Pune, April 24, 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, 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).
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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 OUD market report states that the market value stood at USD 1.98 billion in 2018. In addition to this, the report provides the following:
- In-depth analysis of the market drivers and trends;
- Detailed study of the current and upcoming challenges in the market;
- Comprehensive research into the regional milieu shaping the market growth; and
- Thorough profiling and exhaustive evaluation of the competitive dynamics of the market.
Market Driver
Rising Prevalence of Cancer to Boost the Market
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.
Regional Analysis
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.
Competitive Landscape
Patient Relief and Engagement to be Top Priority for Market Players
According to the opioid use disorder market research, core competitors are developing solutions that combine psychosocial measures with active medication to reduce dependence on opioid drugs for pan relief. As a result, most companies are engaged in intense R&D activities to come up with innovative offerings for patients.
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Industry Developments:
- February 2020: The Irish biopharmaceutical company Alkermes announced that its VIVITROL (naltrexone for extended-release injectable suspension) was cleared by the US Food and Drug Administration (FDA). The drug has been designed to prevent relapse to dependence on opioids once the detoxification process has been completed.
- December 2018: The US FDA green lit reSET-O, making it the first FDA-approved Prescription Digital Therapeutic for OUD patients. It aims at increasing retention in OUD patients in outpatient setting through behavioral cognitive therapy. The solution was jointly developed by the US-based Pear Therapeutics, a pioneer in digital therapeutics, and Sandoz Inc., a division of the pharmaceutical giant Novartis.
List of Players Covered in the Opioid Use Disorder Market Report:
• Camurus
• Pfizer Inc.
• BioDelivery Sciences International Inc.
• TEVA PHARMACEUTICALS USA, INC
• Orexo US, Inc.
• Indivior PLC
• Hikma Pharmaceuticals
• Mylan
• Mallinckrodt.
• Titan Pharmaceuticals Inc.
• Alkermes
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Pipeline Analysis
- New Product Launches
- Statistics of Opioid Use Disorder
- Industry Developments Such as Mergers, Acquisitions, and Collaborations
- Global Opioid Use Disorder (OUD) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Drug Class
- Buprenorphine
- Methadone
- Naltrexone
- Market Analysis, Insights and Forecast – By Route of Administration
- Oral
- Parenteral
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospitals Pharmacies
- Retail Pharmacies & Stores
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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