The global opioid use disorder market is estimated to be valued at US$ 2,739.2 million in 2021 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Opioid use disorder refers to the dependence on opioid drugs such as heroin, morphine, and prescription painkillers. It is a chronic disease that affects the brain and leads to physical and psychological dependence on opioids. The growing prevalence of opioid addiction worldwide is driving the demand for effective treatment options. The opioid use disorder market offers a range of products and therapies for the management of opioid addiction. These products include medication-assisted treatment (MAT) options such as buprenorphine, naloxone, and methadone, as well as behavioral therapies and counseling sessions. These treatments help individuals in overcoming withdrawal symptoms, reducing cravings, and preventing relapse.

Market Key Trends:

The key trend driving the growth of the opioid use disorder market is the increasing adoption of medication-assisted treatment (MAT). MAT involves the use of FDA-approved medications, along with counseling and behavioral therapies, to provide a comprehensive approach to the treatment of opioid addiction. MAT has been proven to be effective in reducing opioid use, improving retention in treatment programs, and preventing overdose deaths. As a result, there is a growing emphasis on expanding access to MAT services and increasing awareness about its benefits among healthcare professionals and patients. Moreover, the introduction of long-acting injectable formulations of buprenorphine and naltrexone is expected to further drive the growth of the opioid use disorder market. These formulations provide extended-release delivery of medication, reducing the need for daily dosing and improving treatment adherence.


PEST Analysis:

Political: The political environment plays a crucial role in the opioid use disorder market. Governments around the world have been implementing various regulations and policies to address the issue of opioid abuse. For instance, in the United States, the government has taken steps to enhance prescription drug monitoring programs and increase access to addiction treatment services.

Economic: The economic factors influencing the opioid use disorder market are significant. The rising healthcare expenditure, increasing prevalence of opioid addiction, and growing investments in research and development activities are driving the market's growth. Moreover, the availability of reimbursement policies for opioid addiction treatment is also contributing to market expansion.

Social: The social factors in the opioid use disorder market are primarily driven by the increasing awareness and understanding of the negative impacts of opioid addiction. The changing social perceptions towards substance abuse and the stigma associated with it are driving individuals to seek treatment for opioid use disorder.

Technological: Technological advancements are playing a vital role in the opioid use disorder market. The development of innovative pharmaceutical formulations, such as extended-release opioid addiction treatments and abuse-deterrent formulations, has improved the efficacy and safety of opioid addiction therapies. Additionally, the use of telemedicine and digital health platforms has facilitated enhanced access to treatment services for patients.

Key Takeaways:

The global opioid use disorder market is expected to witness high growth, exhibiting a CAGR of 8.7% over the forecast period from 2023-2030. The market is primarily driven by factors such as the increasing prevalence of opioid addiction, rising healthcare expenditure, and supportive government initiatives to address the issue.

Regionally, North America is anticipated to be the fastest-growing and dominating region in the opioid use disorder market. The high prevalence of opioid addiction, increasing awareness about the condition, and robust healthcare infrastructure contribute to the region's market dominance.

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 companies focus on research and development activities, strategic collaborations, and product launches to gain a competitive edge in the market.

Read More:

https://www.newswirestats.com/opioid-use-disorder-market-is-estimated-to-witness-high-growth-owing/