Global Buprenorphine Market, by Application (Analgesic and Opioid Antagonist), by Route of Administration (Injectables, Sublingual, and Transdermal), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 3,681.9 million in 2020 and is expected to exhibit a CAGR of 14.5% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Launch of novel products by market players to augment the market growth
Key players in the market are focused on research and development of novel products to address the critical unmet needs of patients. For instance, in November 2017, Indivior PLC received approval from the U.S. Food and Drug Administration for SUBLOCADE (Buprenorphine Extended-Release) indicated for treatment of moderate to severe opioid use disorder. Similarly, in February 2019, Indivior PLC announced the launch of an authorized generic version of SUBOXONE (buprenorphine and naloxone) in the U.S. which will be marketed by Sandoz Inc.
Moreover, an increase in the geriatric population is expected to increase prevalence rate of osteoarthritis and osteoporosis and boost the market growth. According to National Center for Biotechnology Information (NCBI), report published in August 2017, knee osteoarthritis accounts for around 80% of the total disease burden and affects around 19% of American adults aged 45 years and above.
Global Buprenorphine Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in over 30.6 million infected individuals worldwide as of 21st September 2020.
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channel, and by its financial impact on firms and financial markets. Due to lockdowns, several countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of such drugs from one place to another.
Moreover the COVID-19 pandemic has impacted the supply of raw materials and potent compounds which are used for manufacturing drugs such as Buprenorphine which can hamper the market growth in the near future.
Browse 35 Market Data Tables and 23 Figures spread through 183 Pages and in-depth TOC on “Buprenorphine Market - by Application (Analgesic and Opioid Antagonist), by Route of Administration (Injectables, Sublingual, and Transdermal), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027”
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Key players in the market are focused on strategies such as mergers and acquisitions to enhance their product portfolio. For instance, in December 2016, Luye Pharma Group Ltd. acquired Acino’s transdermal drug delivery systems (TDS) business, which includes formulation of Rivastigmine, Buprenorphine, Fentanyl and fertility control patch.
Key Takeaways of the Global Buprenorphine Market: