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The global Suboxone Market is estimated to be valued at US$ 6.47 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Suboxone consists of buprenorphine and naloxone used for the treatment of opioid addiction. It blocks opioid receptors in the brain to relieve withdrawal symptoms and cravings without producing the euphoric effects of opioids. This helps in recovery and reduction of opioid use.
Market key trends:
One of the key trends in the Suboxone market is the rising incidence of opioid addiction among the population globally. According to the National Institute on Drug Abuse, over 2 million people in the United States suffered from substance use disorders related to prescription opioid pain relievers in 2018. This increasing opioid addiction is driving the demand for opioid addiction treatments like Suboxone. Furthermore, the government support in terms of favorable reimbursement policies for Suboxone treatment is also fueling the growth of this market.
Market key trends:
The suboxone market has been witnessing rising demand for sublingual film formulations of suboxone. The sublingual film formulations provide rapid absorption and result in higher bioavailability as compared to tablets. The sublingual film is more convenient to administer and dissolves quickly under the tongue. This increases patient compliance for opioid dependence treatment. The sublingual films are also preferred over tablets as they are easier to handle and carry.
SWOT Analysis
Strengths: Rapid action and higher bioavailability of sublingual film formulations. The suboxone therapy is very effective in treating opioid addiction.
Weaknesses: Risk of misuse and abuse of suboxone. Higher cost of suboxone therapy.
Opportunities: Increasing awareness about treatment of opioid dependence. Growing focus on reducing economic burden of opioid abuse.
Threats: Entry of generic alternatives. Stringent regulatory approvals and clinical trials.
Key Takeaways
The global suboxone market is expected to witness high growth at a CAGR of 5.0% over the forecast period, driven by the increasing prevalence of opioid use disorder and growing awareness about treatment options.
The United States represents the largest market for suboxone currently. According to the National Survey on Drug Use and Health, an estimated 1.7 million people suffered from opioid use disorder in the United States alone in 2017. This large user base drives the US market for suboxone.
Europe is also a significant market for suboxone due to high prevalence of prescription opioid abuse in countries like Germany, UK, and Italy. However, the Asia Pacific region is expected to showcase fastest growth during the forecast period with improvement in healthcare facilities and availability of effective treatment options in major Asian economies.
Key players operating in the suboxone market include Indivior PLC, Dr. Reddyâ€TMs Laboratories Ltd., Amneal Pharmaceuticals LLC., Mylan N.V., Novartis AG, Teva Pharmaceutical Industries Ltd., Mallinckrodt, Lannett Co Inc., Rhodes Pharmaceuticals L.P., Alvogen, Sun Pharmaceutical Industries Ltd., Alkem Labs, and Hikma Pharmaceuticals PLC.
