Prochlorperazine Maleate Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Schizophrenia And Motion Sickness

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 antipsychotic medication used to treat schizophrenia, psychosis caused by medical illness or drugs, and to control severe nausea and vomiting. It works by blocking dopamine receptors in the brain. Prochlorperazine maleate is available in oral tablet, suppository and injectable forms. It is very effective in treating nausea, vomiting and dizziness associated with motion sickness.

Market key trends:
Increasing prevalence of schizophrenia and motion sickness is estimated to drive the growth of prochlorperazine maleate market. Schizophrenia is a chronic, severe mental disorder that affects how a person thinks, feels, and behaves. WHO estimates around 21 million people worldwide have some form of schizophrenia. Rising cases of schizophrenia will increase the demand for prochlorperazine maleate which is widely used as antipsychotic medication. Prochlorperazine maleate drugs are also commonly prescribed to treat nausea and vomiting associated with motion sickness. According to some estimates, around 60% to 70% of the population experiences motion sickness under certain conditions. Growing number of people traveling via road, rail, air or sea will propel the demand for anti-motion sickness drugs like prochlorperazine maleate.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the established players have strong brand equity, economies of scale and scope. Setting up manufacturing facilities requires high capital investment and R&D which deter new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of alternative treatment options. However, switching costs for patients is low.
Bargaining power of suppliers: The bargaining power of suppliers is low because of availability of substitutes and differentiated products.
Threat of new substitutes: Threat of new substitutes is high considering availability of generic versions and alternative treatment therapies.
Competitive rivalry: Intense among existing major players.

SWOT Analysis
Strengths: Strong presence of major pharmaceutical companies with diversified product portfolio and global distribution network.
Weaknesses: High R&D and manufacturing costs. Risks associated with side effects of medications.
Opportunities: Emerging markets present high growth potential. Growing geriatric population suffering from psychosis and nausea.
Threats: Patent expiries allow for higher generic competition. stringent regulatory guidelines.

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 growing geriatric population suffering from psychosis and nausea. North America currently dominates the market and is expected to continue its dominance in the coming years owing to presence of major players and rising awareness.

The regional analysis indicates that Asia Pacific is expected to witness the fastest growth at a CAGR of 4.5% owing to rising healthcare expenditure, increasing generic drug adoption and presence of generic manufacturers in India and China.

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.

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