Nausea Medicine Market Is Estimated To Witness High Growth Owing To Trend Of Improving Accessibility
The nausea medicine market is estimated to be valued at US$ 7.52 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nausea medicines are used to relief nausea and vomiting caused by conditions
like motion sickness, nausea due to cancer treatments like chemotherapy and
radiotherapy, pregnancy-induced nausea etc. These medicines work by blocking
the body's response to nausea-triggering signals in the brain and stomach. They
are available over-the-counter as well prescription and come in forms of
tablets, capsules, syrups and injections depending on the condition. The easy
availability and effectiveness of these medicines in relieving patients of
nausea have increased their demand globally.
Market key trends:
One of the key trends driving the nausea medicine market growth is improving
accessibility of these drugs. Various initiatives by governments and companies
are making these drugs more affordable and accessible to large population
globally. For instance, several generic drug companies in developing nations
have introduced affordable generic versions of nausea medicines previously
available only under brand names at high costs. Similarly, increasing
availability of nausea medicines as over-the-counter drugs without prescription
for conditions like motion sickness have improved their accessibility. This
growing easy access to these drugs for relieving nausea stemming from different
causes is expected to significantly drive the market during the forecast
period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry as nausea medicines are generic
drugs. However, established key players dominate the market which poses threat
to new entrants.
Bargaining power of buyers: Buyers have high bargaining power due to
availability of generic substitutes. They can easily switch to alternatives if
faced with price rise.
Bargaining power of suppliers: Suppliers have low bargaining power due to
availability of substitutes and dominance of few key players.
Threat of new substitutes: Threat of new substitutes is moderate as nausea can
be treated with substitutes like antihistamines, antacids and some herbal
remedies.
Competitive rivalry: Intense competition among key players to launch novel
formulations.
SWOT Analysis
Strength: Wide range of product offerings from key players. Growing incidence
of nausea due to chemotherapy, motion sickness, and pregnancy.
Weakness: Overdependence on few therapeutic classes which restricts growth.
Safety issues related to long term usage of antiemetic drugs.
Opportunity: Untapped potential in developing countries. Increasing R&D to
develop novel formulations for refractory nausea conditions.
Threats: Price erosion due to patent expiries. Stringent regulatory approvals
for new drug launches.
Key Takeaways
Global
Nausea Medicine Market Demand is expected to witness high growth at a CAGR of 5.9% over the forecast period,
due to increasing incidence of nausea under different clinical conditions and
launch of novel formulations. North America is expected to dominate the nausea
medicine market over the forecast period owing to new product approvals and
high healthcare spending in the region.
Regional analysis
Asia Pacific is anticipated to exhibit the fastest growth during the forecast
period owing to rising prevalence of gastrointestinal disorders, increasing
focus of key players, and growth in healthcare spending in the region.
Key players
Key players operating in the nausea medicine market are GlaxoSmithKline plc,
Pfizer Inc., Novartis International AG, Sanofi S.A., Merck & Co., Inc.,
Johnson & Johnson, Bayer AG, Takeda Pharmaceutical Company Limited,
AstraZeneca plc, Eli Lilly and Company.
Comments
Post a Comment