Key Players covered in the Opioid Use Disorder Market Research report are Camurus Pfizer Inc., BioDelivery Sciences International Inc., TEVA PHARMACEUTICALS USA, INC, Orexo US, Inc., Indivior PLC, Hikma Pharmaceuticals, Mylan, Mallinckrodt. , Titan Pharmaceuticals Inc., Alkermes
Pune, India, Dec. 01, 2021 (GLOBE NEWSWIRE) -- The global Opioid Use Disorder Market size is projected to reach USD 4.50 billion by 2026, exhibiting a CAGR of 10.8% during the forecast period. Increasing addiction to opioids across the globe will be the central force driving the growth of this market, shares Fortune Business Insights™ in its recent report, titled “Opioid Use Disorder Market Size, Share & Industry Analysis, By Drug Class (Buprenorphine, Methadone, and Naltrexone), By Route of Administration (Oral, and Parenteral), By Distribution Channel (Hospital Pharmacies, Retails Pharmacies & Stores, and Online Pharmacies), and Regional Forecast, 2019-2026”. The US National Institutes of Health (NIH) estimates that approximately 16 million people around the world are suffering from opioid use disorder (OUD).
In the US, the situation has worsened in the past few years, with the US government declaring opioid overdose a public health emergency in the country in 2017. As per NIH data, roughly 3 million Americans have OUD and over half a million US citizens are dependent on heroin. The NIH also reports that in 2015 nearly 92 million Americans used prescription opioids. This heightening dependency on opioids in the US and worldwide is likely to set the opioid use disorder market trends in the near future.
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The coronavirus pandemic has had a varied impact on the pharmaceutical market, ranging from positive to negative, based on the demand. There has been a negative impact on certain medications, owing to a decline in their demand due to the lack of visits to healthcare facilities such as hospitals and clinics. Furthermore, to restrain the number of coronavirus cases, several governments have implemented strict nationwide lockdown. This has led to a sharp decline in the flow of patients across hospital settings. Moreover, the cancellation or postponement of non-essential medical procedures has further led to a negative impact on market growth.
In the OUD market, the number of patients suffering from opioid overdoses and relapses in their addiction sharply increased during this period. However, the prominent companies engaged in the opioid use disorder market, such as Indivior, experienced a sharp decline in their product revenues during this period. This rapid decline in sales has occurred due to COVID-19 related disruptions. Thus, the global market for opioid use disorder is expected to experience a negative impact.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/opioid-use-disorder-oud-market-102674
Increasing Cases of Opioid Addiction to Drive OUD Market Growth
In the current scenario, the general population suffers from a wide range of severe and chronic diseases, including cancer, cardiovascular, pain arising from injuries, and other conditions. These diseases often cause chronic pain amongst patients that are managed with the consumption of painkillers, mostly opioids. While the pain reduces, there is a greater chance that the patient may get addicted to these drugs. The growing dependency on these drugs and abrupt discontinuation may lead to the patient suffering from withdrawal symptoms. Hence, they continue to use these opioids that sharply increases the probability of fatal consequences for patients, such as death from an opioid overdose.
According to the American Psychiatric Association (APA), in 2017, an estimated 72,000 Americans died from drug overdoses, including prescription opioids, a 2-fold increase in a decade. Also, patient awareness has considerably increased, owing to such alarming statistics. Hence, the increasing cases of opioids dependency are projected to boost the market growth during the forecast period.
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Increasing Engagement by Governmental & Non-governmental Institutions to Aid Growth
Another critical driving factor that is expected to boost the market growth during the forecast period is the increasing involvement of governmental and non-governmental agencies. The number of individuals suffering from opioid addiction has substantially increased, and it has led several governments to get involved on a wider scale to tackle this crisis.
For instance, the U.S. has one of the largest pools of patients suffering from opioid dependency. This led the United States Department of Health & Human Services (HHS) in 2017 to declare the opioid crisis as a public health emergency. Hence, for tackling this epidemic, the HHS issued a ‘5 Point Strategy’ to combat the problem. These initiatives are expected to drive the number of individuals suffering from the increasing consumption of opioid-induced drugs to opt for treatment. Such factors are expected to positively impact the global OUD Industry during the forecast period.
Adverse Effects of OUD Drugs to Restrain Market Growth
One of the most critical restraining factors that are anticipated to limit the growth of the global market during the forecast period is the side effects that may arise from the drugs administered for the treatment of opioid addiction. Some of the typical adverse reactions from these drugs include vomiting, bladder pain, abdominal cramps, diarrhea, respiratory issues, bone/joint pain, muscle aches, and constipation. Furthermore, in certain severe cases of adverse reactions, the patient may also suffer from psychological problems, such as depression.
In some instances, the usage of SUBOXONE for the treatment of opioid dependency may lead to fast or irregular heartbeat and hyperventilation. Hence, such side effects of these drugs are expected to hinder the market growth during the forecast period.
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High Incidence of OUD to Favor Market Growth in North America
North America, with a market size of USD 1.50 billion in 2018, is slated to dominate the opioid use disorder market share during the forecast period based on the fact that the incidence of OUD in the region is higher than most other countries in the world. Moreover, NIH data reveals that around 4 million Americans use prescription opioid drugs for non-medical purposes.
These facts will ensure that North America leads the OUD market share in the foreseeable future. In Europe, rising number of patients with orthopedic disorders will stoke the demand for opioids and drive the market. In Asia-Pacific, on other hand, the demand for opioid medication is escalating on account of rising prevalence of chronic pain among the population.
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