Global Medical Devices Used for Opioid Use Disorder & Drug Addiction Treatment Market
Table of Contents
Part 1 Introduction
Part 2 Market Segmentation By Product (Wearable & Non-Wearable Devices)
Part 3 Market Scenario of Medical Devices Used for Opioid Use Disorder & Drug Addiction
Part 4 Global Market Analysis, By Region
• North America
• Asia Pacific
Part 5 Global Market Analysis, By Product (Wearable & Non-Wearable Devices)
• North America
• Asia Pacific
Part 6 Global Digital Therapeutics Used for Opioid Use Disorder & Drug Addiction Treatment Market
Part 7 Recent News & Development
Part 8 Company Profiles
• Innovative Health Solutions INC
• Spark Biomedical Inc.
• Brainsway Ltd.
• EvON Medics
• Pear Therapeutics Inc.
On the basis of product, the medical devices used for opioid use disorder and drug addiction treatment market is segmented into wearable devices and non-wearable devices. Out of these, the segment for wearable devices is estimated to hold the largest share in the market on account of increasing availability of wearable devices. The wearable devices segment is anticipated to attain a market size of USD 19.79 million by 2027. Moreover, the high demand for wearable devices as a result of their convenience to use is another factor contributing towards the large share of wearable devices segment in the market as well its high growth rate.
The medical devices used for opioid use disorder and drug addiction treatment market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East and South Africa. Based on geography, the market is anticipated to hold the leading share in the North America region. In addition to this, the highest growth is predicted to be observed by the market in North America with a CAGR of 18.48% over the forecast period. The high market share of the market can be attributed to the presence of leading companies in the region as well as generation of maximum revenue from these medical devices in the United States. In addition to this, the United States has a relatively higher patient count which is enrolled in drug recovery and rehabilitation facilities along with a higher demand for opioid based drugs for chronic pain. This is further anticipated to present an attractive investment prospect for manufacturers seeking to expand their market presence in the region. In Asia Pacific, the market is predicted to grow on account of growing research and development taking place in the region.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
As of now, the market for medical devices used for opioid use disorder and drug addiction treatment has a very small market size globally. On the back of this, the market is anticipated to present significant growth opportunities for business all across the world. This can be attributed to medical devices for drug addiction treatment being a very recent development in the market. Moreover, the high effectiveness and much lower side effects of medical devices as compared with medications and other treatment methods is further predicted to increase the demand in the market over the coming years.
In spite of the various business opportunities present in the market, medical devices used for opioid use disorder and drug addiction treatment market is witnessing lesser growth as compared with the market for medications and other pharmaceutical products. High cost of the products and lack of awareness about medical devices for drug addiction treatment are estimated to be the major factors involved in the limited market growth.
Some of the affluent industry leaders in the global medical devices used for opioid use disorder and drug addiction treatment market are DyAnsys Inc., Innovative Health Solutions Inc., SPARK BIOMEDICAL, INC, Brainsway, EvON Medics and Pear Therapeutics, Inc.
In June 2019, Sandoz, a division of Novartis, and Pear Therapeutics , a company involved in delivering software based therapeutics, collaborated to commercialize Pear’s prescription digital therapeutics (PDTs), reSET ® and reSET O®, new therapies for the treatment of substance use disorder (SUD) and opioid use disorder (OUD).
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Small market size and increasing demand for medical devices for the treatment of drug addiction and related disorders are factor contributing towards market growth.
Ans: The market is anticipated to attain a CAGR of 16.86% over the forecast period, i.e. 2020-2028.
Ans: Higher number of patients in rehabilitation facilities and higher demand for opioid based drugs for chronic pain in the U.S. is providing more business growth opportunities in the North America region.
Ans: The major players in the market are DyAnsys Inc., Innovative Health Solutions Inc., SPARK BIOMEDICAL, INC, Brainsway, EvON Medics and Pear Therapeutics, Inc.
Ans: Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.