June 15, 2024
Buprenorphine Market

Buprenorphine Is Expected To Be Flourished By Strong Government Support For Opioid Dependence Treatment

Buprenorphine is an opioid medication used to treat opioid use disorder and chronic pain. It works by binding to opioid receptors in the brain, reducing cravings and symptoms of withdrawal. As an alternative to methadone, buprenorphine plays an important role for people with opioid dependence who want to transition to a medication-assisted treatment program.

The global Buprenorphine Market is estimated to be valued at US$ 8,786.5 Million in 2024 and is expected to exhibit a CAGR of 3.9%  over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Strong government support for opioid dependence treatment is expected to be the key driver for the growth of the buprenorphine market over the forecast period. Government initiatives aim to expand access to medication-assisted treatment through programs, education, and policies. For instance, in the U.S., the SUPPORT for Patients and Communities Act allocated $1 billion over two years to expand treatment for opioid use disorder. Additionally, favorable reimbursement policies make treatment more affordable. However, strict regulations around opioid medications pose a challenge due to complex rules around prescribing, administration, and dispensation of buprenorphine products.

Segment Analysis

The global buprenorphine market can be segmented into sublingual tablets, buccal films, implants, and injections. The sublingual tablets segment currently dominates the market, accounting for over 50% share, as sublingual tablets offer convenience of self-administration and quick onset of action. However, the buccal films segment is expected to witness fastest growth during the forecast period due to its advantages over tablets such as direct absorption into the systemic circulation bypassing the liver.

PEST Analysis

Political: Regulations around opioid use have been tightening globally which impacts the market. However, drug reforms in the US are likely to improve access and drive the market.
Economic: High healthcare expenditures and increasing addiction rates, especially in developed countries, contribute to market growth. The post pandemic economic recovery is also positive.
Social: Stigma around opioid addiction is reducing with better awareness and acceptance of medication-assisted treatment. Support groups help patients stay committed to recovery.
Technological: Advancements focus on newer drug delivery systems like implants and films for long-term administration and preventing misuse of the drug. Compliance monitoring technologies assist physicians.

Key Takeaways

The global Buprenorphine Market Size is expected to witness high growth between 2024-2031 driven by the opioid crisis and increasing government support for medication-assisted treatment programs. The global buprenorphine market is estimated to be valued at US$ 8,786.5 Million in 2031 and is expected to exhibit a CAGR of 3.9%  over the forecast period 2024 to 2031.

North America currently dominates due to advanced healthcare systems and aggressive efforts to scale up initiatives in the US and Canada. Europe is also a major market boosted by public health policies promoting buprenorphine as the standard of care for opioid dependence.

Key players operating in the buprenorphine market are Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co., and Samsung Heavy Industries Co. (South Korea). Royal IHC, Damen Shipyards Group, and Fincantieri. (Italy) focus on product innovation, geographical expansion and mergers and acquisitions to strengthen their market position.

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