Market Trends of Scopolamine Industry
This section covers the major market trends shaping the Scopolamine Market according to our research experts:
Transdermal Patches Segment is Reported to Witness Significant Growth Over the Forecast Period
Transdermal patches are widely used nowadays in the treatment of motion sickness. The transdermal patches are preferred due to ease of use, cost-effectiveness, and availability. The patch is applied to the hairless skin behind the ear and is used to treat motion sickness caused by anesthesia during the surgeries.
One of the significant benefits offered by transdermal scopolamine is that it can be removed when the drug is not needed in the body. Thus, the benefits of transdermal scopolamine may drive the growth of the transdermal patches segment over the forecast period.
Furthermore, the rising number of surgical procedures is expected to boost transdermal patch segment growth. For instance, the Canadian Institutes of Health Information's June 2021 report stated that hip and knee replacements are two of the most common procedures in Canada, with more than 138,000 surgeries a year. It was also reported that 63,496 hip replacements and 75,073 knee replacements were performed in Canada in 2021, and there had been an average increase of about 5% in recent years in the number of knee and hip replacement procedures in the country. As a result of the substantial number of surgical procedures conducted in the country, it is projected that demand for scopolamine patches would expand to lower bodily secretion, and as transdermal patches are more effective than other dosage forms, they would support the segment's growth.
Thus, the above-mentioned factors, such as the benefits of transdermal patches and a growing number of surgeries, are expected to propel the growth of the segment over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The North American region is anticipated to have a significant market share owing to its well-established healthcare infrastructure and the presence of key market players. Additionally, a growing number of surgeries in the region, coupled with product approval, are anticipated to boost market growth over the forecast period. For instance, in December 2021, Ingenus Pharmaceuticals, LLC (Riconpharma LLC) got approval from the United States Food and Drug Administration (USFDA) to manufacture the generic version of Transderm-Scop (a skin patch). As a result, growing product approval in the region is expected to support the scopolamine market expansion in the North American region.
Further, the growing incidence of cancer cases is causing an increasing demand for cancer-related surgeries, which is increasing the demand for scopolamine. According to a report published by the Government of Canada in November 2021, about 229,200 Canadians were diagnosed with cancer in 2021, and prostate cancer is expected to remain the most diagnosed cancer, accounting for 46% of all cancer diagnoses in 2021. So, as the number of cancer cases rises in the region, so does the number of surgeries related to cancer. This greatly increases the demand for scopolamine, which drives the market.
Additionally, the growing number of surgeries in the region is expected to propel the growth of the market. For instance, the Definitive Healthcare Report published in December 2021 reported that nearly 1 million knee and hip arthroplasties were performed in 2021 alone in the United States. Scopolamine is effectively used in orthopedic surgeries to reduce secretion, thus increasing the demand for scopolamine and thereby boosting the growth of the market.
Thus, due to the aforesaid reasons, such as product approval and a growing number of surgical procedures, the market is expected to witness significant growth in the North American region over the forecast period.
