Opioid Use Disorder Market to Soar at 10.8% CAGR and Hit USD 4.50 Billion by 2026; Increasing Research in Opioids by Pharmaceuticals to Aid Market Expansion: Fortune Business Insights™
Fortune Business Insights
7 min read
Key Prominent 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 and other key market players.
Pune, India, Nov. 23, 2020 (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. 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. 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.
KEY INDUSTRY DEVELOPMENTS:
December 2018 –Sandoz Inc and Pear Therapeutics obtained FDA clearance for first prescription digital therapeutic named reSET-O for the treatment of opioid use disorder. reSET-O is to be used to increase retention of patients with OUD in outpatient settings by providing cognitive behavioral therapy.
November 2017 – US FDA approved Sublocade product by Indivior PLC, which is injectable buprenorphine and is used for the treatment of moderate to severe opioid use disorder.
Opioids are essentially narcotics that are prescribed to manage moderate to severe pain. The American Cancer Society expounds that these substances play a pivotal role in alleviating pain arising from the disease or its treatment in cancer patients. As the prevalence of cancer grows around the world, the demand for prescription opioids is bound to spike.
According to the World Health Organization’s International Agency for Research on Cancer (IARC), in 2018, the number of global cancer cases rose to 18.1 million and cancer-related deaths stood at 9.6 million. The IARC further estimates that the number of cancer survivors (those that are alive within 5 years of cancer diagnosis) worldwide was at 43.8 million. These survivors experience immense pain and opioids help relieve them of this suffering, thus auguring well for the opioid use disorder market growth.
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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.
Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
Number of procedures and average price of procedures
Replacement rate and pricing of capital equipment
Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
Market & technological trends, new product developments, product pipeline.
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