by The global Prochlorperazine Maleate Market is estimated to be valued at US$ 1.46 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Prochlorperazine maleate is a typical antipsychotic drug belonging to the phenothiazine class. It works by blocking dopamine receptors in the brain. Prochlorperazine maleate is primarily used for treating nausea, vomiting, dizziness, and schizophrenia. It helps control psychotic behaviors such as hallucinations and delusions associated with schizophrenia. It also provides relief from vertigo and is commonly prescribed as a postoperative anti-emetic. Prochlorperazine maleate is available in both oral and injection forms. Its ability to treat nausea as well as psychiatric conditions have boosted its demand over the years.
Market key trends:
One of the key trends spurring the growth of prochlorperazine maleate market is rising prevalence of schizophrenia across the globe. Schizophrenia is a severe mental disorder affecting over 21 million people worldwide. According to WHO, schizophrenia affects about 1% of the total global population. Growing geriatric population prone to psychotic disorders will further drive the demand for antipsychotic drugs like prochlorperazine maleate. In addition, rising burden of post-operative nausea and vomiting requiring anti-emetic treatment is prompting increased uptake of prochlorperazine products. Furthermore, low cost of generic prochlorperazine as compared to newer antipsychotic drugs is encouraging its uptake in low and middle-income countries for schizophrenia treatment.
Porter’s Analysis
Threat of new entrants: Low manufacturing and distribution costs pose a minimal threat to new entrants in the prochlorperazine maleate market. Bargaining power of buyers: Buyers possess strong bargaining power due to availability of generic substitutes and increasing price competition in the market. Bargaining power of suppliers: Suppliers possess moderate bargaining power due to limited number of raw material producers and market being inclined towards large players. Threat of new substitutes: New drugs such as olanzapine have imposed a low-to-moderate level of threat of substitutes. Competitive rivalry: Intense price-based competition exists among key generic players operating in the market.
Key Takeaways
The global Prochlorperazine Maleate Market Size was valued at US$ 1.46 Bn in 2023 and is expected to reach US$ 1.98 Bn by 2030, exhibiting a CAGR of 3.5% during the forecast period. The growing prevalence of nausea, vomiting, and psychotic disorders is expected to drive the market.
By region, North America dominated the global market in 2023 and is expected to maintain its lead over 2023-2030. This can be attributed to the high awareness regarding available treatment options and well-established healthcare infrastructure in the region.
Key players operating in the prochlorperazine maleate market are GlaxoSmithKline plc, Pfizer Inc., Novartis AG, AstraZeneca plc, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sanofi S.A., Johnson & Johnson, AbbVie Inc., Eli Lilly and Company, Merck & Co., Inc., Bristol-Myers Squibb Company, Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Ltd., Lupin Limited.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
