May 26, 2024
Buprenorphine Market

The Buprenorphine Market Poised Growth Is Projected To Propelled By Growing Opioid Addiction Crisis

The buprenorphine market has witnessed significant growth in recent years owing to the growing prevalence of opioid addiction across the globe. Buprenorphine is a partial opioid agonist approved for the treatment of opioid use disorder as it reduces withdrawal symptoms without producing euphoric effects. As an effective medication-assisted treatment along with counseling and behavioral therapies, buprenorphine can help people reduce or quit their use of opioid drugs like heroin or pain relievers like morphine.

The global Buprenorphine Market is estimated to be valued at US$ 6,367.1 Million in 2024 and is expected to exhibit a CAGR of 3.9%  over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

The growing opioid addiction crisis across the world has been a major driver for the buprenorphine market over the past few years. According to the United Nations Office on Drugs and Crime, about 34 million people worldwide suffer from opioid use disorder highlighting the severity of the problem. With few treatment options available, demand for buprenorphine has increased significantly as it is effective in reducing withdrawal symptoms and cravings. It is estimated that globally only 1 in 7 people with opioid use disorder receive treatment indicating vast unmet need. This represents significant growth opportunities for players in the buprenorphine market over the forecast period.

SWOT Analysis

Strength: Buprenorphine is a partial opioid receptor agonist with lower risk of overdose than other opioids. It is widely prescribed for opioid dependence and addiction.

Weakness: Buprenorphine has potential risk of abuse and addiction, especially when taken without medical supervision. Availability of alternatives for treatment of opioid dependence.

Opportunity: Growing incidence of opioid dependence and addiction worldwide due to increasing prescription of opioid pain killers. Increasing awareness regarding medication-assisted treatment is acting as an opportunity.

Threats: Regulatory challenges pertaining to prescribing limitations and reimbursement scenarios pose threat. Easy availability of illicit opioids acts as a major threat to buprenorphine market.

Key Takeaways

The global Buprenorphine Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global buprenorphine market is estimated to be valued at US$ 6,367.1 million in 2024 and is expected to exhibit a CAGR of 3.9%  over the forecast period 2024-2031.

North America is currently the largest as well as the fastest-growing regional market for buprenorphine. The high incidence of opioid dependence and ongoing prescription drug abuse are major factors fueling market growth in the region.

Key players operating in the buprenorphine market are Hyundai Heavy Industries (South Korea), Daewoo Shipbuilding & Marine Engineering Co., Ltd. (South Korea), Samsung Heavy Industries (South Korea), and Fincantieri (Italy). The rising awareness about medication-assisted treatment and the availability of generic equivalents are expected to boost the adoption of buprenorphine in the years to come. However, stringent regulatory norms on opioid addiction drugs may challenge market growth to some extent.

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