Buprenorphine Market Is Projected to Be Around US$ 10,898.8 Million With Healthy CAGR of 14.5% by 2027, Finds Coherent Market Insights
SEATTLE, April 14, 2021, (PHARMIWEB) — Overview:
Buprenorphine is widely used in advanced healthcare for acute and chronic pain relief, as well as the treatment of opioid addiction. It’s a narcotic analgesic phenanthrene that’s been synthesized.
The global buprenorphine market is expected to be valued around US$ 3,681.9 million in 2020 and is expected to register a CAGR of 14.5% over the forecast period (2020-2027).
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Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) epidemic and lockdowns in different countries around the world have had an effect on company’s financial status of all sectors. The private healthcare sector is one of the sector where the COVID-19 epidemic has had a huge effect. The healthcare system has been placed under financial pressure as a result of the epidemic’s lockdown in various countries.
Furthermore, the coronavirus epidemic has hindered the development, supply and manufacture of drugs and other health care products, as well as the growth of numerous healthcare businesses around the world. However, the global buprenorphine market is expected to slow growth due to the impact of COVID-19 epidemic over the forecast period.
Moreover, the COVID-19 infection, can cause pain in the joints and bones, which is expected to propel the global Buprenorphine market forward over the forecast period. For instance, in May 2020, according to the Journal of Clinical Orthopedics and Trauma, the coronavirus will damage the bones and joints of infected patients. As a result, numerous orthopedic doctors have been assigned to the task of monitoring coronavirus-infected patients. There has been an increase in the production of medicines as well as research and development of advanced solutions to treat such patients.
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Growing incidences of chronic pain is expected to drive growth of the global buprenorphine market over the forecast period.
Buprenorphine is an opioid that is used to treat acute and chronic pain in patients that are seeking treatment for multiple sclerosis, cancer, or other life-threatening illnesses. Furthermore, the high incidence of cancer is expected to pose demand for cancer therapies, which is expected to propel growth of global buprenorphine market. For instance, in 2018, according to Cancer Research UK, factsheet around 17 million people were diagnosed with cancer.
Moreover, rising prevalence of multiple sclerosis is expected to drive growth of the global buprenorphine market over the forecast period. For instance, in 2018, according to the Multiple Sclerosis Trust, an estimated 2,500,000 cases of multiple sclerosis are diagnosed globally.
Moreover, side effects such as diarrhea, opioid withdrawal symptoms, as well as the possibility of fatal overdose from respiratory failure and drug dependence, which is expected to hinder growth of the global buprenorphine market. Furthermore, buprenorphine is available in sublingual/buccal tablets and film forms, which are less convenient than oral administration, and controlled treatment may be part of a patient’s care, such as for patients who undergo treatment in methadone clinics, which is especially common in Europe, thus restricting patients’ access and hampering growth of the global buprenorphine market.
Rising incidences of drug addiction in North America is expected to drive the global buprenorphine market growth.
North America is expected to witness significant growth in the global buprenorphine market due to high prevalence of opioid and heroin addiction over the forecast period. For instance, according to the Substance Abuse and Mental Health Services Administration (SAMSHA) under the U.S. Department of Health and Human Services, an estimated 11.4 million people misused opioids prescription in 2016. Moreover, an estimated around 13,219 heroin deaths occurred in 2016 was increased to over 15,594 in 2017.
Furthermore, the global buprenorphine market is expected to drive growth over the forecast period due to an increase in the geriatric population, which is expected to fuel demand for osteoarthritis cases. For instance, in October 2018, according to the Rheumatoid Arthritis. Org Facts, around 1.3 million Americans and around 1% of the world population is affected by rheumatoid arthritis, which is a third major form of osteoarthritis and gout.
- By Application: Analgesic, Opioid Antagonist.
- By Route of Administration:Injectable, Sublingual, and Transdermal Patches.
- By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
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Key players dominating in the global buprenorphine market are Sanofi, Mallinckrodt, Johnson Matthey, Unichem Laboratories, Noramco, Faran Shimi Pharmaceutical Co., Resonance-labs, Arevipharma GmbH, Micro Orgo Chem, Rusan Pharma, Sun Pharmaceutical Industries Ltd. and Siegfried.
- Global Buprenorphine Market, By Application:
- Opioid Antagonist
- Global Buprenorphine Market, By Route of Administration:
- Transdermal Patches
- Global Buprenorphine Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Global Buprenorphine Market, By Region:
- North America
- Latin America
- Asia Pacific
- Middle East
- Company Profiles
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.
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