by The global 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 anticholinesterase drug used to reverse the effects of nondepolarizing neuromuscular blocking agents used during surgery or mechanical ventilation. It works by inhibiting the breakdown of acetylcholine by cholinesterase at the neuromuscular junction and end plates. This allows acetylcholine to accumulate and activate the nicotinic receptors, restoring neuromuscular transmission. It is primarily used to antagonize the effects of neuromuscular blocking medications such as rocuronium and vecuronium, which are commonly used during surgery to cause muscle paralysis in order to facilitate endotracheal intubation or surgery. As the use of neuromuscular blocking agents increases due to the growing number of surgical procedures performed worldwide each year, the demand for neostigmine methylsulfate injection to reverse their effects is also expected to rise significantly over the forecast period.
Market key trends:
One of the key trends in the neostigmine methylsulfate injection market is the increasing adoption of robotic surgeries. Robotic surgeries offer benefits such as smaller incisions, less pain, faster recovery times and fewer complications compared to traditional open surgeries. As a result, the number of robotic surgeries performed worldwide has grown considerably in recent years. Robotic surgeries typically involve the use of neuromuscular blocking agents to induce paralysis and facilitate surgery. This increases the need for drugs like neostigmine methylsulfate injection to antagonize neuromuscular blockade post-surgery, thereby supporting the growth of this market. Another major trend is the growing prevalence of chronic respiratory diseases worldwide which is associated with more frequent use of mechanical ventilators. Neostigmine methylsulfate injection is commonly used in the ICU to reverse the effect of nondepolarizing neuromuscular blocking agents and facilitate weaning patients off ventilators.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the neostigmine methylsulfate injection market requires huge capital investment in R&D and manufacturing. Further, established players have strong distribution networks and brand recognition.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market has the presence of many established manufacturers. However, high production costs and specialized nature of the product limits alternatives for buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitutes and lack of differentiation in raw materials. Suppliers have less bargaining power as switching costs are low.
Threat of new substitutes: The threat of new substitutes is moderate as there are few therapeutic alternatives for neostigmine methylsulfate and development of new substitutes requires huge investments and time for approval.
Competitive rivalry: The competitive rivalry is high considering the presence of many global and regional players offering generics. Players compete based on product quality, pricing, and marketing.
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 and rising demand for short-acting cholinesterase inhibitors.
Regional analysis: North America dominates the global neostigmine methylsulfate injection market and is expected to continue its dominance over the forecast period owing to developed healthcare infrastructure, high awareness about the therapy, and presence of major market players in the region. Asia Pacific exhibits the fastest growth rate due to rising healthcare expenditure, growing incidences of myasthenia gravis, and improvement in healthcare facilities.
Key players: Key players operating in the neostigmine methylsulfate injection market include 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 Inc. holds a major market share owing to its robust product portfolio and strong geographical presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
