Global Epinephrine Market – Adrenaline Rush to Treat Severe Attacks
Added: (Fri Feb 01 2019)
Pressbox (Press Release) -
The global epinephrine market size was valued at US$ 2,040 million in 2017, and is expected to exhibit a CAGR of 11.0% over the forecast period (2018 – 2026).
Epinephrine also called as adrenaline is a hormone and neurotransmitter produced by the adrenal glands. Epinephrine helps to reverse the effects of anaphylaxis and it is used as the first line of treatment. Auto-injectors are commonly used by individuals suffering from anaphylaxis, as it can be administered by non- medical person. Launch of cost effective generic epinephrine products by the manufacturers is majorly attributed to the high price of EpiPen developed by Mylan NV. The price hike was not accepted by the public, as the drug price increased to more than 400% over a decade.
According to data provided by Elsevier Clinical Solutions’ Gold Standard Drug Database, 2016, the cost of EpiPen was US$ 103.50 in 2009, where the price increased up to US$ 264.50 in 2013. The price of the product further increased by 75% costing around US$ 461 in 2015, whereas the price reached to US$ 608.61 in 2016. Furthermore, support of regulatory agencies is expected to streamline the approval of generic copies of drugs, thus allowing the launch of drug substitutes without affecting the clinical effect or safety profile. For instance, in October 2017, the commissioner of FDA announced plans to accelerate development of generic versions that combine a drug and a device. In November 2017, the FDA issued guidance for developing generic copies of complex medicines such as EpiPen to reach the market, without affecting safety and efficacy, thereby providing a lower-cost option and to meet the demand of drug shortages.
Get HOLISTIC Request Sample Copy Of This Business Report:
https://www.coherentmarketinsights.com/insight/request-sample/2401
Also, insurance companies and state Medicaid programs have stopped covering branded products such as EpiPens, thereby favoring the adoption for alternative epinephrine auto-injectors, as the high cost of the products are directly shifted onto the payers. For instance, in 2017, the private insurer Cigna Corp. changed the policies for providing easy access of generic auto-injectors to patients, as the insurer will cover Mylan's US$ 300 generic version of the EpiPen, which is cost-effective alternative as compared to the branded drug.
However, unavailability of approved drugs due to increasing number of product recalls by various developers is a factor hindering growth of the global epinephrine market. For instance, in 2015, Sanofi US voluntarily recalled Auvi-Q (epinephrine injection, USP) on the market including both 0.15 mg and 0.3 mg strengths for hospitals, retailers and consumers, as the products had inaccurate dosage delivery, thus included failure to provide intended drug dose.
Epinephrine is available in different doses and concentrations for delivery by different routes and for different indications, including respiratory disorders. According to the World Health Organization (WHO), 2018, Chronic Respiratory Diseases (CRDs) affect more than 1 billion people worldwide and asthma is a large contributor, affecting children, adults, and elderly population often throughout their entire lives. The WHO in 2017, stated that over 300 million patients suffered from asthma in 2013, and are expected to increase to over 400 million by 2025 globally.
North America dominates the global epinephrine market, owing to increasing number of patients suffering from respiratory disease such as asthma. For instance, according to the Asthma and Allergy Foundation of America, 2014, anaphylaxis is a severe life-threatening allergic reactions occurring at least 1 in every 50 people in the U.S., and its rate is as high as 1 in every 20 people. Also, various players in the region are involved in developing innovative products, which in turn is expected to augment market growth. For instance, in July 2016, MannKind Corporation initiated developmental process for single-use disposable epinephrine inhaler, thereby providing an affordable and needle-free alternative.
Click To Reading More On Epinephrine Market
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Contact Us:
Mr.Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email:sales@coherentmarketinsights.com