Buprenorphine Market Highlights 2022 – 2030
The buprenorphine market is estimated to garner a large revenue by growing at a CAGR of ~14% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing prevalence of chronic pain disorders, increasing occurrence of cancer. According to the World Health Organization (WHO), cancer is the leading cause of deaths worldwide, accounting to about 10 million deaths in the year 2020. In addition to these, escalating government investments in healthcare in developed nations and rising usage of buprenorphine patches as an effective treatment mode is also anticipated to drive market growth in the coming years. Furthermore, the growing dependency on painkillers has led to opioid addiction to many people around the world, which in turn is projected to provide lucrative opportunities to significantly raise the demand for buprenorphine in the near future.
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The market is segmented by route of administration into sublingual, transdermal, and buccal, out of which, the sublingual segment is anticipated to hold the largest share in the buprenorphine market on account of the increasing availability of buprenorphine drugs in several dosages in the sublingual form. Along with this, rapid drug absorption, first-pass metabolism and quick onset of action of sublingual route of administration are also predicted to boost the growth of the market segment in the forecast period. Additionally, the segment for buccal dosage is expected to witness notable growth in the future, which can be credited to the increasing number of people opting for oral drugs as compared to injection-based drugs.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Buprenorphine Market Regional Synopsis
On the basis of geographical analysis, the buprenorphine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to grab the largest market share over the forecast period on the back of the strong presence of market players and growing percentage of the population suffering from opioid dependency in the region. As per the data by National Institute of Drug Abuse, 21 to 29 percent of patients misuse the opioids prescribed for chronic pain. Amongst these, 8-12% people develop an opioid use disorder. Apart from these, high number of cases of abuse related to drugs such as heroin and cocaine is also anticipated to drive the region’s market growth in the forthcoming years. Europe is also expected to acquire a notable share in the market owing to the large number of new medical product launches in the region. Moreover, the market in Asia Pacific is projected to witness noteworthy growth during the forecast period ascribing to the rising patient pool and growing awareness about the health benefits of buprenorphine in the region.
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The buprenorphine market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the buprenorphine market includes the following segments:
By Route Of Administration
- Sublingual
- Transdermal
- Buccal
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Growth Drivers
- Increasing Occurrence of Chronic Pain Disorders
- Rising Healthcare Expenditure in Developed Nations
Challenges
- Adverse Health Effects Associated with the Use of Buprenorphine
Top Featured Companies Dominating the Market
- The Siegfried Group, LLP
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Johnson Matthey Group
- Purdue Pharma LP
- Pharmaforce Inc.
- Hikma Pharmaceuticals PLC
- Bedford Laboratories
- Sun Pharmaceutical Industries Ltd.
- Pfizer, Inc.
- Neon Laboratories Ltd.
- Unichem Laboratories
