by The 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 Overview:
Prochlorperazine Maleate is an antiemetic and antipsychotic drug used for relieving nausea, vomiting, dizziness, and vertigo. It works by blocking dopamine and serotonin receptors in the brain. It is prescribed for nausea and vomiting associated with migraines, motion sickness, and as an antipsychotic for schizophrenia and bipolar disorder. It is available in oral tablets and injectable formulations.
Market Dynamics:
Rising incidence of nausea, vomiting, and vertigo due to migraines and motion sickness is a key driver fueling growth of the Prochlorperazine Maleate market. Migraine disorder affects approximately 12% of the global population and vertigo affects about 30% people at some point in their lives. Prochlorperazine maleate offers effective relief from symptoms like nausea and dizziness associated with these conditions. Furthermore, increasing research activities focused on developing new formulations such as orally disintegrating tablets and long-acting injections are also propelling growth of the market. However, side effects such as extrapyramidal symptoms may limit its usage.
Segment Analysis
The prochlorperazine maleate market can be segmented based on formulation into oral tablets, injectable, and suppositories. Among these, the oral tablets segment dominates the market owing to its ease of use and higher patient compliance over injectables. Oral tablets account for over 60% of the total prochlorperazine maleate market share as they are convenient and easy for self-medication.
PEST Analysis
Political: Government policies and reimbursement scenario regarding psychotic drugs impact the market. Favorable regulations can boost the adoption rate.
Economic: Growing healthcare expenditure and increasing disease prevalence propel the market growth. However, pricing pressure and availability of generics can restrain it.
Social: Rising awareness about psychotic disorders and availability of new drugs support the market expansion. Stigma related to these conditions creates barriers.
Technological: Advancements in drug delivery systems aid in improving treatment effectiveness and patient compliance. New research focuses on developing novel drugs.
Key Takeaways
The global Prochlorperazine Maleate Market Size is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing prevalence of psychotic disorders like schizophrenia and nausea & vomiting. The market size is estimated to reach US$ 1.85 Bn by 2030 from US$ 1.46 Bn in 2023.
Regional analysis: Asia Pacific is projected to be the fastest growing region in the prochlorperazine maleate market owing to rising geriatric population, increasing healthcare investments, and growing demand for low-cost antiemetic and antipsychotic drugs in the region. China and India are expected to dominate the Asia Pacific market through 2030.
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., Â Inc., Bristol-Myers Squibb Company, Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Ltd., Lupin Limited. Key players focus on new product launches and strategic collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
