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Alexipharmic Drugs Market Size
Alexipharmic Drugs Market size was valued at around USD 3.2 billion in 2023 and is estimated to grow at a CAGR of 4.8% between 2024 and 2032. This robust market growth can be attributed to factors such as the growing usage of psychoactive substances narcotic drugs coupled with the increasing awareness regarding preventive poisoning.
The surge in substance abuse poses unprecedented challenges to public health, necessitating effective interventions to counteract the adverse effects of these substances. Widespread opioid use disorder has led to a surge in overdose incidents around the globe. According to the Penington Institute, the estimated number of people using opioids globally doubled from 26-36 million people in 2010 to 61.3 million in 2020.
Alexipharmic drugs, particularly opioid antagonists like naloxone, are essential in reversing the life-threatening respiratory depression caused by opioid overdoses. The urgent need for these antidotes has significantly contributed to the growth of the market. Alexipharmic drugs, also known as antidotes, are pharmaceutical agents that counteract the effects of toxins, poisons, or harmful substances in the body. The use of these drugs is essential in emergency medical situations where rapid intervention is required to prevent or mitigate the harmful consequences of poisoning.
Who are the key players in the alexipharmic drugs industry?
AdvaCare Pharma, American Regent, Inc., B. Braun Melsungen AG, Bausch Health Companies Inc, Fresenius SE & Co. KGaA, Intelicure Lifesciences, Merck KGaA, Mylan N.V., and SimSon Pharma Limited, are some of the major alexipharmic drugs companies worldwide.
How big is the alexipharmic drugs industry?
Alexipharmic drugs market size was USD 3.2 billion in 2023 and is expected to register 4.8% CAGR from 2024-2032 owing to the growing usage of psychoactive substances narcotic drugs coupled with the increasing awareness regarding preventive poisoning worldwide.
Why is the use of alexipharmic drugs for opioid overdose growing?
Alexipharmic drugs industry from the opioid overdose segment crossed USD 1.1 billion in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to governments and regulatory bodies increasingly recognizing the severity of the opioid crisis.
What is the size of the North America alexipharmic drugs market?
North America alexipharmic drugs industry reached USD 1.3 billion in 2023 and is expected to register a commendable CAGR from 2024-2032 due to the presence of a robust healthcare infrastructure and extensive research & development initiatives in the region.