Neostigmine Methylsulfate Injection Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Myasthenia Gravis.
Neostigmine Methylsulfate Injection Market
The Neostigmine Methylsulfate Injection Market is estimated to be valued at Us$ 156.75 Mn in 2023 and is expected to exhibit a CAGR Of 4.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neostigmine methylsulfate injection is an acetylcholinesterase inhibitor used to treat myasthenia gravis and to reverse the effects of muscle relaxants used during surgery or anesthesia. It works by blocking the breakdown of acetylcholine by cholinesterases, increasing the concentration and effects of acetylcholine at neuromuscular junctions.
Market key trends:
Growing prevalence of myasthenia gravis is expected to drive the neostigmine methylsulfate injection market growth. Myasthenia gravis is a long-term neuromuscular disease that leads to varying degrees of muscle weakness. It results from a defect in the transmission of nerve impulses to muscles. According to the Myasthenia Gravis Foundation of America, Inc., myasthenia gravis affects approximately 20 per 100,000 people in the United States. Rising cases of myasthenia gravis indicates increased demand for drugs treating the condition, contributing to market growth.
Porter's Analysis
Threat of new entrants: The barriers to entry in the neostigmine methylsulfate injection market is high due to stringent regulatory requirements for approval of drugs.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of generic substitutes for neostigmine methylsulfate injection.
Bargaining power of suppliers: A few major players dominate the manufacturing of neostigmine methylsulfate injection which gives them higher bargaining power over suppliers.
Threat of new substitutes: Alternate medications for myasthenia gravis like pyridostigmine bromide possess threat to the neostigmine methylsulfate injection market.
Competitive rivalry: The competitive rivalry is high due to presence of many generics in the market competing on pricing.
SWOT Analysis
Strengths: Widely used medication for myasthenia gravis with proven efficacy. Established brand names with loyal customer base.
Weaknesses: Frequent dosing required. Side effects such as nausea and excess saliva production.
Opportunities: Growth opportunities in emerging markets. New indications in future.
Threats: Patent expiration of branded products. Price erosion due to entry of low-cost generics.
Key Takeaways
The Global Neostigmine Methylsulfate Injection Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing prevalence of myasthenia gravis. The U.S. dominates the market currently due to high healthcare spending and wide availability of branded and generic drugs. Europe is the second largest market globally due to supportive government policies for rare disease treatments.
Regionally, Asia Pacific market is expected to grow at fastest rate due to rising patient pool, healthcare infrastructure development and growing medical tourism.
Key players operating in the neostigmine methylsulfate injection market are Pfizer Inc., Fresenius Kabi AG, Mylan N.V., Sandoz Inc., Bausch Health Companies Inc., Sun Pharmaceutical Industries Ltd., Hospira (now part of Pfizer), Akorn Pharmaceuticals, and Baxter International Inc. Pfizer captures major share with well-established Prostigmin brand while generics from Mylan, Sandoz and others are major competitors based on pricing.
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