June 14, 2024
Opioid Use Disorder Market

The Rising Burden Of Opioid Addiction Is Driving Growth In The Opioid Use Disorder Market

Opioid use disorder refers to a problematic pattern of opioid use that causes clinically significant impairment or distress in domains like work, school or home. Common products used to treat opioid use disorder include medications like buprenorphine and methadone which help reduce opioid withdrawal symptoms without producing the same euphoric highs. Such medications play a key role in managing opioid addiction by keeping opioid levels steady and preventing relapse.

The global Opioid Use Disorder Market is estimated to be valued at US$ 3728.51 Billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

The rising number of opioid overdose deaths is a major driver for the growing need of treatment options for opioid use disorder. According to CDC, there were over 93,000 drug overdose deaths in the US during 2020, out of which around 64% included opioids like illicit fentanyl. As per the report, the availability of extended-release and abuse-deterrent formulations of opioid addiction medications is a key trend being witnessed in the market. Such extended formulations offer efficacy and convenience of once daily dosing without the need for frequent clinic visits. Additionally, the introduction of generic alternatives is also helping expand treatment access and drive down costs associated with opioid treatment medication. However, the social stigma surrounding opioid addiction continues to be a challenge in seeking treatment.

Porter’s Analysis

Threat of new entrants: Low as this market requires significant investments in R&D and involves stringent FDA regulations.

Bargaining power of buyers: Moderate as there exist many treatment options but high dependency on opioids increases their power.

Bargaining power of suppliers: High as major players like Indivior, Alkermes, and Dr. Reddy’s Laboratories dominate the market.

Threat of new substitutes: Low as no effective alternatives exist for treatment of opioid dependence.

Competitive rivalry: High due to presence of many branded and generic players globally.

Key Takeaways

The global Opioid Use Disorder Market Growth is expected to witness high growth. The global Opioid Use Disorder Market is estimated to be valued at US$ 3728.51 Billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024-2031.

North America dominates the market currently due to high prevalence of prescription opioid abuse disorders. Asia Pacific is expected to grow at fastest pace due to improving access to healthcare in major countries.

Key players operating in the Opioid Use Disorder market are Indivior, Alkermes, Dr. Reddy’s Laboratories, Mallinckrodt, Purdue Pharma. Indivior dominates the market with its blockbuster drug Suboxone. Alkermes has a strong pipeline including Aristada for treatment of schizophrenia. Dr. Reddy’s has a robust portfolio of generic opioids.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it