June 14, 2024
Sodium Channel Blockers Market

The Growing Global Sodium Channel Blockers Market Exploring Future Growth

Sodium channel blockers are a class of drugs that prevent the function of sodium channels and are used to treat various medical conditions. Some key applications of sodium channel blockers include treatment of epilepsy, arrhythmia, chronic pain, and hypertension. They act by blocking sodium ion channels in nerve cell membranes, modifying electrical signaling in neurons. With increasing prevalence of chronic pain, cardiovascular diseases, and epilepsy worldwide, demand for effective treatment options is growing rapidly.

The global Sodium Channel Blockers Market is estimated to be valued at US$ 5.64 Billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Key Trends:

One of the key trends in the sodium channel blockers market is the increasing research and development on next-generation drugs with improved efficacy and safety profiles. Many pharmaceutical companies are focusing on developing novel blockers that can selectively target specific sodium channel subtypes linked to certain medical conditions, thereby minimizing side effects. For instance, Biogen and Merck & Co. are investigating investigational agents that selectively inhibit Nav1.7 sodium channels for pain management. Such advancement in drug development is expected to boost the adoption of sodium channel blockers over the forecast period.

Porter’s Analysis:

Threat of new entrants: The global sodium channel blockers market requires high R&D investments and regulatory approvals which make it difficult for new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate as the treatments for neurological conditions have limited alternatives.

Bargaining power of suppliers: Major players control the key raw material supply which gives them bargaining power over suppliers.

Threat of new substitutes: New alternative therapies and medications pose a threat to sodium channel blockers.

Competitive rivalry: The market is consolidated with key local and global players competing on the basis of product quality, efficacy and price.

Global Sodium Channel Blockers Market Segmentation:

  • By Product
    • Antiarrhythmic agents
    • Local anesthetics
    • Anticonvulsants
    • Analgesics
    • Others
  • By Therapeutic Area
    • Cardiology
    • Neurology
    • Anesthesiology
    • Pain management
    • Others
  • By Route of Administration
    • Oral
    • Parenteral
    • Topical
  • By Distribution Channel
    • Hospital Pharmacies
    • Retail Pharmacies
    • Online Pharmacies

Key Takeaways:

The Global Sodium Channel Blockers Market Size is expected to witness high growth. The market size is projected to reach $5.64 billion by 2024, growing at a CAGR of 8.5% during the forecast period.

Regional Analysis:

North America is anticipated to have the largest share in the global sodium channel blockers market during the forecast period. The growth in the region can be attributed to the rising prevalence of neurological disorders, increasing research funding for drug development and growing healthcare investment.

Key Players:

Key players operating in the sodium channel blockers market are Biogen, Merck & Co., Parion Sciences, AlphaNavi Pharma, Vertex Pharmaceuticals, SK biopharmaceuticals, UCB Biopharma, Mylan Pharmaceuticals, Daewoong Pharmaceutical Co. Ltd., and Bio-Techne. Biogen dominates the market with its blockbuster drug Tecfidera (dimethyl fumarate) approved for treating relapsing forms of MS.

*Note:
1.Source: CoherentMI, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it