The global opioid use disorder market is estimated to be valued at US$2,739.2 million in 2022 and is expected to exhibit a CAGR of 8.7% over the forecast period of 2023-2030, according to a report by Coherent Market Insights.
Opioid use disorder refers to the dependency on opioids, which are drugs commonly used for pain management. The market offers various products and treatment options to address this disorder, including medication-assisted treatment, counseling, and behavior therapy. The advantages of these products include improved treatment outcomes, reduction in drug cravings, and better management of withdrawal symptoms. With the increasing prevalence of substance abuse and the rising awareness about the risks associated with opioid addiction, the demand for effective treatment options is expected to drive the growth of the opioid use disorder market.
Market Key Trends:
One key trend in the opioid use disorder market is the adoption of innovative formulations for opioid addiction treatment. Pharmaceutical companies are focusing on the development of long-acting injectable formulations and implantable devices that can provide sustained release of medications, reducing the need for daily dosing. These innovations aim to improve patient compliance and convenience, ultimately enhancing treatment outcomes. The introduction of such advanced formulations is expected to drive the growth of the market in the coming years.
Threat of New Entrants:
The threat of new entrants in the opioid use disorder market is relatively low due to several barriers to entry. These barriers include high initial investment costs, strict regulatory requirements, and the need for specialized knowledge in the development and manufacturing of opioid use disorder treatments. Additionally, the market is already dominated by established players, making it difficult for new entrants to gain market share.
Bargaining Power of Buyers:
The bargaining power of buyers in the opioid use disorder market is moderate. While the demand for effective treatments is high, buyers have limited power to negotiate prices due to the limited number of options available. Opioid use disorder is a serious condition that requires immediate treatment, giving suppliers an advantage in pricing and negotiation.
Bargaining Power of Suppliers:
The bargaining power of suppliers in the opioid use disorder market is high. There are a limited number of suppliers who have the capabilities to develop and manufacture opioid use disorder treatments. This gives suppliers significant leverage in negotiating pricing and terms with buyers, as there are few alternative options available.
Threat of New Substitutes:
The threat of new substitutes in the opioid use disorder market is low. Currently, medication-assisted treatment (MAT) is considered the gold standard for opioid use disorder management, and there are limited non-pharmacological alternatives available. Therefore, the market is not significantly impacted by the threat of new substitutes.
The competitive rivalry in the opioid use disorder market is intense. There are several key players in the market, each striving to gain a larger market share. These companies compete on factors such as product efficacy, safety, pricing, and brand reputation. The market landscape is constantly evolving, with companies investing in research and development to gain a competitive edge.
The opioid use disorder market is expected to witness high growth, exhibiting a CAGR of 8.7% over the forecast period (2023-2030). This growth can be attributed to the increasing prevalence of opioid use disorders worldwide, coupled with the rising awareness and initiatives to address the issue.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the opioid use disorder market. This can be attributed to the high prevalence of opioid use disorders in the region, coupled with the availability of advanced healthcare infrastructure and increased adoption of medication-assisted treatment.
Key players operating in the opioid use disorder market include 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. These key players are constantly innovating and launching new products to gain a competitive advantage and expand their market presence.
In conclusion, the opioid use disorder market is poised for significant growth in the coming years. The market is characterized by intense competition and high bargaining power of suppliers. Regional analysis indicates that North America will dominate the market, driven by the high prevalence of opioid use disorders in the region. Key players in the market continue to invest in research and development to maintain their market share and meet the growing demand for effective treatments.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it