Global Opioid Use Disorder Market, by Drug Type (Buprenorphine, Methadone, Naltrexone, and Others), by Route of Administration (Oral and Parenteral), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 2,739.2 million in 2021 and is expected to exhibit a CAGR of 8.7% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
The critical driving factor that is expected to boost the market growth during the forecast period is the increasing involvement of government and non-government agencies. The number of individuals suffering from opioid addiction has substantially increased, and it has led several governments to get involved on a wider scale to tackle this crisis.
For instance, the U.S. has one of the largest pools of patients suffering from opioid dependency. This led the U.S. Department of Health and Human Services in 2017, to declare the opioid crisis as a public health emergency. Hence, for tackling this epidemic, the U.S. Department of Health and Human Services issued a five point strategy to combat the problem. These initiatives are expected to drive the number of individuals suffering from the increasing consumption of opioid induced drugs to opt for treatment. Such factors are expected to positively impact the global opioid use disorder market during the forecast period.
Global Opioid Use Disorder Market – Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 has been declared as a pandemic by World Health Organization (WHO) due to its increased spread across the globe. The virus has spread to all continents from North America, Europe, Middle East and Africa and Asia-Pacific to Latin America. After the declaration of the pandemic, several nations such as the U.S., Germany, India, and China among others declared full lockdown in order to limit its spread. Owing to increasing cases of COVID-19, the pandemic related restrictions placed also increased the need for opioid abuse services as the fragmented drug supply chain created a shortage of availability. According to the UN Office on Drugs and Violence, approximately there are around 35 million opioid users worldwide (UNODC) in 2019. According to the World Health Organization (WHO) report globally and 201.8 million patients are infected with coronavirus. The outbreak of COVID-19 is causing untold health challenges especially on the vulnerable drug addict population having huge impact on the healthcare industry majorly for the opioid use disorder market.
The COVID-19 pandemic has lifted the opioid use disorder industry from its niche pedestal to the mainstream sector. The outbreak of COVID-19 pandemic has further expanded the role of drug addiction treatment due to well spread awareness regarding weakening of immunity and cardiovascular system due to excessive drug consumption. In long run, the COVID-19 pandemic has the potential to profoundly transform the drug market. Several companies operating in the domain are working to develop an opioid substitution therapy and other medication and some have already entered the landscape of the opioid use disorder market to increase their revenue by meeting the emergent need of sustainable and reliable therapies.
For instance, in the U.S., during July 2020, federal government made law transformations to make the addiction treating drug naloxone accessible during the pandemic. U.S. FDA made amendments for the manufacturers to upgrade their respective package inserts and add on naloxone associated recommendations.
Browse 38 Market Data Tables and 42 Figures spread through 198 Pages and in-depth TOC on “Opioid Use Disorder Market”- Global Forecast to 2028, by Drug Type (Buprenorphine, Methadone, Naltrexone, and Others), by Route of Administration (Oral and Parenteral), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
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Key players operating in the market are focusing on product launches which is expected to drive the market growth over the forecast period. For instance, in February 2019, Dr. Reddy’s Laboratories, a pharmaceutical company announced the re-launch of its buprenorphine and naloxone sublingual film after the company received a favourable ruling in patent litigation.
Key Takeaways of the Global Opioid Use Disorder Market:
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