In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
November 01, 2021: Washington State University researchers revealed in a study that relaxation in regulations regarding the prescription of methadone during the COVID-19 pandemic was a successful measure. The study showed that take-home doses of methadone to treat opioid addiction does not appear to worsen the treatment outcomes.
June 19, 2018: A study by the National Institutes of Health found that methadone and buprenorphine could reduce risk of death after a non-fatal opioid overdose.
The global methadone market is estimated to grow at a moderate CAGR over the forecast period, i.e., 2022 – 2030. Methadone is an opioid, used to treat extreme pain and heroin addiction. The growth of the market can be attributed to the application of methadone for rehabilitation of heroin addicts. Moreover, doctors prescribe methadone to patients suffering from long-term illness, such as, arthritis, asthma, epilepsy, angina, heart failure, and hypertension, as methadone is comparatively safer and less addictive than other narcotics. The rising prevalence of long-term chronic diseases is estimated to propel the market growth. According to the data by the World Health Organization (WHO), asthma affected around 262 million people and caused 461000 deaths in 2019. Moreover, 17.9 million people died from cardiovascular diseases in 2019, while over 50 million people worldwide have epilepsy.
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The market is segmented by application into pain treatment, detoxification, maintenance therapy, addiction rehabilitation, and others, out of which, the addiction rehabilitation segment is anticipated to hold the notable share in the global methadone market over the forecast period on account of increasing application of methadone to help addicts quit heroin. Methadone is prescribed to heroin addicts in a small amount, for at least a year, to avoid withdrawal symptoms.
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.
On the basis of geographical analysis, the global methadone 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 anticipated to gain the largest market share throughout the forecast period on the back of high demand for methadone in rehabilitation centers, backed by increasing cases of drug addiction in the region. According to the Centre for Disease Control and Prevalence (CDC) in 2019, 70,630 deaths were caused by drug overdose in the United States.
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The global methadone market is further classified on the basis of region as follows:
Our in-depth analysis of the global methadone market includes the following segments:
Ans: The growing demand for methadone for rehabilitation of heroin addicts is estimated to boost the market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Circulation of generic methadone, and its addictive nature are estimated to hamper the market growth.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period on the back of growing medical research activities.
Ans: The major players in the market are Gilead Sciences, Inc., Novartis AG, Sanofi S.A., Eli Lilly and Company, BioControl Medical, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by form, application, end-user, and by region.
Ans: The rehab center segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.