliance which in turn expected to drive the growth of the naloxone market.
Significant amount of the clinical trials undergoing for manufacturing novel dosage form for opioid abuse management expected to drive the growth of the naloxone market. Increasing efforts by healthcare professionals, advocacy groups Non-profit Organizations and government about opioid abuse and availability of the treatment expected to drive the growth of the naloxone market.
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Market Segmentation
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Asia-Pacific is emerging market in the global naloxone market due to increasing availability and regional manufacturers in the region. Middle East & Africa is the least lucrative market due to low market penetration of the product in the region. Globally increasing availability of the naloxone and awareness about the opioid overdose expected to be the major drivers in the market.
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