Market Overview:
The global 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. Buprenorphine is a partial opioid agonist used to treat opioid addiction and pain. It provides an effective alternative to methadone for treating opioid dependence.
Market key trends:
Increasing prevalence of opioid addiction in countries such as the U.S. and Canada along with initiatives by governments and healthcare organizations to promote opioid substitution therapy is expected to boost the demand for buprenorphine over the forecast period. As per the National Institute on Drug Abuse, in 2018 an estimated 1.7 million people in the U.S. suffered from substance use disorders related to prescription opioid pain relievers and 652,000 suffered from disorders related to heroin. Thus, availability of effective substitutes such as buprenorphine is expected to remain high.
Segment Analysis
The global buprenorphine market is segmented on the basis of formulation type, distribution channel, application, and geography. Based on formulation type, the market is segmented into tablets, injections, and films. The tablets segment currently dominates the market owing to its ease of use and administration. Tablets are small, easy-to-swallow oral dosage forms that provide convenience of self-administration to patients.
Key Takeaways
The Global Buprenorphine Market Demand is expected to witness high growth, exhibiting CAGR of 14.5% over the forecast period, due to increasing prevalence of opioid addiction worldwide.
The market size was valued at US$ 3,681.9 million in 2020 and is projected to reach US$ 10,091.7 million by 2030.
Regional analysis - North America currently dominates the global market and is expected to continue its dominance over the forecast period. Higher prevalence of opioid addiction and presence of key players in the region drives the market growth. Asia Pacific is expected to be the fastest growing market owing to growing awareness and improving healthcare infrastructure in emerging countries.
Key players - 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. The market is consolidated in nature with few global players capturing majority share. New product launches and expansions are among the key strategies adopted by major players to gain competitive edge.
Read more: https://www.rapidwebwire.com/buprenorphine-market-insights-trends/
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