The buprenorphine market is primarily driven by increasing demand for effective pain management. Buprenorphine is a partial opioid agonist commonly used to treat moderate to severe chronic pain as well as opioid addiction. It demonstrates better safety profile than pure agonists like morphine and helps reduce opioid cravings.
The global buprenorphine market is estimated to be valued at US$ 6367.1 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the buprenorphine market include Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, China State Shipbuilding Corporation, Mitsubishi Heavy Industries, Samsung Heavy Industries, Imabari Shipbuilding Co., Tsuneishi Group, China Shipbuilding Industry Corporation, General Dynamics Corporation, Fincantieri S.p.A., Meyer Werft GmbH & Co. KG, Navantia, Damen Shipyards Group, STX Offshore & Shipbuilding Co., Kawasaki Heavy Industries.
The buprenorphine market is expected to witness lucrative growth opportunities due to rising demand for safer opioid painkillers. Additionally, increasing adoption of buprenorphine in medicine-assisted treatment programs for opioid dependence will boost the market.
Technological advancements are focused on developing extended-release and abuse-deterrent formulations of buprenorphine to improve patient compliance and safety. Transdermal and sublingual films are some new delivery formats being researched.
Market Drivers
The growing geriatric population is a key driver as they are more prone to develop chronic conditions requiring long-term pain management. According to the UN, the population aged 60 years and above will grow from 962 million globally in 2017 to 2.1 billion in 2050. Furthermore, rising prevalence of diseases like cancer and arthritis is creating the need for effective therapeutic options like buprenorphine.
Current challenges in Buprenorphine market
Some of the major challenges faced by Global Buprenorphine Market Size are rising abuse and addiction of opioids, stringent regulations for buprenorphine products and availability of alternatives for pain management. Opioid addiction and abuse have significantly increased in past few years. Misuse of buprenorphine drugs has also led to several health issues. This has compelled regulatory bodies worldwide to enforce strict policies for distribution and usage of buprenorphine products. Approval process for new drugs and formulations has also become lengthy and complex. Further, availability of non-opioid drugs and alternative treatment methods for pain management restrict the growth potential of buprenorphine market.
SWOT Analysis
Strength: Long history of usage and clinical efficacy in treatment of opioid addiction. Sublingual formula allows self-administration under clinical supervision.
Weakness: Risk of abuse and dependence. Strict regulations limit accessibility and commercial potential.
Opportunity: Growing prevalence of opioid addiction presents large patient pool. New formulations and drug delivery methods can enhance commercialization efforts.
Threats: Alternate treatment options such as counseling and non-opioid medicines. Stringent adherence to prescription protocols may discourage physicians.
Geographical regions of concentration
North America dominates the global buprenorphine market in terms of value, accounting for over 40% revenue share. High prevalence of opioid and heroin addiction in the US drives the demand. Europe holds the second largest regional market led by countries like Germany, France and UK. Growth is supported by pain management needs of aging population and initiatives to curb drug abuse.
Fastest growing regional market
Asia Pacific region is projected to exhibit fastest growth during the forecast period. This can be attributed to improving access to treatment facilities in major economies such as India and China. Rising healthcare expenditure, growing awareness and initiatives by regulatory authorities are supporting the regional market expansion. Latin America and Middle East & Africa also present lucrative prospects for manufacturers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
