by Epinephrine, also known as adrenaline, is a medication and hormone that helps constrict blood vessels and opens airways in the lungs. It is often used to treat allergic reactions like food allergies, insect bites and stings, drug reactions, and more severe reactions like anaphylaxis. Epinephrine is administered via injections, intravenous therapy, or inhalers.
The global Epinephrine Market is estimated to be valued at US$ 1.95 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing cases of anaphylaxis and cardiovascular diseases have increased demand for epinephrine over the years. Anaphylaxis is a life-threatening allergic reaction that can occur within seconds or minutes of exposure to an allergen like peanuts or bee stings. Rising environmental pollution and changing lifestyle has increased exposure to allergens, in turn raising cases of anaphylaxis. For example, according to figures released by Food Allergy Research & Education (FARE), a non-profit organization in the United States, in 2021 food allergy prevalence increased by 50% from 1997 to 2011. Additionally, rising cardiac disease burden due to sedentary lifestyle and poor diets have raised usage of epinephrine to treat cardiac episodes like heart attack. However, lack of awareness regarding dosage and side effects of self-administered epinephrine injections especially among younger population can hamper market growth. Stringent regulations for approval of epinephrine devices can also pose a challenge.
Segment Analysis
The epinephrine market is segmented into device type, application, route of administration, end use, and distribution channel. By device type, the auto-injectors segment dominates the market owing to the increasing prevalence of life-threatening illnesses like anaphylaxis. Auto-injectors provide pre-measured doses of epinephrine which can be administered easily for emergency treatment.
PEST Analysis
Political: Regulations and favorable reimbursement policies support the growth of the epinephrine market. For instance, the Affordable Care Act in the U.S. has increased health insurance coverage.
Economic: Rising income levels in developing countries have increased healthcare expenditure and demand for epinephrine.
Social: Growing incidents of allergies, asthma, and other chronic conditions require epinephrine treatment. Increased awareness about management of such conditions fuels the market growth.
Technological: Smart epinephrine auto-injectors with Bluetooth connectivity allow remote monitoring of dosage administration. Digital health platforms help manage emergency epinephrine needs.
Key Takeaways
The global Epinephrine Market Share is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of anaphylaxis and asthma globally.
Regional analysis The North American region dominates the market with the largest share owing to factors such as favorable reimbursement policies, strong healthcare infrastructure, and increased demand for epinephrine auto-injectors in emergency treatment. Asia Pacific is anticipated to exhibit the fastest growth during the forecast period driven by the rising incidence of allergies like food and drug allergy, combined with a surge in healthcare spending in developing countries like India and China.
Key players operating in the epinephrine market are 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. Mylan N.V. dominates the market with its EpiPen auto-injector devices. However, increased competition from generic versions and smart connected devices is expected to challenge Mylan’s position over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
