Opioid Use Disorder Market Is Estimated To Witness High Growth
SWOT Analysis
Strength: Opioid Use Disorder market is growing rapidly due to increasing awareness and prevalence of opioid addiction issues. The market offers a wide range of treatment options such as medications, detoxification, counseling and behavioral therapies to effectively treat patients. Strong presence of major pharmaceutical companies is driving research and development activities in this field.
Weakness: High cost associated with treatment acts as a barrier for many patients to access proper medical care. Stigma around drug addiction also prevents people from seeking help on time. Lack of consistency in treatment outcomes remains a challenge.
Opportunity: Rising healthcare spending of governments worldwide is expected to boost funding for opioid use disorder treatment programs. Untapped markets in developing countries present lucrative growth prospects. Growing acceptance of digital therapeutics and remote monitoring offers new opportunities.
Threats: Stringent regulatory environment for approval of new drugs increases clinical trial costs. Strong influence of illicit opioid supply hampers effective treatment. Lapse or relapse during recovery remains a concern.
Key Takeaways
The Global Opioid Use Disorder Market Growth is expected to witness high, exhibiting CAGR of 8.7% over the forecast period, due to increasing prevalence of opioid addiction disorder worldwide. According to National Institute of Drug Abuse, over 2 million people suffered from OUD in the US alone in 2020.
North America dominates the global market, holding over 45% share in 2023 owing to availability of advanced treatment facilities and presence of major players in the region. However, Asia Pacific is anticipated to exhibit the fastest growth due to large patient pool and improving access to healthcare in emerging economies like India and China.
Key players operating in the Opioid Use Disorder market are Indivior PLC, Alkermes, Orexo AB, Titan Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd., Mallinckrodt Pharmaceuticals, BioDelivery Sciences International Inc., Viatris Inc., Pfizer, Inc., Hikma Pharmaceuticals PLC, and Camurus. Major companies are focused on developing novel drug formulations and digital therapies to expand their portfolio and strengthen market position.
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