Pune, India, Jan 13, 2021 (GLOBE NEWSWIRE via COMTEX) -- Pune, India, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The global opioid use disorder market is expected to experience exponential growth by reaching USD 4.87 billion by 2027 while exhibiting a CAGR of 8.7% between 2020 and 2027. The growth is attributable to the increasing focus by the government agencies to promote opioid use disorder treatments and the growing adoption of buprenorphine treatment patches across the globe. Fortune Business Insights published this information in its latest report. The report further observes that the market stood at USD 2.81 billion in 2019.
Opioids are powerful and effective painkillers that are used to alleviate pain caused by chronic diseases. They are highly addictive and can lead to over-dependence on them leading to severe health implications. The addiction to opioids can lead to fatal consequences that may even lead to death.
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Increasing Government Focus to Create Awareness to Promote Growth
In 2017, the United States Department of Health & Human Services (HHS) declared the opioid crisis as a public health emergency. Since then, the government of several countries have actively focused on creating awareness regarding opioid use disorder treatments for the patients suffering from opioid dependency. Nowadays, buprenorphine treatment patches are adopted extensively that aid in significant reduction of pain and can be self-administered by the patient. These factors are likely to boost the global opioid use disorder market growth in the forthcoming years.
Buprenorphine Segment Held 81.1% Market Share in 2019
The buprenorphine segment, based on drug class, is expected to showcase considerable growth backed by the growing adoption of drugs that contain buprenorphine in developed countries such as the United States and France. The segment held a market share of about 81.1% in 2019.
Increasing Focus on COVID-19 Patients to Hamper Market Growth Prospects
The global pandemic has led to a massive shift in the healthcare sector. More precedence has been given to treating COVID-19 patients while other non-COVID procedures have either been halted or postponed. This is likely to hamper the growth prospects of the market. In 2018, around 128 people died due to opioid overdose and the novel coronavirus has brought forth several challenges to treat the disorder. To mitigate the adverse effect, the governments are taking efforts to address the issues of the people suffering from the disorder. Therefore, the introduction of telehealth treatment is expected to favor the market growth in the forthcoming years.
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North America to Remain at Forefront; Increasing Number of Patients Suffering from Opioid Dependency to Aid Growth
Among all the regions, North America is expected to remain dominant and hold the highest position in the global opioid use disorder market in the forthcoming years. The dominance is attributable to the increasing number of patients suffering from opioid dependence implications in the region between 2020 and 2027. The region stood at USD 2.16 billion in 2019.
On the other hand, Europe is expected to hold the second position in the market in the forthcoming years. This is ascribable to the increasing number of launches of opioid use disorder treatment solutions in the region between 2020 and 2027.
Major Players Focus on Partnership to Intensify Industry Competition
The global opioid use disorder market is experiencing a healthy competition between major players that are striving to maintain their dominance. The companies are partnering with other players to expand their opioid use disorder treatment solutions and further boost their positions. Moreover, the adoption of strategies such as merger and acquisition, collaboration, and facility expansion by other players is likely to boost the market growth during the forecast period.
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August 2019: Orexo AB announced its partnership with GAIA AG to develop and commercialize a new digital therapy for treating opioid use disorder in patients. The partnership is aimed at consolidating their positions in the highly competitive global marketplace.
List of the Companies Profiled in the Global Market for Opioid Use Disorder:
Indivior PLC (Chesterfield, U.S.)
Alkermes (Dublin, Ireland)
Orexo AB (Uppsala, Sweden)
Titan Pharmaceuticals, Inc. (South San Francisco, U.S.)
Teva Pharmaceutical Industries Ltd. (Petah Tikva, Israel)
Mallinckrodt Pharmaceuticals (Staines-Upon-Thames, U.K.)
BioDelivery Sciences International Inc. (Raleigh, U.S.)
Viatris Inc. (Mylan N.V.) (Canonsburg, U.S.)
Pfizer, Inc. (New York City, U.S.)
Hikma Pharmaceuticals PLC (London, U.K.)
Camurus (Lund, Sweden)
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Table of Contents:
Global Opioid Use Disorder Market Analysis, Insights and Forecast, 2016-2027
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
Number of procedures and average price of procedures
Replacement rate and pricing of capital equipment
Market dynamics in relation to the market under focus - Drivers, restraints, trends, and opportunities
Market & technological trends, new product developments, product pipeline.
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