Naloxone Spray Market to Reach Valuation of USD 1.94 Billion by 2028

In terms of revenue, the Global Naloxone Spray Market is expected to reach USD 1.94 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 19.90% from 2022 to 2028. Naloxone Spray is used to treat the life-threatening effects of narcotics overdose in children and adults. Thus, the increasing prevalence of opioid overdose is augmenting the growth of the Naloxone Spray Market in recent years. In addition, this spray can be easily administrated by anyone in case of an emergency. Therefore, it is used as an alternative solution to intravenous administration and further propels the Naloxone Spray Market demand.

Key Findings:

• Hospital sub-segment accounted to have potential growth of Naloxone Spray Market in 2021. This growth is fueled due to the widespread heroin distribution networks and skyrocketing death cases due to the overdose of opioids.
• Naloxone Spray is a comparatively new product and gives serious side effects while using it. In addition, the cost of this product is high. Therefore, all these factors are responsible for hampering the Naloxone Spray Market growth.
• Europe accounted for significant growth of Naloxone Spray market during the forecast period. Growing encouragement in the launch of new products is expected to augment the growth of Naloxone Spray Market in this region.

Some of key players in Naloxone Spray Market include - Emergent BioSolutions (US), Pfizer (US), Teva Pharmaceutical Industries Ltd. (Israel), Opiant Pharmaceuticals (US), Hikma Pharmaceuticals (UK), Nasus Pharma (Israel), Amphastar Pharmaceuticals (US), Indivior PLC (US), Samarth Pharma Pvt. Ltd. (India), Troikaa Pharmaceuticals Ltd. (India), and Neon Laboratories Limited (India)..

Naloxone Spray is beneficial for opioid overdose. The Center for Drug Evaluation and Research provides a clinical study that said that these sprays reached higher levels in the body than injected naloxone. Thus, it increases the demand for Naloxone Spray Market in the projected time frame. In addition, various leading players are launching new products to strengthen their product portfolio and expand their business. This is one of the key parameters for influencing the growth of Naloxone Spray Market in the upcoming days. For instance, Teva Pharmaceuticals, an Israeli multinational pharmaceutical company, announced the launch of a first-to-market generic version of Narcan®1 (naloxone hydrochloride nasal spray). This spray is a prescription medicine used for the treatment of an opioid emergency such as an overdose or a possible opioid overdose with signs of breathing problems and severe sleepiness or not being able to respond.

North America held largest share for Naloxone Spray Market in 2021. The rising prevalence of victims with dependency on opioids & morphine and large incidences of opioid overdose are some of the factors that augment the growth of Naloxone Spray Market in this region. In addition, Federal Government has categorized this opioid crisis a Public Health Emergency, thus, it is expected to bolster the Naloxone Spray market demand in this region.