Opioid Use Disorder Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, And Growth Forecast To 2021-2028
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| Opioid Use Disorder Market |
Market Overview:
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 of 2021-2028, as highlighted in a new report published by Coherent Market Insights. Opioid use disorder refers to a chronic condition characterized by the continued use of opioids despite negative consequences. The market offers a range of products and treatments aimed at managing and treating opioid use disorder. These products provide various advantages, including reducing cravings, minimizing withdrawal symptoms, and improving patient outcomes. With the rising prevalence of opioid addiction worldwide, there is an increasing need for effective products and interventions to address this public health concern.
Market Key Trends:
One key trend in the Opioid Use Disorder Market is the growing focus on the development and adoption of medication-assisted treatments (MATs). MATs involve the use of medications, such as buprenorphine, methadone, and naltrexone, in combination with counseling and behavioral therapies for the treatment of opioid addiction. These medications help to suppress withdrawal symptoms, reduce cravings, and block the euphoric effects of opioids, enabling individuals to abstain from drug use and improve their overall quality of life. MATs have proven to be effective in reducing opioid use, overdose deaths, and criminal activity associated with opioid addiction. As a result, there is increasing recognition among healthcare providers and policymakers of the importance of MATs in addressing the opioid crisis, leading to the rising adoption of these treatments globally.
Segment Analysis
The opioid use disorder market can be segmented based on treatment type, distribution channel, and region. In terms of treatment type, medication-assisted treatment (MAT) dominates the market. MAT involves the use of medications such as buprenorphine, Methadone, and naltrexone along with behavioral therapy to manage opioid addiction. This segment dominates due to its effectiveness in reducing cravings, preventing withdrawal symptoms, and improving overall treatment outcomes. Furthermore, MAT is recommended by various healthcare organizations and has gained significant acceptance among healthcare providers, contributing to its dominance in the market.
Key Takeaways
The global Opioid Use Disorder Market Growth is projected to exhibit a high growth rate, with a compound annual growth rate (CAGR) of 8.7% during the forecast period of 2021-2028. This growth can be attributed to several factors. Firstly, there is a rising prevalence of opioid use disorder globally, leading to an increased demand for effective treatment options. The misuse and abuse of prescription opioids, as well as the availability of illicit opioids, have contributed to the growing number of individuals with opioid use disorder. Additionally, increased awareness about the benefits of medication-assisted treatment and the implementation of supportive government initiatives to address the opioid crisis are driving market growth.
Regionally, 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 addiction, well-established healthcare infrastructure, and the presence of key market players in the region. Furthermore, initiatives taken by the government and organizations to tackle the opioid crisis, such as expanding access to treatment programs and increasing public awareness, are expected to drive market growth in North America.
Some of the 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 play a crucial role in the development and commercialization of innovative treatment options for opioid use disorder. With increasing investments in research and development and strategic collaborations, these key players are expected to maintain their market dominance and contribute to the market's overall growth.
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