by The global Opioid Use Disorder Market is estimated to be valued at US$ 3236.55 Mn or in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Opioid use disorder, also referred to as opioid addiction, is characterized by a harmful pattern of opioid misuse that causes distress or impairment. The condition develops from the misuse of prescription or illegal opioids and manifests as a strong desire to take opioids, difficulties in controlling opioid use, persisting in opioid use despite harmful consequences, increased tolerance, and withdrawal symptoms when opioid use is discontinued. Medications approved by the US Food and Drug Administration (FDA) to treat opioid use disorder include methadone, buprenorphine-mono-product (also known as subutex), and buprenorphine-combination-product (such as suboxone). These medications work to relieve withdrawal symptoms, reduce opioid cravings, and block the effects of abused opioids.
Market key trends:
One of the key trends driving growth of the opioid use disorder market is the increasing availability and abuse of opioids globally. According to the United Nations Office on Drugs and Crime, over 36 million people suffer from opioid use disorder. Easy access to powerful synthetic opioids like fentanyl and its analogues has led to a spike in overdose deaths, especially in North America. Furthermore, misuse of opioids that were originally prescribed for pain management has also escalated the problem. Widespread opioid addiction has necessitated the development of effective pharmacological treatments for managing withdrawal symptoms, cravings and preventing relapses. This is expected to boost demand for opioid use disorder medications over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the high research and development costs involved in developing new opioid use disorder drugs. Established players have significant economies of scale and brand recognition advantages over new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate. There are a few large pharmaceutical companies that dominate the market. However, healthcare providers and government agencies have some bargaining power due to the price sensitivity for opioid use disorder drugs.
Bargaining power of suppliers: Suppliers of raw materials have low bargaining power as there are numerous suppliers in the industry.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment options available for opioid use disorder currently.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of several global players offering generic and branded drugs. Players compete based on product differentiation, pricing, and marketing strategies.
Key Takeaways
The Global Opioid Use Disorder Market Demand is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing prescription drug abuse and rising government initiatives for addiction treatment.
The market size for 2023 is estimated to be US$ 3236.55 Mn. North America currently dominates the market due to growing incidence of opioid dependence and favorable reimbursement policies for addiction treatment in the region. However, Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to increasing healthcare expenditure and rising awareness.
Key players operating in the Opioid Use Disorder market are Indivior PLC, Alkermes, Orexo AB, Titan Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd., Mallinckrodt Pharmaceuticals, BioDelivery Sciences International Inc., Viatris Inc., Pfizer, Inc., Hikma Pharmaceuticals PLC, and Camurus. The market shows a gradual shift towards generic drugs, thereby increasing competition among generic manufacturers. Industry players are focused on developing novel drug delivery formulations 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
