May 24, 2024
Opioid Use Disorder Market

Opioid Use Disorder Market Is Driven by Rising Prevalence of Prescription Opioid Misuse and Addiction

The opioid use disorder treatment market consists of drug therapies and behavioral therapies that help in managing opioid addiction and reducing opioid misuse. Some of the commonly used drug therapies include buprenorphine, methadone, and naltrexone which are approved by regulatory authorities for treating patients suffering from opioid use disorder. Methadone and buprenorphine are known as medication-assisted treatment (MAT) which is proven to be an effective approach for long-term recovery from opioid dependence. In addition to drug therapies, behavioral therapies are also important in treating addiction as it helps patients develop coping strategies. The increasing abuse of prescription opioids and rising addiction rates have boosted demand for effective treatment options for opioid use disorder.

The global Opioid Use Disorder Market is estimated to be valued at US$ 3236.55 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the major trends in the opioid use disorder treatment market is the increasing focus on alternative pain management therapies and non-opioid medications. This is due to the growing awareness about risks of opioid abuse and addiction. More research is being done to develop new non-opioid drugs with analgesic properties. Companies are also investing in developing novel drug delivery systems such as long-acting injectables which can improve patient compliance to treatment. Telemedicine is another emerging trend where behavioral therapy and counseling services for opioid addiction are being provided through virtual medium. This improves access and convenience of treatment.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as establishing treatment facilities and gaining regulatory approvals requires significant capital investments and time. However, new players can enter the market by providing cheaper generic medications.
Bargaining power of buyers: The bargaining power of buyers is moderate to high owing to the presence of both public and private payers. However, the prevalence of opioid use disorder indicates stable demand for treatment and management.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key raw materials for medications are commodities traded on exchanges. However, suppliers have some control due to proprietary drug formulations and licenses.
Threat of new substitutes: The threat of new substitutes is moderate as alternative treatment options exist. However, opioids remain one of the most effective medications for managing pain.
Competitive rivalry: The competition in the market is high owing to the presence of global and regional players offering generics in addition to branded medications. Players compete on drug prices, rebates, and marketing.

Key Takeaways
Global Opioid Use Disorder Market Demand is expected to witness high growth over the forecast period.

Regional analysis: North America dominated the market and is expected to grow the fastest owing to the growing prevalence of opioid abuse disorders in the US. Moreover, the region has supportive reimbursement policies and increasing funding for treatment programs. Europe is also a major market driven by initiatives to curb drug abuse.

Key players: Moog Inc., Honeywell International Inc., AMETEK Inc., TE Connectivity, Woodward Inc., General Dynamics Corporation, Parker Hannifin Corp, Sensata Technologies, Tamagawa Seiki Co., Ltd. Key players operating in the Opioid Use Disorder treatment market are focusing on developing advanced generics and new drug formulations to capture larger market shares.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it