Epinephrine Market Is Estimated To Witness High Growth Owing To Rising Cases of Anaphylaxis & Increasing Awareness Regarding Epinephrine Auto-Injectors

 

Epinephrine Market

The Global Epinephrine Market is estimated to be valued at US$ 2,040 million in 2017 and is expected to exhibit a CAGR of 11.0% over the forecast period (2018-2026), as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Epinephrine, also known as adrenaline, is a hormone and neurotransmitter produced by the adrenal glands in the body. It is commonly used in the treatment of anaphylaxis, a severe allergic reaction that can be life-threatening. Epinephrine auto-injectors are widely prescribed and used by individuals with a history of severe allergic reactions to be self-administered in emergency situations. The growing prevalence of anaphylaxis, along with increasing awareness regarding the importance of epinephrine auto-injectors, is driving the demand for epinephrine in the market.

Market Dynamics:
The epinephrine market is driven by two major factors:
1. Rising Cases of Anaphylaxis: The prevalence of anaphylaxis is increasing globally, mainly due to the rising incidence of allergies, particularly food allergies. According to the Food Allergy Research & Education (FARE), an estimated 32 million people in the United States have food allergies, and every three minutes, someone visits the emergency room due to a food-related allergic reaction. The need for prompt treatment of anaphylaxis through the administration of epinephrine auto-injectors is fueling the demand for epinephrine in the market.
2. Increasing Awareness Regarding Epinephrine Auto-Injectors: With growing awareness among the general population and healthcare professionals about the potential severity of allergic reactions and the importance of immediate treatment, there has been a significant increase in the demand for epinephrine auto-injectors. Various awareness campaigns and initiatives by organizations such as the World Allergy Organization (WAO) and the American Academy of Allergy, Asthma & Immunology (AAAAI) are contributing to the market growth.

SWOT Analysis:
Strengths:
1. Life-saving Treatment: Epinephrine auto-injectors provide immediate relief in anaphylactic reactions, making them a life-saving treatment option.
2. Wide Availability: Epinephrine auto-injectors are widely available and can be easily obtained with a prescription.

Weaknesses:
1. Short Shelf Life: Epinephrine has a relatively short shelf life, which can be a challenge for patients who may need to replace their auto-injectors frequently.
2. Limited Awareness in Developing Regions: The awareness regarding anaphylaxis and the availability of epinephrine auto-injectors is relatively lower in developing regions, impacting the market growth potential.

Opportunities:
1. Technological Advancements: Continuous advancements in epinephrine auto-injector technology, such as the development of smaller and more user-friendly devices, can expand the market opportunities.
2. Emerging Economies: The increasing prevalence of allergies and growing disposable incomes in emerging economies present untapped opportunities for market growth.

Threats:
1. Low Adherence to Epinephrine Usage: Some individuals may fail to adhere to the recommended use of epinephrine auto-injectors due to fear, lack of understanding, or discomfort in administering the injection.
2. Stringent Regulatory Requirements: The regulatory requirements for the approval and marketing of epinephrine auto-injectors can pose challenges for manufacturers.

Key Takeaways:
- The Global Epinephrine Market Demand is expected to witness high growth, exhibiting a CAGR of 11.0% over the forecast period, due to increasing cases of anaphylaxis and rising awareness regarding the importance of epinephrine auto-injectors.
- North America is expected to dominate the market, driven by the high prevalence of allergies and the availability of advanced healthcare infrastructure.
- Key players operating in the global Epinephrine market include Mylan N.V., Pfizer, Inc., Teva Pharmaceuticals Industries Ltd., Impax Laboratories, Inc., Kaleo, Inc., Adamis Pharmaceuticals Corporation, Bausch Health Companies, and ALK-Abello A/S.

In conclusion, the global Epinephrine market is witnessing significant growth due to the increasing cases of anaphylaxis and the growing awareness regarding the importance of epinephrine auto-injectors. However, challenges such as low adherence and stringent regulatory requirements need to be addressed to capitalize on the market's full potential.