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Antidote Market To Reach $3.58Bn By 2030 | CAGR: 7.60%

Antidote Market To Reach $3.58 Billion By 2030 | CAGR: 7.60%

December 2023 | Report Format: Electronic (PDF)

Antidote Market Growth & Trends

The global antidote market is expected to reach USD 3.58 billion by 2030, expanding at a CAGR of 7.60% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is primarily driven by the incidence of snakebites and the adverse effects associated with them. For instance, according to a research article published on PLOS in 2023, approximately 58,000 deaths were recorded in India due to snake bites.

Moreover, surge in number of drug overdoses is driving the market. According to U.S. Department of Health & Human Services, about 106,699 drug overdose deaths were recorded in the U.S. in 2021. Antidote works to neutralize or reverse the toxic effects of specific drug. For instance, Naloxone is commonly used to reverse respiratory sedation and depression in opioid overdose rapidly. These capabilities of antidote are boosting the market growth.

Furthermore, rising prevalence of occupational poisoning is also contributing to the increased need for antidotes. Applications of antidote is rising owing to the growing incidence of opioid overdose, cyanide poisoning, carbon monoxide poisoning, lead poisoning, and organophosphate poisoning among others. For instance, as per NCBI research article, estimates in December 2020, approximately 385 million instances of unintentional pesticide poisoning occurred across the globe, including 11,000 deaths. Thus, the market is expected to grow rapidly during the forecast period.

Increasing R&D activities, launch, and approval of novel antidote drugs for treating several poisoning cases are anticipated to accelerate the growth during the projected period. For instance, in August 2023, Rising Pharmaceuticals, announced the launch and approval of Edetate calcium disodium injection for treating lead poisoning. In addition, in April 2021, Hikma Pharmaceuticals PLC, received U.S. approval of KLOXXADO TM nasal spray for treating opioid overdose. Such strategic initiatives by the key operating players are expected to boost the market.

Furthermore, a number of awareness activities to spread awareness regarding the identification of toxins aided with government initiatives to increase knowledge of antidotes and drugs is expected to drive the growth of overall market. However, limited availability of antidote due to manufacturing issues, regulatory obstacles, or economic factors can restrict access to life-saving antidotes. High costs of certain antidotes may pose financial barriers. In addition, storage requirements, shelf life limitations, and the need for specialized knowledge and training may restrict the applications of antidote. On the other hand, ongoing research and development efforts aim to improve availability, effectiveness, and safety in managing poisonings and toxic exposures are anticipated to offer lucrative opportunities for the market in the near future.

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Antidote Market Report Highlights

By type, the chemical antidote dominated the antidote market in 2023 attributable to precise dosing, minimized compilations, and consistent outcomes
By route of administration, injectionheld the largest segment share of antidote market 2023, attributable to their rapid action and high specificity
By distribution channel, hospital pharmacies dominated the market in 2023. This growth can be attributed to numerous factors, including easy accessibility of antidote through hospital pharmacies
By end-use, the hospitals held the largest share in 2023. Increasing number of hospitalizations and treatments in the hospital settings is propelling overall growth
North America has established a strong regional position with a 33.57% share in 2023, owing to presence of key operating players, rising incidence of poisoning, and increasing research and development activities in the region