Global Suboxone Market, by Type (Branded and Generics), by Formulation (Tablets and Films), 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$ 6,163.9 Million in 2022 and is expected to exhibit a CAGR of 4.0% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing adoption of inorganic growth strategies such as agreements by the key players in order to increase sales in the market is expected to drive the market growth over the forecast period. For instance, in February 2019, Indivior PLC, a global specialty pharmaceutical company, announced that it entered into an agreement with Alvogen, a global, privately owned pharmaceutical company. As a part of this agreement, Alvogen will be able to use or sale within the U.S., or import into the U.S., the generic buprenorphine and naloxone sublingual film product of Indivior PLC.
Global Suboxone Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions.
The supply and distribution of suboxone drugs has been negatively impacted due to the COVID-19 lockdown and restrictions. For instance, according to an article published by United Nations Office on Drugs and Crime (UNODC), a United Nations office, in June 2021, the distribution of naloxone was negatively affected in about 57% of countries globally. However, according to the same source, regulatory authorities in several regions reduced barriers to access certain medicines, by permitting greater use of telehealth services for drugs such as naloxone, methadone, or buprenorphine.
Many manufacturers are facing issues such as a shortage of labor and transportation of raw materials, which has affected the production of suboxone. Most of the vehicles used for transportation of these products are stuck at the state borders or at the country's borders.
Therefore, during the COVID-19 pandemic, there was high demand for suboxone, but as the supply chain was disrupted, there was a shortage in the availability of suboxone, which hampered the growth of the market.
Browse 35 Market Data Tables and 30 Figures spread through 185 Pages and in-depth TOC on “Global Suboxone Market”- Forecast to 2030, Global Suboxone Market, by Type (Branded and Generics), by Formulation (Tablets and Films), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/suboxone-market-5000
Moreover, the increasing launches of generic suboxone drugs is expected to drive the market growth over the forecast period. For instance, in February 2019, Mylan N.V., a global generic and specialty pharmaceuticals company, launched generic suboxone sublingual film of brand suboxone, manufactured by the U.S.-based pharmaceutical company, Indivior PLC. It is indicated for treating opioid dependence.
Key Takeaways of the Global Suboxone Market:
- The global suboxone market is expected to exhibit a CAGR of 4.0% during the forecast period, due to the increasing regulatory approvals for suboxone drugs to the key players. For instance, in June 2018, Dr. Reddy's Laboratories, a leading multinational pharmaceutical company, announced that the company received approval from the U.S. Food and Drug Administration for launch of Buprenorphine and Naloxone Sublingual Film in the U.S. market.
- Among type segments, the generics segment is estimated to hold a dominant position in the global suboxone market over the forecast period, owing to the increased product approvals for suboxone generics. For instance, in June 2018, the U.S. Food and Drug Administration approved the first generic version of suboxone (buprenorphine and naloxone) sublingual film (applied under the tongue) for the treatment of opioid dependence.
- On the basis of formulation, the films segment is estimated to account for the largest market share in the global suboxone market over the forecast period, owing to the increasing launches of buprenorphine and naloxone sublingual films. For instance, in February 2019, Dr. Reddy’s Laboratories Ltd., a leading multinational pharmaceutical company, announced the re-launch of its buprenorphine and naloxone sublingual film, 2 mg/0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg, a therapeutic equivalent generic version of suboxone (buprenorphine and naloxone) sublingual film in the U.S. market.
- Major players operating in the global suboxone market include Indivior PLC, Dr. Reddy’s Laboratories Ltd., Amneal Pharmaceuticals LLC., Mylan N.V., Novartis AG, Teva Pharmaceutical Industries Ltd., Mallinckrodt, Lannett Co Inc., Rhodes Pharmaceuticals L.P., Alvogen, Sun Pharmaceutical Industries Ltd., Alkem Labs, and Hikma Pharmaceuticals PLC
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