by Prochlorperazine maleate is used to treat nausea, vomiting, dizziness, anxiety, and other symptoms. It works by blocking certain brain receptors involved in nausea, vomiting and anxiety. The medication is available in several forms including tablets, oral suspension and suppositories. Prochlorperazine maleate is commonly prescribed for nausea and vomiting caused by chemotherapy, radiation therapy, and anesthesia. It is also used to relieve symptoms associated with schizophrenia and to control high blood pressure in certain cases of hypertension or pre-eclampsia.
The global Prochlorperazine Maleate Market is estimated to be valued at Us$ 1.46 Bn in 2023 and is expected to exhibit a CAGR Of 3.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Prochlorperazine Maleate Market is the rising R&D investments for developing long acting formulations. Currently, Prochlorperazine Maleate is available in immediate release formulations which require frequent dosing. However, drug makers are investing in developing long acting injectable and extended release formulations of Prochlorperazine Maleate to improve patient compliance. For instance, in 2021, Emalex Biosciences announced a late stage clinical trial for its investigational long acting injectable Prochlorperazine formulation which is being developed for treatment of schizophrenia. If successful, this type of long acting formulation could capture a sizable market share in coming years.
Porter’s Analysis
Threat of new entrants: Low as this is an already established market requiring significant investment for R&D and production facilities.
Bargaining power of buyers: Moderate as there are several established brands for customers to choose from. However, customers may have less negotiating power for highly specialized drugs.
Bargaining power of suppliers: Moderate as key raw material suppliers have established relationships with big pharmaceutical companies.
Threat of new substitutes: Moderate as alternative treatment options are available but prochlorperazine remains an important treatment option.
Competitive rivalry: High as the market has major global players competing on pricing, new product developments and drug delivery solutions.
Key Takeaways
The Global Prochlorperazine Maleate Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. North America region currently dominates the market owing to increasing prevalence of conditions like nausea and vomiting. Europe also has a significant share due to rising government focus on effective treatment options.
Regional analysis:
North America is expected to dominate the global market during the forecast period. This is attributed to factors such as high incidence of nausea & vomiting, rising healthcare expenditure, and presence of advanced healthcare facilities. Europe is anticipated to witness growth at a steady pace owing to growing geriatric population suffering from various chronic conditions.
Key players:
Key players operating in the prochlorperazine maleate market are GlaxoSmithKline plc, Pfizer Inc., Novartis AG, AstraZeneca plc, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sanofi S.A., Johnson & Johnson, AbbVie Inc., Eli Lilly and Company, Merck & Co., Inc., Bristol-Myers Squibb Company, Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Ltd., and Lupin Limited.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
