North America segment contributes over 35% of global buprenorphine market share
Market Overview:
The global buprenorphine market is estimated to be valued at US$ 3,681.9 million in 2022 and is expected to exhibit a CAGR of 14.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Buprenorphine is a partial opioid agonist used to treat opioid addiction and pain. It provides an effective alternative to methadone for treating opioid dependence.
Market key trends:
Increasing prevalence of opioid addiction in countries such as the U.S. and Canada along with initiatives by governments and healthcare organizations to promote opioid substitution therapy is expected to boost the demand for buprenorphine over the forecast period. As per the National Institute on Drug Abuse, in 2018 an estimated 1.7 million people in the U.S. suffered from substance use disorders related to prescription opioid pain relievers and 652,000 suffered from disorders related to heroin. Thus, availability of effective substitutes such as buprenorphine is expected to remain high.
Segment Analysis
The global buprenorphine market is segmented on the basis of formulation type, distribution channel, application, and geography. Based on formulation type, the market is segmented into tablets, injections, and films. The tablets segment currently dominates the market owing to its ease of use and administration. Tablets are small, easy-to-swallow oral dosage forms that provide convenience of self-administration to patients.
Key Takeaways
The Global Buprenorphine Market Demand is expected to witness high growth, exhibiting CAGR of 14.5% over the forecast period, due to increasing prevalence of chronic pain and opioid addiction across regions. The US market dominated the regional market in 2020 with a share of over 45%, due to growing opioid abuse and established healthcare infrastructure.
Regional analysis- Asia Pacific region is expected to be the fastest growing market over the forecast period due to improving access to healthcare and increasing focus of players. China dominates Asia Pacific and is growing exponentially.
Key players operating in the Buprenorphine market are Siegfried, Sanofi, Johnson Matthey, Mallinckrodt, Noramco, Unichem Laboratories, Arevipharma GmbH, Resonance-labs, Sun Pharmaceutical Industries Ltd., Rusan Pharma, Micro Orgo Chem, and Faran Shimi Pharmaceutical Co. Major players are focused on expanding their production capacities and product portfolios through partnerships to strengthen their market shares.
Read more: https://makuv.com/north-america-segment-contributes-over-35-of-global-buprenorphine-market-share/
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