The Buprenorphine Market is estimated to be valued at US$ 3,681.9 million in 2022 and is expected to exhibit a CAGR of 14.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Buprenorphine is a partial opioid agonist used to treat opioid addiction and pain. It comes in films, tablets and injections and helps reduce opioid cravings and withdrawal symptoms. Its advantages over other opioids include a safer profile and lower risk of overdose.
Market Dynamics:
The buprenorphine market is driven by the rising prevalence of opioid addiction worldwide. According to the National Institute on Drug Abuse, in 2019 approximately 10.1 million people aged 12 years and older misused opioids in the past year. Easy availability of illicit opioids and escalating prescription rates of opioids for pain management have led to increased addiction cases.
Another factor fueling the market growth is the proven efficacy of buprenorphine in reducing symptoms of opioid withdrawal and cravings. Its mixed agonist-antagonist mechanism of action provides opioid effects at therapeutic doses and blocks other opioids at higher doses, making it a safer treatment option.
Market key trends:
The buprenorphine market has been witnessing a high growth trend due to the increasing prevalence of opioid use disorder across the globe. Buprenorphine is increasingly being used in pain management and opioid substitution therapy. Moreover, rising awareness regarding advantages of buprenorphine over traditional opioid drugs is driving its adoption. The governments across countries are also supporting the use of buprenorphine to curb opioid addiction by introducing favorable regulations.
SWOT Analysis
Strengths: Highly effective for treatment of opioid addiction with lesser addiction potential. Wide acceptance and increasing prescription rate from doctors.
Weaknesses: Require special license for prescription. Risk of abuse if not taken as prescribed.
Opportunities: Untapped growth potential in developing regions. Expanding applications in pain management.
Threats: Presence of alternative treatment options. Stringent regulatory framework.
Key Takeaways
The Global Buprenorphine Market Size was valued at US$ 3,681.9 million in 2020 and is expected to witness high growth, exhibiting a CAGR of 14.5% over the forecast period. This high anticipated growth can be attributed to the increasing prevalence of opioid use disorder worldwide.
Regionally, North America dominated the global market in 2020. High addiction rate to opioids, ease of availability, favorable reimbursement policies and regulations are some of the factors contributing to the largest share of North America. However, Asia Pacific is expected to witness the fastest growth over the forecast period owing to large patient population, rising healthcare spending and increasing awareness regarding substance abuse disorders in the region.
Key players operating in the buprenorphine market are Siegfried, Sanofi, Johnson Matthey, Mallinckrodt, Noramco, Unichem Laboratories, Arevipharma GmbH, Resonance-labs, Sun Pharmaceutical Industries Ltd., Rusan Pharma, Micro Orgo Chem, and Faran Shimi Pharmaceutical Co. Major players are focusing on geographical expansion and new product launches 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
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