The buprenorphine market has witnessed significant growth in recent years owing to increasing prevalence of opioid addiction across the world. Buprenorphine is a partial opioid agonist used to treat opioid dependence. It helps in relieving withdrawal symptoms during detoxification and reducing opioid cravings. Moreover, it has a lower abuse potential as compared to other opioids.
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 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The increasing opioid addiction epidemic across the world has been a key factor driving the growth of the buprenorphine market. According to the National Institute on Drug Abuse, in 2020, more than 10.1 million people in the U.S. misused opioids, including prescription opioids and heroin. Moreover, over 50,000 people died of opioid overdoses in the same year. The opioid crisis has increased the demand for medication-assisted treatment drugs such as buprenorphine. The market is also expected to gain traction owing to its increasing adoption as a first-line treatment for opioid dependence.
Segment Analysis
The global buprenorphine market is dominated by subcutaneous implant sub segment. Buprenorphine subcutaneous implant allows sustained release of buprenorphine into the circulation for prolonged pain relief. The implant delivers effective pain management for 6 months with a single treatment, thereby increasing preference and adoption rates among patients and healthcare professionals.
Key Takeaways
The global Buprenorphine Market Size is expected to witness high growth during the forecast period of 2024 to 2031. The market size for 2024 is US$ 6367.1 Mn and it is projected to grow at a CAGR of 3.9% during the forecast period.
Regional analysis
North America currently dominates the global buprenorphine market due to strong foothold of key players, growing prevalence of chronic pain disorders and increasing acceptance of long acting implant formulation for pain management. However, Asia Pacific region is expected to witness highest growth rate owing to rising healthcare expenditure, expanding customer base and growing focus of manufacturers on emerging economies in the region.
Key players
Key players operating in the buprenorphine market are Hyundai Heavy Industries (South Korea), Daewoo Shipbuilding & Marine Engineering Co (South Korea), Samsung Heavy Industries (South Korea), Hyundai Samho Heavy Industries (South Korea), TSUNEISHI SHIPBUILDING Co (Japan). Hyundai Heavy Industries dominate the market with largest market share on account of its well established manufacturing capabilities and strong global distribution network.
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