The global opioid use disorder (OUD) market is set to gain traction from the surging adoption of buprenorphine treatment patches for treating opioid addiction. It is considered to be an effective therapy. Several companies are also engaging in the collaboration strategy to develop new products. For instance, Orexo AB joined hands with Magellan Rx Management and ApexB.io in February 2021 to conduct research on the usage of a digital therapeutic named modia. It is best suited for people living with OUD. Fortune Business Insights™ published this information in its latest report, titled, “Opioid Use Disorder (OUD) Market, 2021-2028.” The report further states that this market is projected to grow from USD 2.68 billion in 2021 to USD 4.81 billion in 2028 at a CAGR of 8.7% in the forthcoming years. It stood at USD 2.52 billion in 2020.
- August 2019: Orexo AB signed an agreement with GAIA AG to develop a novel digital therapy (DTx) for treating OUD. The product is likely to be launched in 2021. Orexo aims to enhance the existing treatment plans and provide access to patients.
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DRIVING & RESTRAINING FACTORS
Rising Prevalence of Cancer, Injuries, and Cardiovascular Disorders to Aid Growth
The general population nowadays suffers from a wide range of chronic and severe health conditions, such as pain arising from injuries or cancer. They often result in chronic pain and in such cases, patients are given painkillers, especially opioids. While they help in lowering pain, they can cause addiction among patients. The abrupt discontinuation or higher dependency on these drugs leads to withdrawal symptoms. This further increases the chances of fatal consequences, such as deaths.
The American Psychiatric Association (APA), for instance, mentioned that approximately 72,000 Americans died due to drug overdose in 2017. These factors are likely to drive the opioid use disorder market growth in the near future. However, the drugs used for the treatment of opioid addiction can have various side-effects, such as bone/joint pain, abdominal cramps, constipation, respiratory issues, and vomiting. It may obstruct their demand.
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COVID-19 Pandemic: Cancellation of Patient Visits to Hamper Growth
The COVID-19 pandemic has had a mixed impact on the pharmaceutical market. Some of the medicines have showcased a decline in their demand because of the reduced patient visits in clinics and hospitals. Also, the postponement or cancellation of doctor appointments has severely affected the market. But, the number of people suffering from opioid relapses and overdoses has surged rapidly amid the pandemic, which, in turn, is set to aid growth. Our research reports would help you better understand the current scenario of the OUD industry.
Buprenorphine Segment Held 81.5% Share in 2020: Fortune Business Insights™
Based on the route of administration, the market for opioid use disorder is segregated into oral and parenteral. By the distribution channel, it is divided into hospital pharmacies, retail pharmacies & stores, and online pharmacies. Lastly, based on the drug class, it is trifurcated into buprenorphine, methadone, and naltrexone. Out of these, the buprenorphine segment held 81.5% in terms of the opioid use disorder market share in 2020. This growth is attributable to the rising usage of these drugs in developed markets, such as France and the U.S.