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Atropine Sulfate Market size was over USD 101.36 million in 2023 and is poised to exceed USD 186.45 million by 2036, witnessing over 4.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of atropine sulfate is evaluated at USD 105.25 million.
The market is thriving on the back of the increased volume of surgical services worldwide along with the expansion of major applications of drug in the body such as gastrointestinal, ophthalmology, neurology, and others. The rising number of key market players has caught the attention of investors around the world, allowing them to invest in the market to increase growth. These are some of the major factors that are anticipated to drive the growth of the atropine sulfate market during the forecast period.
Growth Drivers
The steady growth of the APAC market over the years
Asia Pacific (APAC) healthcare market is displaying steady growth with no signs of stopping as a result of revised and improved access to healthcare facilities amidst increased government and private investments. Further, the increasing government initiatives to improve the healthcare market in Asia are responsible for escalating the atropine sulfate market growth. Technological contributions are also leading to progress, such as digital medical records, telemedicine, robot nurses, and more. Advanced technologies have changed the condition of hospitals and medical services. Cumulatively, this has resulted in a rise in the demand for healthcare services and pharmaceutical products in the Asia Pacific region. This factor is anticipated to lead to the growth of the atropine sulfate market at a significant rate in the coming years.
Increase in the rate of surgical services
Surgical services are recognized to be an essential component of the public health system. Surgical services occur in every setting, from developed countries to underdeveloped countries, and the worldwide necessity of surgeries has increased greatly with the shifting patterns of disease. Little is known about the actual worldwide need and availability of surgical volumes since only circumstantial evidence exists. However, surgery is anticipated to have an increased role in public health owing to epidemiological transition. The worldwide volume of surgery is large and increasing along with high number of deaths and major surgical procedures rates. With the increasing demand for surgical services, the atropine sulfate market growth of the atropine sulfate is anticipated to flourish in the coming years.
Challenges
Falling demand due to lethal side effects
Association of various lethal side-effects and contraindications of atropine sulfate has hampered with the market growth of the drug. Adverse reactions of atropine include ventricular fibrillation (a life-threatening situation with inadequate heart rhythm), ventricular tachycardia (a condition in which the ventricles beat very quickly), extreme confusion, photophobia, and others. Additionally, it contraindicated in people with glaucoma, pyloric stenosis, or benign prostatic hyperplasia. In spite of all the advantages, contraindications and adverse effects of the atropine sulfate are threatening to the lives of patients. This factor is estimated to restrict the growth of the atropine sulfate market over the forecast period.
Leaner demand and negative growth in past to restrict market growth
Atropine was earlier included in international resuscitation guidelines for use in cardiac arrest but was later removed in 2010 due to a lack of effectiveness. Additionally, the low cost of production and less profit margin led to a shortage of atropine sulfate supply globally. Many companies shut down their production of atropine due to incurred losses. This factor is predicted to hamper the future growth of the market.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.8% |
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Base Year Market Size (2023) |
USD 101.36 million |
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Forecast Year Market Size (2036) |
USD 186.45 million |
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Regional Scope |
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The atropine sulfate market is segmented by product, by application, by distribution channel and by region. Based on product, the market is segmented into injection and ointment, out of which, the segment for injections is anticipated to dominate the market owing to the properties such as ease of administration since the drug is directly injected into veins and it starts working within a minute and the effect lasts for about an hour. Based on distribution channel, the market is further divided into hospital pharmacies, retail pharmacies and online pharmacies. Out of these, the segment for hospital pharmacy is estimated to hold the largest market share owing to the large number of ophthalmic surgeries taking place around the world.
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Application Type |
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By Distribution Channel Type |
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On the basis of regional analysis, the global atropine sulfate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The markets in North America industry is poised to account for largest revenue share by 2036, propelled by presence of some of the key players that are also traditional suppliers of medicinal drugs. Additionally, the presence of some of the major economies in these regions includes the US, Germany, UK, France, Canada, Italy, Spain, and others. The markets in Asia Pacific and the Middle East & Africa regions are projected to register substantial growth in the atropine sulfate market in the coming years. This rise in demand can be attributed to the growth of major end-use industries. Globally, the market has a strong potential for growth. There have been an increasing number of investments by global companies in these regions to strengthen their presence.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
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