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Wednesday, 15 July 2020
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The News and Media Division of The Insight Partners
Thursday, 04 Jun 2020 02:00 pm

Epinephrine Market New Innovative Solutions To Boost Global Growth With Top Key Players- Abbott, ALK ABELLO, Amneal Pharma, Kaleo, LINCOLN MEDICAL

The Epinephrine market is expected to reach US$ 4,207.88 Mn in 2027 from US$ 2,247.87 Mn in 2019. The market is estimated to grow with a CAGR of 8.3% from 2019-2027.

By SMN Bureau
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Anaphylaxis is a severe, life?threatening allergic reaction characterized by symptoms such as skin redness and itching, swallowing and breathing difficulties, wheezing, rapid breathing rate (tachypnoea), accelerated heart rate (tachycardia), and falling blood pressure. It may involve multiple systems of human body. Anaphylaxis is caused by exposure to an allergen (foods, insect stings, or medicines) that is recognized as a non-self by a human body.

The global epinephrine market, based on the type, is segmented into auto-injectors, prefilled syringes and ampoules & vials. The auto-injectors segment led the epinephrine market in 2019, and; it is expected to retain its dominance during the forecast period.

Key factors that are driving growth of the market are increasing anaphylaxis cases and introduction of generic version of epinephrine. However, lack of availability of epinephrine auto injectors and their low-cost alternatives is likely to have a negative impact on the growth of the market in the coming years.

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The epinephrine market majorly consists of the players such as MYLAN N.V., Abbott, ALK ABELLO, Amneal Pharma, Kaleo, LINCOLN MEDICAL LTD (BioProject), Teva Pharmaceuticals Ltd, Adamis Pharmaceuticals Corporation (Novartis AG), Emirade, and Aurum Pharma (Ethypharm Group Company). Various companies are focusing on organic strategies such as product launches, expansion, investments among other strategies. Inorganic growth strategies witnessed in the market were acquisition, agreement and partnerships & collaborations. For instance, in July 2019, Novartis AG launched SYMJEPI autoinjectors in the US market. The product was launched through Sandoz which is part of Novartis.

The incidence of anaphylaxis is increasing worldwide; according to the NICE, the UK registers an estimated death count of 20 due to anaphylaxis, every year. Moreover, as per the European Academy of Allergy and Clinical Immunology data, ~150 million Europeans suffer from chronic allergic diseases, every year. Anaphylaxis is a generalized allergic reaction; thus the rising incidence of allergies is also leading to the surge in the number of anaphylaxis cases. A large population suffers from various allergies worldwide. For example, as per Allergy Facts by the American College of Allergy, Asthma & Immunology, more than 50 million Americans experience different types of allergies every year. Moreover, it also lists allergies as the sixth-leading cause of chronic illness in the US and the most common health issues in children. In 2015, 8.2% of adults and 8.4% of children were diagnosed with hay fever. According to the Asthma and Allergy Foundation of America, in the last few years, hospital visits have also increased due to food allergic reaction. According to Food Allergy Research & Education, ~32 million Americans are living with life-threatening food allergies, and there are 200,000 visits to the emergency room every year due to food allergies. Allergies put an economic burden on healthcare systems in many countries; for example, according to Allergy Facts, the annual cost of managing the cases of allergies is more than USD 18 billion in the US. Anaphylaxis requires immediate medical treatment, and it can turn lethal if not treated properly. Approximately 90 to100 Americans die every year due to anaphylaxis caused by insect stings.

Increasing Demand for Auto-injectors

During recent years, the demand for the auto-injectors have increased due to the advantages offered by the device. It helps in faster administration and helps in reducing allergic reactions quickly. Based on the application, anaphylaxis is the larger contributor for the growth of epinephrine market. And the market for epinephrine is growing due to wide on-line distribution of the product. The on-line distribution helps people to buy product and keep it in stock, and assist them to be prepared for an allergic reaction anywhere at any time.
 

Type Insights

The epinephrine market on the basis of type is segmented into auto-injectors, prefilled syringes and ampoules & vials. In 2019, the auto-injectors segment accounted for the largest market share in the global epinephrine market by type. The auto-injectors are easy to administer and carry, and children can use the product during emergency. Furthermore, the auto-injectors is also expected to show faster growth during the forecast period.

Strategic Insights

Some of the activities undertaken by the companies, which have promoted its growth are, majorly organic developments. Companies such as Amneal Pharmaceuticals, Inc., Kaleo Inc., and Novartis AG among others have been implementing various organic strategies that have helped the growth of the company and in turn have brought about various changes in the epinephrine market. The companies have utilized strategies such as product launches, expansion, investments among other strategies that has enabled them to strengthen their product portfolio and area expansion for their own and market’s growth.

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Tags Epinephrine Market

SMN Bureau

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